Business
GeoPark : Corporate Presentation
GeoPark : Corporate
About this update from Geopark Ltd
CO RPO RA TE P RESE N TA TI O N Building Enduring Value (Production kboepd) 70 INITIAL STAGES Diversified Exploration Success, Multiple Countries SCALE UP Growth and Cash Generation PROFITABILITY Consistent Shareholder Returns GROWTH RESET Growth Focus, Production and Cash Flow Longevity $3.9 B 2019 - 2025 $1.7 B 2013 - 2019 $0.4 B 2006 - 2013 60 50 40 30 20 10 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F 2030F Firm Plan Curve with Natural Decline Cumulative Adj. EBITDA ($B) 3 geophysical expenses allocated to capitalized projects, and other non-recurring events 4. Brent Price Assumptions: 2025: 2026-2028F: $68/BBL average; 2029-2030F: $70/BBL average. CO RPO RA TE P RESE N TA TI O N Leveraging Core Strengths to Power the Future SAFETY Decades of Industry-Leading HSE STABILITY Proven Creditworthiness and Access to Capital Markets EFFICIENCY Best-in-Class Cost Performance FOCUS Selective, Disciplined, and Value-Driven Growth Vision RESILIENCE Proven Ability to Operate Through Volatile Local and International Environments RIGHT PEOPLE Diverse Senior Team with Strong Track Record and Global Experience Safety, Prosperity, Employees, Environment and Community Development integrated value system, which defines: How we make decisions in the Company How we have driven our continuous and sustainable growth for over 20 years 4 2025 Results Full-year Guidance Delivered, Transformational Portfolio Reset Well Underway 28,233 boepd Production 2025 28,351 boepd 4Q2025 $493 M Revenues 2025 $277 M Adj. EBITDA 2025 56% EBITDA Margin $100 M Cash 5 December 2025 1.6x Net Debt/EBITDA December 2025 $13.2/boe Operating Costs Per Produced Barrel 5 CO RPO RA TE P RESE N TA TI O N Step-Change in Reserves That Builds on Enduring Value 2P RESERVES (MMBOE)* RESERVE LIFE INDEX (YEARS)* Base Business Argentina 87.6 38% 121.3 7.1 80% 12.7 2024 2025 2024 2025 KEY DRIVERS Vaca Muerta Acquisition now represents 30% of 2P Reserves Llanos 34 Recovery optimization and execution Llanos 123 New formations and recovery enhancements CPO-5 Strong Indico well performance NEW TECHNICAL AUDIT ON LLANOS 34 Original Oil In Place (OOIP): +206 MMBOE Representing a 22% Increase Certified by D&M 430% 2P RRR $1.3 BN 2P NPV10 $15.8 2P NPV Per Share 6 (*) 2025 DeGolyer and MacNaughton (D&M) Report. CO RPO RA TE P RESE N TA TI O N 2026 Work Program and Medium-Term Guidelines 2026 WORK PROGRAM MEDIUM-TERM HIGHLIGHTS PRODUCTION (KBOEPD) 44 - 46 PRODUCTION 27 - 30 KBOEPD DRILLING WELLS 27 - 36 GROSS OPEX $13 - 15/BOE CAPEX $190 - 220 MM EBITDA $220 - 300 MM 27 - 30 32 - 34 2026 2027 2028 CAPEX BREAKDOWN 45% 55% 14% 86% CAPEX ($MM) 190 - 220 280 - 310 350 - 380 2026 2027 2028 Colombia Argentina Development Exploration Base Development Exploration Unconventional $11 - 13/BBL Lifting Cost by 2028 ~$4/BBL G&A 2026 ~$3/BBL 7 G&A by 2028 Maximizing our Assets' Potential CO RPO RA TE P RESE N TA TI O N Llanos Blocks: Strategically Positioned in the Heart of the Basin CUSIANA UNLOCKING INCREMENTAL RESERVES BY PRODUCTION AND RECOVERY OPTIMIZATION LLA 87 LLA 123 LLA 34 LLA 104 CARACARA OCELOTE DELIVERING RESILIENT MARGINS THROUGH HIGH-EFFICIENCY OPERATIONS & COST AKACIAS CHICHIMENE CASTILLA APIAY CPO-4-1 CPO-5 VALDIVIA LLA 86 CAÑO JASPE RUBIALES DISCIPLINE ACCELERATING NEAR-FIELD EXPLORATION PENDARE SUR QUIFA 7 E& P BL OC K S ● 1 . 4 MM AC RES ● 1 . 3 MM AC RES 3 D SEISMIC C OR E PRO D UC IN G H U B S: LL AN O S 3 4 - C PO- 5 IN DIC O - LLA N OS 12 3 UNLOCKING GROWTH AND LONG-TERM VALUE CREATION 9 CO RPO RA TE P RESE N TA TI O N Llanos 34: Scaling Enhanced Recovery Guadalupe Formation 3X INJECTION CAPACITY 60 - 70 WATER INJECTORS Current WF Ongoing delineation DEVELOPMENT PROGRAM 100 NEW WELLS POLYMER EXPANSION 30 POLYMER PATTERNS POLYMER EXPANSION 1 0 CO RPO RA TE P RESE N TA TI O N CPO-5 | Indico Field: Exceptional Subsurface Quality Indico Field Full Field Development Top Ubaque Structural Map 35 MMBO CUMULATIVE PRODUCTION WORLD-CLASS LIGHT OIL RESERVOIR DISCIPLINED FIELD DEVELOPMENT SUCCESFULY COMPLETED STRATEGIC WATER MANAGEMENT PRODUCTION PERFORMANCE Rates (bopd-bwpd) Oil Water Np (Mmbo) 30,000 25,000 20,000 15,000 10,000 5,000 0 Cumulative Oil (MMbo) 40 35 30 25 20 15 10 5 0 1 1 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 CO RPO RA TE P RESE N TA TI O N Llanos 123: From Discovery to >5,000 boepd in 2 Years SALTADOR BISBITA CURRUCUTU TORITOS LLANOS 123 TORITOS SUR CORAL ILLO OIL PEAK: 21 MBOPD NP: 34 MMBO ALLIGAITOR-ARDI- AVISPA OIL PEAK: 15 MBOPD NP: 36 MMBO BOA-COBRA OIL PEAK: 21 MBOPD NP: 21 MMBO OIL FIELD PROSPECT & LEAD 13 WELLS DRILLED 10 Producer Wells (77% Success Rate) SUCCESSFUL SECONDARY RECOVERY Delivering Reserve Growth and Higher Recovery Factors 40 WELLS TO BE DRILLED Development & Exploration PRODUCTION PERFORMANCE Oil Rate (boepd) Cumulative Oil (MMbo) 20,000 Development (Firm) 45 Dev&Explo 40 15,000 10,000 5,000 0 Oil Prod Np (MMbo) 35 30 25 20 15 10 5 Jul 26 Jul 27 Jul 28 Jul 29 0 STRATEGIC POSITIONING - HIGHLY PRODUCTIVE CORRIDOR Jul 23 Jul 24 Jul 25 Jul 30 1 2 CO RPO RA TE P RESE N TA TI O N Llanos Exploration: Low Risk, Low Cost, Higher Value, Extended Production KEY PROJECTS: VENCEJO - PREDESTINACION - TIJERETA NEAR-FIELD OPPORTUNITIES IN LLANOS 123 AND CPO-5 Oil Fields 2026 Prospects 2027+ Prospects LL87 3D Seismic. Grande Merge (5,100 Km2) 2023 LL86&104 3D Seismic 2023 CPO5 3D Seismic LL123 LL34 LL104 CPO-4-1 CPO-5 FOCUSED VALUE-DRIVEN PORTFOLIO DEEP BASIN KNOWLEDGE STRATEGIC BASIN POSITIONING LL86 CAPITAL AND OPERATIONAL EFFICIENCY RAPID MONETIZATION MOST ACTIVE AND SUCCESSFUL EXPLORER IN THE BASIN (LAST 3 YEARS) 1 3 CO RPO RA TE P RESE N TA TI O N Vaca Muerta: Positioned in the Core of a World-Class Shale Play PRIME ACREAGE IN THE CORE OIL WINDOW RESERVOIR QUALITY ON PAR WITH TOP-TIER ASSETS STRONG EARLY RESULTS STRATEGIC POSITION AMONG LEADING OPERATORS INFRASTRUCTURE-READY FOR EFFICIENT SCALE-UP Best-in-class Average Well Productivity* First 365 days cumulative production, Mbbl per 1,000 ft lateral 30 Days 21 20 19 15 11 Vaca Muerta Permian Delaware Bakken Eagle Ford Permian Midland DJ Basin 1 4 *Source: Rystad Energy ShaleWellCube | Normalized performance - Includes only horizontal oil wells starting production in 2021 and 2022. CO RPO RA TE P RESE N TA TI O N Vaca Muerta: The Road to 20,000 boepd Production (boepd) 24,000 SEAMLESS TAKEOVER AND ACCELERATED EXECUTION LATEST DEVELOPMENT TEAM FULLY INTEGRATED 18,000 12,000 Scaled a high-performance Business Unit 6 to 40 people in 4 months, consolidating +125 years of Vaca Muerta expertise. Implemented a lean, scalable operating model leveraging Colombia's backbone. 6,000 SUCCESFUL ARTIFICIAL LIFT INSTALLATION - 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2 successful campaigns, with the second campaign cutting shut-in time by 10 days and costs by ~30%. Single Rig 2025 Program 50 - 55 2026 Wells ~ 1 B 2027 Total Capex + 20,000 Plateau 2028 2026 DRILLING RIG WINDOW SECURED Assigned operational window with expected spud in March 2026. GPRK Treatment Total 2026 D&C campaign: 5 horizontal wells Production Artificial Lift Environmental Studies & Permits 3rd Party Treatment GPRK Own Facilities LJE Upgrade Facilities /Evacuation Pipeline PSO Central Facility D&C 5 well pad FACTORY DRILLING (1 RIG 10-15 WELLS/YEAR) 3 RD PARTY TREATMENT AND EVACUATION CAPACITY Connection to a third-party facility. 1 5 Liquid handling capacity upgrade at LJE. 1 5 CO RPO RA TE P RESE N TA TI O N A Step-Change in Scale and Cash Flow to Enable Growth 1 Large Scale Consolidation Move that Reinforces Long-Term Commitment to Colombia Stronger, More Resilient Company, Advancing 2 into a New Tier of Independent E&P Leaders in Latin America 3 Improved Ability to Fund Growth and Navigate Cycles Clear Path to Long-term Shareholder Value Creation Disciplined Balance Sheet Approach GeoPark Combined Figures +90 KBOEPD Production 2028F 168 MMBOE 1P Reserves (1) 268 MMBOE 2P Reserves (1) ~US$ 950MM EBITDA 2028F +45 KBOEPD Production 2028F 69 MMBOE 1P Reserves (1) 121 MMBOE 2P Reserves (1) ~US$ 500MM EBITDA 2028F 1 6 Note: Notes: (1) Frontera Energy's 2024 and GeoPark's 2025 reserves certified by DeGolyer and MacNaughton Corp. CO RPO RA TE P RESE N TA TI O N Frontera's Upstream Portfolio Overview PRODUCTION BREAKDOWN Frontera Blocks GeoPark Blocks Basins STABLE PRODUCTION (KBOEPD) 38 41 40 39 40 2021 2022 2023 2024 3Q25 LTM Frontera holds 17 blocks located within GeoPark's core basin, creating strong geographic and operational overlap 6% 25% 14.2% 3.7% BY TYPE 3Q 25' LTM 69% 17 Blocks 4.7% 14.7% BY FIELD 2024YE 18.8% 43.9% Heavy Crude Oil Light & Medium Crude Oil Combined Gas Quifa CPE-6 Guatiquia VIM-1 Cubiro Others FINANCIAL AND OPERATIONAL HIGHLIGHTS US$ 335 MM EBITDA 3Q25 LTM 6.8 10.2 40 KBOEPD O&G Production 3Q25 LTM 99 147 1P 2P Reserves RLI 1 7 CO RPO RA TE P RESE N TA TI O N Immediately Accretive on Every Valuation Metric Key Metrics (1) F E&P GPRK Offer Value / Mkt Cap US$MM 375 450 Net Debt US$MM 226 451 Enterprise Value US$MM 601 901 EBITDA 2025P US$MM 301 277 Production 2025P KBOEPD 40 30 1P reserves D&M Certified MMBOE 99 69 2P reserves D&M Certified MMBOE 147 121 x 2.0x EV/EBITDA 3.3x 3.0x $/BOEPD 15.1 EV / FLOWING BARREL 30.2 27.9 Purchase Price Implied Multiple $/BOE 6.1 Purchase Price Implied Multiple GeoPark Colombian Peers EV / 1P 13.1 10.5 GeoPark Colombian Peers Purchase Price Implied Multiple $/BOE 4.1 Purchase Price Implied Multiple GeoPark Colombian Peers EV / 2P 7.4 6.4 GeoPark Colombian Peers 1 8 Notes: (1) GeoPark's Market Cap as of January 28th, 2026. (P): Preliminary unaudited figures World Class Execution: Safe, Reliable & Profitable CO RPO RA TE P RESE N TA TI O N Innovation VERTICAL WELLS* 16 17 15 14 10 4.5 4.1 3.5 3.7 2.8 2021 2022 2023 2024 2025 Drilling Times (days) Drilling & Completion Cost ($MM) New Generation Rig Rigless CBL** & Perforation * Two-phase vertical wells. **Cement Bond Log. Capital Efficiency in Llanos 34 Through Technology and HORIZONTAL WELLS 47 37 33 10.9 8.3 6.9 2021 2022 2023 Quicker Mobilizations Autonomous Drilling Integrating AI 2 0 CO RPO RA TE P RESE N TA TI O N Excelling at Cost Management in Colombia 20 18 16 3Q2025 Average: 15.0 14 12 10 8 7.5 6 4 2 0 OPEX* ($/BBL) 11.3 7.9 12.3 2026 - 2030F: <$15/BBL 12.5 Continuous "Can Do Better" Mindset Innovative Actions Water Decanter Water Shut Off WOs Generation from Solar and Captured Gas 2Q2025 Well Service Costs 30% Lower vs Peers (4Q2024 Benchmark) 2021 2022 2023 2024 Peer 1 Peer 2 Peer 3 Peer 4 GeoPark 3Q2025 2 1 *OPEX: Operating Expenses. OPEX/BBL calculated over barrels produced. Source: Financial statements of each company. Building Enduring Value CO RPO RA TE P RESE N TA TI O N Resilient Portfolio Across Price Scenarios RESERVES & RESOURCES* (MMBOE) % PRODUCTION VS BREAKEVEN 33% 57% 59% 39% 2 1 BE < $70/BBL 77 56 Average 2026 - 2028F Average 2029 - 2030F BE <= $50/BBL BE = $50 - 60/BBL BE > $60/BBL ~ 99% OF PRODUCTION RESILIENT AT BREAKEVEN < $60/BBL 2 3 *Includes 3P reserves plus contingent resources. 2 BE < $60/BBL 3 BE < $50/BBL CO RPO RA TE P RESE N TA TI O N Vaca Muerta Underpins Growing Value and Returns CAPEX ($ MM) ADJUSTED EBITDA ($ MM) 68 68 70 290 - 320 520 - 550 345 - 375 277 220 - 250 98 2025 F Average 2026 - 2028F Average 2029 - 2030F 2025 Average F 2026 - 2028F Average 2029 - 2030F Base Business Argentina Brent ($/BBL) Base Business Argentina 2025 2026 - 2030F CAPEX/BBL ($/BBL) 8 - 12 18 - 22 ADJ. EBITDA/BBL ($/BBL) 26 - 30 28 - 32 ADJ. EBITDA MARGIN (%) 55 - 60 55 - 60 ROACE* (%) 18 - 22 22 - 26 SUPPORTED BY A LEAN STRUCTURE G&A**: $4.0/BBL 2026 - 2030F 2 4 *ROACE: Last twelve-mont h operating profit divided by average capit al employed. Capital employed is calculated as total assets minus current liabilities and adjusted for excess cash. Excess cash corresponds to the portion of cash and cash equivalents that exceeds the amount required to cover current liabilities with current assets. ** G& A includes administrative expenses and geological and geophy sical expenses, excluding certain non-cash items, such as accrual of share-bas ed pay ment, geological and geophy sical expenses allocated to capit alized projects and IFRS 16 adjustment, which are excluded from the Adjusted EBITDA calculation; calculated over produced barrel. Note: Brent Price Assumptions: 2025: $68/BBL; 2026-2028F: $68/BBL average; 2029-2030F: $70/BBL average. CO RPO RA TE P RESE N TA TI O N Transformational Cash Generation Post Investment Peak FREE CASH FLOW ($ MM) FREE CASH FLOW SENSITIVITY* ($ MM) 12 -12 900 - 950 +/- 1,000 BOEPD 10 -10 350 - 380 +/- OPEX (20 - 25) +/- Brent 11 -11 Cumulative 2026 - 2028F Cumulative 2029 - 2030F Base Business Argentina Cumulative 2031 - 2035F + - OCF Break-Even** FCF After Debt Service Break-Even*** Brent $35 - 40 (2026 - 2028F) Brent $30 - 35 (2029 - 2030F) Brent $70 - 75 (2026 - 2028F) Brent $60 - 65 (2029 - 2030F) 2 5 *Changes in Free Cash Flow for changes of +/- $1/ BBL Brent, +/- $1/ BBL OPEX and +/1 1,000 boepd. ** OCF = Operating Cash Flow, defined as Adj. EBITDA - Cash Taxes +/- Working Capital. FCF = Free Cash Flow, defined as OCF - CAPEX. Cash taxes include payments of income taxes plus withholding and self-witholding taxes. ***Does not include the Facilities construction capex. Brent Price Assumptions: 2026-2028F: $68/ BBL av erage; 2029-2030F: $70/ BBL av erage. CO RPO RA TE P RESE N TA TI O N Solid Balance Sheet and Funding Capacity NET DEBT ($MM) - NET DEBT/ADJ. EBITDA* (X) Diversified Funding 1.9 1.6 1.6 - 1.8 Sources 574 0.7 0.8 369 368 0.9 238 453 570 - 600 0.8 - 1.0 445 - 475 Low Refinancing Risk 1P Reserve Life of 7Y > 4Y Average Debt Maturity +$2.5 B Raised Since 2010. ~15Y Track Record on Capital Markets 2021 2022 2023 2024 2025F Average 2026 - 2028F Average 2029 - 2030F B+ Rating Net Debt Net Debt/Adj. EBITDA Underscores Strong Financial Profile** Strong Self-Funding ~ 70% of Total CAPEX to 2030 Price Resilient Peak <= 3.0x at $55/BBL 2 6 *Net Debt = Financial Debt minus Cash and cash equivalents. **Potential Upside from Vaca Muerta acquisition given higher production and reserves. Note: Brent Price Assumptions: 2026-2028F: $68/BBL average; 2029-2030F: $70/BBL average. CO RPO RA TE P RESE N TA TI O N Proactive Hedging Program to Deliver Predictability CLEAR GOALS Protect Cash Flow CAPEX: $120 - $315 MM Debt Service: $45 - $55 MM ROBUST METHODOLOGY Risk-Adjusted Hedge Design 25+ Top Notch Forecasting Sources DISCIPLINED EXECUTION Structured and Layered Execution 9 ISDAs in Place: Robust Credit Access TRACK RECORD Consistent Market Performance Cost-Efficient Structures with Upside Participation 2 7 9 Top-Tier Diversified Counterparts 12 - 15 Months Tenor ~30% of 2027 Production Hedged ~85% of 2026 Production Hedged 85 Data-Backed Decision-Making Data-driven hedge framework Scenario-based analytics guiding execution Discipline and governance ensuring consistency 80 $73.0 Ceiling $73.1 Ceiling $71.3 Ceiling $71.2 Ceiling $71.2 Ceiling $72.4 Ceiling $65.2 Floor 1 $64.9 Floor 1 $64.9 Floor 1 $64.5 Floor 1 $65.0 Floor 1 $65.0 Floor 1 Brent $50.0 $50.0 $50.0 $50.0 $51.5 $50.8 75 $68.0 70 65 60 55 Strip Prices* Floor 2 Floor 2 20.000 3Q26 Floor 2 25.000 4Q26 Floor 2 Floor 2 Floor 2 15.000 2Q27 18.000 1Q27 19.000 2Q26 13.000 1Q26 *Strip Prices as of Feb. 09, 2026 Notes: 1. CAPEX and Debt Service estimated for 2026-2028. 2. Forecasting Sources: Top-tier banks, reserves consulting agencies, and energy agencies. 3. CFaR-based hedge targets ensuring disciplined risk management. 4. Mark-to-Market as of October 16, 2025. 5. ISDA: International Swaps and Derivatives Association. CO RPO RA TE P RESE N TA TI O N Ongoing Commitment to Shareholder Returns PROVEN TRACK RECORD (Cash Distribution $MM) 71 74 61 61 Renewed Growth Trajectory + Potential Long-term Shareholder Value and Capital Efficiency Heightened Investment Needs Vaca Muerta Development Program 23 19 9 $6.0 MM Twelve-Month Dividend 4 Distribution 2018 2019 2020 2021 2022 2023 2024 2025 Dividends Share Buybacks +$320 MM Distributed Between Dividends and Share Buybacks $1.5 MM Per Quarter (Starting 3Q2025) Dividend Suspension As Early as 3Q2026, in Line With Growing Capex Intensity 2 8 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .