GeoPark Reports Results for the Fourth Quarter and Full Year Ended December 31, 2017

Self-Funded Record Production, Reserves, Asset Value and Financial Results

HOUSTON, Texas--(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, Peru, Argentina, Brazil, and Chile reports its consolidated financial results for the three-month period ended December 31, 2017 (“Fourth Quarter” or “4Q2017”), and its audited annual results for 2017.


A conference call to discuss 4Q2017 Financial Results will be held on March 8, 2018 at 10:00 a.m. Eastern Standard Time.

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein, are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information. As a result, investors should read this release in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the years ended December 31, 2017 and 2016 available on the Company’s website.

FOURTH QUARTER AND FULL YEAR 2017 HIGHLIGHTS

Record Oil and Gas Production

  • Consolidated production up 30% to 30,654 boepd with current production of 33,000 boepd
  • Colombia production up 39% to 24,378 boepd
  • Annual average production up 23% to 27,586 boepd

Record Oil and Gas Reserves

  • Certified consolidated proven (1P) reserves of 97 million boe
  • Certified consolidated proven and probable (2P) reserves of 159.2 million boe

Record Oil and Gas Asset Valuation – Total and Per Share

  • Certified 1P NPV10 up 38% to $1.5 billion (equivalent to net debt adjusted NPV10 of $18.3 per share)
  • Certified 2P NPV10 up 21% to $2.3 billion (equivalent to net debt adjusted NPV10 of $29.2 per share)
  • Colombia 2P NPV10 up 38% to $1.4 billion (equivalent to net debt adjusted NPV10 of $15.8 per share)

Record Capital Investment and Cost Efficiencies

  • Finding and development costs: Consolidated 2P of $4.0/boe / Colombia 2P of $2.8/boe
  • Full year 2017 operating costs of $7.3 per boe / Colombia $5.6 per boe / Llanos 34 $4.3 per boe
  • Full year 2017 operating netback/capital expenditure ratio of 2.2x
  • Capital investment program of $105.6 million in 2017 generated $404 million in 2P NPV10

Record Cash Flow/Adjusted EBITDA Growth

  • Adjusted EBITDA more than doubled - up 105% to $55.2 million / full year up 124% to $175.8 million
  • Operating netback up 77% to $69.8 million / full year up 87% to $228.3 million
  • Full year cash flow from operating activities up 72% to $142.2 million
  • Net loss reduced to $3.4 million / full year net loss of $17.8 million

Strengthened Balance Sheet and Credit Rating

  • Cash in hand of $134.8 million
  • Net debt to Adjusted EBITDA ratio decreased from 3.6x to 1.7x in 4Q2017
  • 2024 new bond issued ($425 million at 6.5%), with longer maturities and lower cost, oversubscribed by four times by high-quality investors
  • S&P upgraded GeoPark’s long-term corporate credit rating to B+ with a stable outlook

New Acreage/Projects Acquired and New Strategic Acquisition Partnership Announced

  • Colombia: Tiple and Zamuro high-impact exploration acreage acquired adjacent to Llanos 34 block
  • Argentina: low-cost, cash flow-producing acquisition in the prolific Neuquen basin with production, development, exploration and unconventional opportunities
  • ONGC Videsh + GeoPark strategic Latin American acquisition partnership

James F. Park, Chief Executive Officer of GeoPark, said: “Our team has GeoPark firing on all cylinders. Through good science and engineering, we found and produced more oil and gas. Through innovation and efficiencies, we reduced our capital and operating costs. Through organic cash flows, we self-funded our work and investment program. Through effective capital allocation, every dollar of new investment created multiples of net present value. Through engagement with our neighbors and conscientious operations, we operated safely, cleanly and without interruption. Through regional knowledge and scouting, we acquired new high-impact acreage and projects. Through a rewarding and motivating workplace, we were able to train and attract talented people to continue to build our capabilities for the future. Through efforts to more widely share our performance story, we were the number one performing E&P stock on the NYSE. Our team now has a proven 15-year track record of continuous growth, but we feel we are just getting warmed up for the big opportunities coming our way.”

CONSOLIDATED OPERATING PERFORMANCE

Key performance indicators:
Key Indicators 4Q2017 3Q2017 4Q2016 FY2017 FY2016
Oil productiona (bopd) 25,341 23,237 18,798 22,761 16,955
Gas production (mcfpd) 31,876 30,528 28,770 28,950 32,634
Average net production (boepd) 30,654 28,325 23,593 27,586 22,394
Brent oil price ($ per bbl) 61.5 52.1 51.1 54.8 45.2
Combined price ($ per boe) 39.7 33.0 29.3 34.6 25.2
⁻ Oil ($ per bbl) 43.0 34.6

32.3

36.6 25.6
⁻ Gas ($ per mcf) 5.2 5.3 4.6 5.3 4.5
Sale of crude oil ($ million) 92.2 68.4 49.3 279.1 145.2
Sale of gas ($ million) 14.1 13.6 11.0 51.0 47.5
Revenue ($ million) 106.3 81.9 60.3 330.1 192.7
Commodity Risk Management Contracts ($ million) -18.4 -8.3 -2.6 -15.4 -2.6
Production & Operating Costsb ($ million) -30.5 -25.7 -20.8 -99.0 -67.2
G&G, G&Ac and Selling Expenses ($ million) -14.8 -12.0 -13.2 -50.9 -48.7
Adjusted EBITDA ($ million) 55.2 44.6 27.0 175.8 78.3
Adjusted EBITDA ($ per boe) 20.6 18.0 13.1 18.4 10.2
Operating Netback ($ per boe) 26.1 23.2 19.2 23.9 15.9
Profit (loss) ($ million) -3.4 -19.1 -26.0 -17.8 -60.6
Capital Expenditures ($ million) 25.3 30.9 15.1 105.6 39.3
Cash and cash equivalents ($ million) 134.8 135.2 73.6 134.8 73.6
Short-term financial debt ($ million) 7.7 1.9 39.3 7.7 39.3
Long-term financial debt ($ million) 418.5 418.5 319.4 418.5 319.4
Net debt ($ million) 291.4 285.2 285.1 291.4 285.1
a) Includes government royalties paid in-kind in Colombia for approximately 881, 774 and 718 bopd in 4Q2017, 3Q2017 and 4Q2016 respectively. No royalties were paid in kind in Chile and Brazil.
b) Production and Operating costs include operating costs and royalties paid in cash.
c) G&A expenses include $0.7, $0.8, $0.5, $3.1 and $1.8 million for 4Q2017, 3Q2017, 4Q2016, FY2017 and FY2016, respectively, of (non-cash) share-based payments that are excluded from the adjusted EBITDA calculation.

Production: Significant oil production growth of 39% in Colombia increased average consolidated oil and gas production to 30,654 boepd in 4Q2017 from 23,593 boepd in 4Q2016. The increase was mainly attributed to new oil production from the Tigana/Jacana oil fields in Llanos 34 block in Colombia. On a consolidated basis, gas production increased by 11% compared to 4Q2016, primarily attributed to increased industrial demand in Brazil.

For further detail, please refer to 4Q2017 Operational Update published on January 10, 2018.

Reference and Realized Oil Prices: Brent crude oil price averaged $61.5 per bbl during 4Q2017, and the consolidated realized oil sales price averaged $43.0 per bbl in 4Q2017, representing a 24% increase from $34.6 per bbl in 3Q2017 and a 38% increase from $31.2 per bbl in 4Q2016. Differences between reference and realized prices are a result of commercial and transportation discounts as well as the Vasconia price differential in Colombia, which averaged $4.0 per bbl in 4Q2017 from $2.8 per bbl in 3Q2017 and $5.7 per bbl in 4Q2016. Commercial and transportation discounts in Colombia were reduced to $14.9 per bbl in 4Q2017 from $15.2 per bbl in 3Q2017 and $15.0 per bbl in 4Q2016.

Company efforts are currently underway to continue improving realized oil prices, including negotiation of existing conditions with off-takers plus construction of a flowline and related facilities in Llanos 34 block, expected to continue improving current commercial and transportation discounts.

The following table provides a breakdown of reference and net realized oil prices in Colombia and Chile in 4Q2017:

4Q2017 - Realized Oil Prices

($ per bbl)

Colombia Chile
Brent oil price 61.5 61.5
Vasconia differential (4.0) -
Commercial and transportation discounts (14.9) (8.4)
Realized oil price 42.6 53.1
Weight on Oil Sales Mix 96% 4%

Revenue: Higher oil and gas production and pricing drove total consolidated revenues up by 76% to $106.3 million in 4Q2017, compared to $60.3 million in 4Q2016.

Sales of crude oil: Consolidated oil revenues increased by 87% to $92.2 million in 4Q2017, driven by a 35% increase in oil sales volumes and a 38% increase in realized oil prices. Oil revenues represented 87% of total revenues compared to 82% in 4Q2016.

  • Colombia: In 4Q2017, oil revenues increased by 98% to $87.5 million mainly due to increased sales volumes and higher realized prices. Oil sales volumes increased by 40% to 23,283 bopd. Realized oil prices also increased by 40% to $42.6 per bbl, in line with higher Brent prices and a lower Vasconia discount. Colombia earn-out payments (deducted from Colombia oil revenues) increased to $3.7 million in 4Q2017, compared to $2.3 million in 4Q2016, in line with increased production and higher oil revenues.
  • Chile: In 4Q2017, oil revenues decreased by 11% to $4.4 million due to lower sales volumes partially offset by higher realized prices. Oil sales volumes decreased by 31% to 902 bopd and realized oil prices increased by 28% to $53.1 per barrel, in line with higher Brent prices.

Sales of gas: Consolidated gas revenues increased by 28% to $14.1 million in 4Q2017 compared to $11.0 million in 4Q2016 due to 15% higher realized gas prices and 11% higher gas sales volumes.

  • Chile: In 4Q2017, gas revenues increased by 6% to $4.4 million mainly due to higher gas prices, partially offset by lower sales volumes. Gas prices increased by 24% to $4.5 per mcf ($27.1 per boe) in 4Q2017, due to increased methanol prices. Gas sales volumes decreased by 15% to 10,630 mcfpd (1,772 boepd).
  • Brazil: In 4Q2017, gas revenues increased by 42% to $9.4 million, due to both higher realized prices and sales volumes. Gas prices, net of taxes, increased by 8% to $5.7 per mcf ($34.0 per boe) due to the annual gas price inflation adjustment of approximately 7%, effective January 2017. Gas sales volumes increased by 31% to 18,000 mcfpd (3,000 boepd), primarily due to higher gas consumption by Brazilian industrial users.

Commodity risk management contracts: Consolidated commodity risk management contracts registered a realized loss of $5.8 million in 4Q2017, totaling realized losses of $2.1 million in full year 2017 ($3.8 million cash gains were recorded and cashed-in during the first nine months of 2017). Unrealized cash losses amounted to $12.6 million in 4Q2017 compared to $3.1 million loss in 4Q2016 resulting from the significant increase in forward Brent oil price curve. The company uses risk management contracts to minimize the impact of oil price fluctuations on the Company´s self-funded work program.

Production and operating costs[1]: Consolidated operating costs per barrel decreased by 9% to $7.3 per boe in 4Q2017 from $8.1 per boe in 4Q2016. Following the 30% increase in oil and gas sales volumes, total operating costs increased by $3.0 million to $19.6 million. Consolidated royalties increased by $6.8 million to $10.7 million in 4Q2017, mainly as the Jacana oil field in the Llanos 34 block accumulated more than five million barrels of production that triggered Colombia’s “high price” royalty scheme beginning in 2Q2017, and to a lesser extent due to increased volumes and higher realized prices.

Below is a breakdown of production and operating costs by country:

  • Colombia: Operating costs per boe remained flat at $6.1 per boe in both 4Q2017 and 4Q2016, due to:
    • Significant increase in volumes sold, 40% compared to a year earlier, that increased overall operating costs by 40% to $13.1 million in 4Q2017 from $9.3 million in 4Q2016,
    • Incremental costs related to the reopening of mature oil fields temporarily closed in 4Q2016 which have higher operating costs per barrel compared to Llanos 34 block.
  • Chile: Operating costs decreased by 6% to $5.2 million in 4Q2017 from $5.6 million in 4Q2016 mainly due to lower volumes sold (-21%). As a result of the lower volumes, operating costs per boe increased by 18% to $21.3.
  • Brazil: Operating costs decreased by 45% to $1.0 million in 4Q2017 from $1.7 million in 4Q2016, mainly due to a one-time recovery of maintenance costs in Manati that were incurred in previous quarters. Operating costs per boe decreased to $3.4 per boe from $8.0 in 4Q2016.

Selling expenses: Consolidated selling expenses decreased to $0.3 million in 4Q2017 compared to $0.6 million in 4Q2016.

Administrative, Geological and Geophysical expenses: Consolidated G&A and G&G expenses increased by 15% to $14.5 million in 4Q2017 compared to $12.6 million in 4Q2016 mainly due to higher staff costs resulting from an increased scale of operations. Consolidated G&A and G&G costs per boe decreased by 13% to $5.5 per boe in 4Q2017 (vs. $6.1 per boe in 4Q2016).

Adjusted EBITDA: Consolidated adjusted EBITDA of $55.2 million was more than two times higher than the $27.0 million in 4Q2016. That is the equivalent of $20.6 per barrel and was driven by the combination of increased production and higher realized oil and gas prices.

  • Colombia: Adjusted EBITDA of $51.6 million in 4Q2017 (+95% vs. 4Q2016)
  • Chile: Adjusted EBITDA of $1.1 million in 4Q2017 (+75% vs. 4Q2016)
  • Brazil: Adjusted EBITDA of $7.2 million in 4Q2017 (+116% vs. 4Q2016)
  • Corporate, Argentina and Peru: Adjusted EBITDA of negative $4.7 million in 4Q2017

The table below shows production, volumes sold and breakdown of the most significant components of adjusted EBITDA for 4Q2017 and 4Q2016, on a per country and per barrel basis:

Adjusted EBITDA/boe Colombia Chile Brazil Total
4Q17 4Q16 4Q17 4Q16 4Q17 4Q16

4Q17c

4Q16
Production (boepd) 24,378 17,535 2,932 3,523 3,328 2,535 30,654 23,593
Stock variation /RIKa (1,004) (878) (258) (151) (285) (206) (1,593) (1,235)
Sales volume (boepd) 23,374 16,657 2,674 3,372 3,043 2,329 29,091 22,358
% Oil 99.6% 100% 34% 39% 1% 1% 83% 80%
($ per boe)
Realized oil price 42.6 30.4 53.1 41.4 68.0 54.7 43.0 32.3
Realized gas priceb 30.8 - 27.1 21.9 34.0 31.4 31.4 27.3
Earn-out (1.8) (1.4) - - - - (1.4) (1.1)
Combined Price 40.8 29.0 35.9 29.4 34.5 31.7 39.7 29.3
Realized Commodity Risk Management Contracts (2.7) - - - - - (2.2) -
Operating costs (6.1) (6.1) (21.3) (18.0) (3.4) (8.0) (7.3) (8.1)
Royalties in cash (4.4) (1.9) (1.4) (1.2) (3.3) (2.6) (4.0) (1.9)
Selling & other expenses 0.0 0.2 (0.7) (1.0) - - (0.1) (0.3)
Operating Netback/boe 27.6 21.1 12.4 9.2 27.8 21.0 26.1 19.2
G&A, G&G (5.5) (6.1)
Adjusted EBITDA/boe 20.6 13.1
a)

RIK (Royalties in Kind). Includes royalties paid in kind in Colombia for approximately 881 and 718 bopd in 4Q2017 and 4Q2016, respectively. No royalties were paid in kind in Chile and Brazil

b) Conversion rate of mcf/boe=1/6

c)

Total amount includes 16 bopd of oil production from CN-V block in Argentina

Depreciation: Consolidated depreciation increased by 17% to $19.8 million in 4Q2017, compared to $16.9 million in 4Q2016, due to higher volumes sold. On a per barrel basis, however, depreciation costs were lower given drilling successes and increased reserves. Depreciation costs per boe decreased by 10% to $7.4 per boe.

Write-off of unsuccessful exploration efforts: Consolidated write-off of unsuccessful exploration efforts was $1.1 million in 4Q2017, compared to $17.7 million in 4Q2016. Amounts recorded in 4Q2017 mainly correspond to unsuccessful exploration efforts in non-operated Sierra del Nevado and Puelen blocks in Argentina.

Impairment of Non-Financial Assets: Consolidated non-cash impairment of non-financial assets was zero in 4Q2017 compared to a $5.7 million gain in 4Q2016 ($5.7 million non-cash recovery in Colombia).

Other expenses: Other operating expenses were $2.7 million in 4Q2017, compared to $0.9 million in 4Q2016.

CONSOLIDATED NON-OPERATING RESULTS AND PROFIT FOR THE PERIOD

Net financial expenses: Net financial costs decreased by 7% to $8.2 million in 4Q2017, compared to $8.9 million in 4Q2016, mainly resulting from lower bank charges and other financial results.

Foreign exchange: Net foreign exchange charges were a $3.6 million loss in 4Q2017 and $1.4 million loss in 4Q2016, mainly due to the devaluation of the Brazilian Real over the US Dollar-denominated net debt incurred at the local subsidiary level, where the Real is the functional currency.

Income tax: Income taxes amounted to a $10.7 million in 4Q2017, as compared to a $9.7 million in 4Q2016, in line with higher taxable profits in 4Q2017.

Net income: Net losses amounted to $3.4 million in 4Q2017 compared to $26.0 million in 4Q2016. The net loss in 4Q2017 resulted from unrealized hedge charges.

BALANCE SHEET

Cash and cash equivalents: Cash and cash equivalents totaled $134.8 million as of December 31, 2017 compared to $73.6 million a year earlier. The difference reflects cash generated from operating activities of $142.2 million and cash from financing activities of $24.0 million, partially offset by cash used in investing activities of $105.6 million.

Cash generated from operating activities of $142.2 million is net of a $15.6 million advance payment paid in December 2017 to Pluspetrol, as a security deposit related to the recently announced acquisition of Aguada Baguales, El Porvenir and Puesto Touquet blocks in Neuquen basin in Argentina, which is expected to close in March 2018.

Cash from financing activities of $24.0 million includes net proceeds from the issuance of 2024 Notes of $418.3 million, offset by: (i) principal paid of $355.0 million related to the payment of 2020 Notes and the prepayment of the Itau loan, (ii) cancellation costs of $12.3, and (iii) interest payments of $27.7 million.

Cash used in investing activities of $105.6 million (76% allocated to Colombia) includes capital expenditures related to development, appraisal and exploration activities carried out in 2017 that allowed GeoPark to increase its reserves with low finding and development costs of $3.6/boe for 1P and $4.0/boe for 2P reserves (or $2.4/boe and $2.8/boe for 1P and 2P, respectively in Colombia).

Financial debt: Total financial debt (net of issuance costs) amounted to $426.2 million, including the $425 million 2024 Notes issued in September 2017. Short-term debt amounted to $7.7 million as of December 31, 2017.

FINANCIAL RATIOSa

($ million)
At period-end

Financial Debt

Cash and Cash Equivalents Net Debt Net Debt/ LTM Adj. EBITDA LTM Interest

Coverage

4Q2016 358.7 73.6 285.1 3.6x 2.7x
1Q2017 341.7 70.3 271.4 2.6x 3.4x
2Q2017 346.3 77.0 269.3 2.2x 4.1x
3Q2017 420.4 135.2 285.2 1.9x 5.3x
4Q2017 426.2 134.8 291.4 1.7x 6.3x
a)

Based on trailing 12-month financial results.

Issuance of 2024 Notes: During September 2017, the Company successfully placed $425 million notes (“2024 Notes”). The 2024 Notes carry a coupon of 6.50% per annum. Funds were used to repay financial debt, to provide financial flexibility and for general corporate purposes.

The indenture governing the 2024 Notes includes incurrence test covenants that require the net debt to adjusted EBITDA ratio be lower than 3.5 times and the adjusted EBITDA to interest ratio higher than 2 times until September 2019. Failure to comply with the incurrence test covenants would not trigger an event of default. As of the date of this release the Company is in compliance with all provisions and covenants.

COMMODITY RISK OIL MANAGEMENT CONTRACTS

The Company has the following commodity risk management contracts (reference ICE Brent), in place as of the date of this release:

Period Type Volume (bopd) Contract terms ($ per bbl)
Purchased Put Sold Put Sold Call

1Q2018

Zero cost collar 9,000 50.0-52.0 - 54.9-60.0
Zero cost 3-way 2,000

52.0

42.0

59.5-59.6
Zero cost 3-way 2,000

53.0

43.0

64.6
Total: 13,000

2Q2018

Zero cost collar 5,000

52.0

- 58.3-60.0
Zero cost 3-way 3,000

52.0

42.0

59.5-59.6
Zero cost 3-way 2,000

53.0

43.0

64.6
Total: 10,000

3Q2018

Zero cost 3-way 5,000

53.0

43.0

69.0

Total: 5,000

For further details, please refer to Note 8 of GeoPark’s consolidated financial statements for the year ended December 31, 2017, available on the Company’s website.

SELECTED INFORMATION BY BUSINESS SEGMENT
(UNAUDITED)
Colombia 4Q2017 4Q2016
Sale of crude oil ($ million) 87.5 44.2
Sale of gas ($ million) 0.2 0.2
Revenue ($ million) 87.7 44.4
Production and Operating Costsa ($ million) -22.6 -12.5
Adjusted EBITDA ($ million) 51.6 26.5
Capital Expendituresb ($ million) 19.4 11.5
Chile 4Q2017 4Q2016
Sale of crude oil ($ million) 4.4 5.0
Sale of gas ($ million) 4.4 4.2
Revenue ($ million) 8.8 9.1
Production and Operating Costsa ($ million) -5.6 -6.0
Adjusted EBITDA ($ million) 1.1 0.6
Capital Expendituresb ($ million) 1.4 1.0
Brazil 4Q2017 4Q2016
Sale of crude oil ($ million) 0.3 0.2
Sale of gas ($ million) 9.4 6.6
Revenue ($ million) 9.7 6.8
Production and Operating Costsa ($ million) -1.9 -2.3
Adjusted EBITDA ($ million) 7.2 3.3
Capital Expendituresb ($ million) 0.5 2.0
a) Production and Operating = Operating Costs + Royalties.
b) The difference with the reported figure in Key Indicators table corresponds mainly to capital expenditures in Argentina and to a lesser extent in Peru.
CONSOLIDATED STATEMENT OF INCOME
(QUARTERLY INFORMATION UNAUDITED)
(In millions of $) 4Q2017 4Q2016 FY2017 FY2016

REVENUE

Sale of crude oil 92.2 49.3 279.1 145.2
Sale of gas 14.1 11.0 51.0 47.5
TOTAL REVENUE 106.3 60.3 330.1 192.7
Commodity risk management contracts -18.4 -2.6 -15.4 -2.6
Production and operating costs -30.5 -20.8 -99.0 -67.2
Geological and geophysical expenses (G&G) -3.9 -2.7 -7.7 -10.3
Administrative expenses (G&A) -10.6 -10.0 -42.1 -34.2
Selling expenses -0.3 -0.6 -1.1 -4.2
Depreciation -19.8 -16.9 -74.9 -75.8
Write-off of unsuccessful exploration efforts -1.1 -17.7 -5.8 -31.4
Impairment for non-financial assets - 5.7 - 5.7
Other operating -2.7 -0.9 -5.1 -1.3
OPERATING PROFIT (LOSS) 19.1 -6.1 79.0 -28.6
Financial costs, net -8.2 -8.9 -51.5 -34.1
Foreign exchange gain (loss) -3.6 -1.4 -2.2 13.9
PROFIT (LOSS) BEFORE INCOME TAX

7.3

-16.3 25.3 -48.8
Income tax -10.7 -9.7 -43.1 -11.8
PROFIT (LOSS) FOR THE PERIOD -3.4 -26.0 -17.8 -60.6
Non-controlling interest 1.1 -5.6 6.4 -11.6
ATTRIBUTABLE TO OWNERS OF GEOPARK -4.5 -20.4 -24.2 -49.1

SUMMARIZED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(In millions of $) Dec '17 Dec '16
(Audited) (Audited)
Non-Current Assets
Property, plant and equipment 517.4 473.6
Other non-current assets 53.8 45.7
Total Non-Current Assets 571.2 519.3
Current Assets
Inventories 5.7 3.5
Trade receivables 19.5 18.4
Other current assets 54.9 25.7
Cash at bank and in hand 134.8 73.6
Total Current Assets 215.0 121.2
Total Assets 786.2 640.5
Equity
Equity attributable to owners of GeoPark 84.9 105.8
Non-controlling interest 41.9 35.8
Total Equity 126.8 141.6
Non-Current Liabilities
Borrowings 418.5 319.4
Other non-current liabilities 74.5 80.0
Total Non-Current Liabilities 493.0 399.4
Current Liabilities
Borrowings 7.7 39.3
Other current liabilities 158.6 60.2
Total Current Liabilities 166.3 99.5

Total Liabilities

659.3 498.9
Total Liabilities and Equity 786.2 640.5

SUMMARIZED CONSOLIDATED STATEMENT OF CASH FLOWS

(In millions of $) Dec '17 Dec '16
Cash flows from operating activities 142.2 82.9
Cash flows used in investing activities -105.6 -39.3
Cash flows from (used) in financing activities 24.0 -51.1

Contacts

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


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