GeoPark Announces Further Extension of Tigana Oil Field in Colombia

BOGOTA, Colombia–(BUSINESS WIRE)–GeoPark Limited (“GeoPark” or the “Company”) (NYSE: “GPRK”), a leading
independent Latin American oil and gas explorer, operator and
consolidator with operations and growth platforms in Colombia, Chile,
Brazil, Argentina, and Peru, today announced the successful drilling and
testing of the Tigana Norte 4 appraisal well in the Tigana oil field in
Llanos 34 block (GeoPark operated, 45% WI) in Colombia.

GeoPark drilled and completed the Tigana Norte 4 well to a total depth
of 11,730 feet. Oil shows during drilling and petrophysical analysis
indicated the potential for hydrocarbons in both Guadalupe and Mirador
formations. A production test conducted with an electric submersible
pump in the Guadalupe formation resulted in a production rate of
approximately 1,900 bopd of 14.1 degrees API, with approximately 1.8%
water cut, through a choke of 34/64 inches and wellhead pressure of 178
pounds per square inch. Bottom-hole pressure recorders from latest
testings performed indicated a producing drawdown of approximately 30%.
Additional production history is required to determine stabilized flow
rates of the well. Surface facilities are in place and the well is
already in production.

The Tigana Norte 4 well follows the recently drilled Tigana Norte 3 and
Tigana Norte 2 wells (currently producing 4,600 bopd with less than 0.2%
water cut in aggregate) and extends and broadens the Tigana oil field
towards the northeastern limits of the Llanos 34 block. The well was
drilled outside the 3P reserve outline defined in the 2016 DeGolyer and
MacNaughton (D&M) reserves certification, to a bottom-hole location that
is approximately 75 feet down dip of the Tigana Norte 1 well (previous
lowest-known-oil in the 2016 D&M reserves certification), and did not
encounter the oil-water contact.

GeoPark is currently drilling the Tigana Norte 5 well to a bottom-hole
location that is further down dip of Tigana Norte 4 well to further
delineate the northeastern boundaries of the Tigana oil field.

NOTICE

Additional information about GeoPark can be found in the “Investor
Support” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages
included in this press release have been rounded for ease of
presentation. Percentage figures included in this press release have not
in all cases been calculated on the basis of such rounded figures, but
on the basis of such amounts prior to rounding. For this reason, certain
percentage amounts in this press release may vary from those obtained by
performing the same calculations using the figures in the financial
statements. In addition, certain other amounts that appear in this press
release may not sum due to rounding.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking
statements. Many of the forward-looking statements contained in this
press release can be identified by the use of forward-looking words such
as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’
‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among
others.

Forward-looking statements that appear in a number of places in this
press release include, but are not limited to, statements regarding the
intent, belief or current expectations, regarding various matters,
including preliminary production test results for the Tigana Norte well,
hydrocarbon production in both the Guadalupe and Mirador formations,
expected growth for GeoPark and Latin America’s under-developed
hydrocarbon potential. Forward-looking statements are based on
management’s beliefs and assumptions, and on information currently
available to the management. Such statements are subject to risks and
uncertainties, and actual results may differ materially from those
expressed or implied in the forward-looking statements due to various
factors.

Forward-looking statements speak only as of the date they are made, and
the Company does not undertake any obligation to update them in light of
new information or future developments or to release publicly any
revisions to these statements in order to reflect later events or
circumstances, or to reflect the occurrence of unanticipated events. For
a discussion of the risks facing the Company which could affect whether
these forward-looking statements are realized, see filings with the U.S.
Securities and Exchange Commission.

Contacts

INVESTORS:
GeoPark Limited
Stacy Steimel, +562 2242 9600
Shareholder
Value Director
Santiago, Chile
[email protected]
or
MEDIA:
Sard
Verbinnen & Co
Jared Levy, +1 212-687-8080
New York, USA
[email protected]
or
Kelsey
Markovich, +1 212-687-8080
New York, USA
[email protected]