UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2024
Commission File Number: 001-36298
GeoPark Limited
(Exact name of registrant as specified in its
charter)
Calle 94 N° 11-30 8° piso
Bogota, Colombia
(Address of principal executive office)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
GEOPARK LIMITED
TABLE OF CONTENTS
| ITEM |
|
| 1. |
Press Release dated October 9, 2024 titled “GeoPark Announces Third Quarter 2024 Operational Update” |
Item 1
FOR IMMEDIATE DISTRIBUTION
GEOPARK ANNOUNCES THIRD QUARTER 2024 OPERATIONAL
UPDATE
APPRAISAL
DRILLING AND SECONDARY RECOVERY
SUPPORT COLOMBIAN PRODUCTION
MATA MORA NORTE POSTS RECORDS
Bogota, Colombia – October 9, 2024 - GeoPark
Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer,
operator and consolidator, announces its operational update for the three-month period ended September 30, 2024 (“3Q2024”).
Oil and Gas Production and Operations
| · | 3Q2024
consolidated average oil and gas production of 33,2151 boepd, 7% lower than 2Q2024
due to the continued closure of the Manati gas field in Brazil (GeoPark non-operated, 10%
WI), performance in the Llanos 34 Block (GeoPark operated, 45% WI) not offsetting the natural
base decline, and continued blockades affecting operations in the Llanos 34 Block and the
CPO-5 Block (GeoPark non-operated, 30% WI). These factors were previously identified as risks,
and their realization has impacted production within the anticipated 1,500-2,500 boepd range
|
| · | Production from Llanos Exploration increased 28%
vs 2Q2024 (1,581 boepd net; 3,162 boepd gross), mainly driven by the Toritos 2 and the Toritos Norte wells in the Llanos 123 Block (GeoPark
operated, 50% WI) |
| · | Production at the Mata Mora Norte Block (GeoPark
non-operated, 45% WI) in Argentina reached a record of 15,418 boepd gross during August 2024. GeoPark will consolidate production from
its Argentina acquisition at the closing of the transaction, expected in 4Q2024 |
| · | 9 rigs currently in operation (5 drilling rigs
and 4 workover rigs), including one drilling rig in Argentina |
Llanos 34 Block: Secondary Recovery Continues
| · | 3Q2024 average production of 20,445 boepd net (45,437 boepd gross), 11% lower
than 2Q2024 and in line with the associated risks described above and in the 2Q2024 Results Release |
| · | Horizontal wells are currently contributing 16% of total production in the block (7,400 boepd gross).
First horizontal well to the Guadalupe Formation put on production on July 2024, and first short radius horizontal well to the Mirador
Formation put on production on September 2024 |
| · | Waterflooding projects continued performing above plan, delivering around 5,000 boepd in 3Q2024, 11% of
total production in the block |
| · | The Curucucu 4 appraisal well reached total depth in September 2024, with completion expected by mid-October
2024 |
CPO-5 Block: Production Remains Close to Record Levels
| · | 3Q2024 average production of 7,721 boepd net (25,738 boepd gross), within 3% of record quarterly production
achieved in 2Q2024 |
| · | The Cante Flamenco-2 exploration well was spudded in August 2024, targeting the Lower Mirador Formation,
with the Ubaque Formation as the secondary objective |
| · | Prospects are being identified from 232 sq km of new 3D seismic |
Argentina: Mata Mora Norte Block in the Vaca
Muerta Top 10
| · | Mata Mora Norte Block average production in 3Q2024 was 12,621 boepd gross, 1% higher than 2Q2024, following
the put-on production of Pad-4 |
| · | Production record of over 3,200 boepd gross at the Mata Mora Norte 2223 well makes it one of the highest
producing wells in Vaca Muerta |
1 Not including production from the Mata Mora Norte Block
in Vaca Muerta, Argentina
| · | Transaction effective date was July 1, 2024. Regulatory closing of acquisition is expected in 4Q2024 |
Llanos Exploration: Drilling Success Increases
Production by 28%
| - | The Toritos 2 appraisal well drilled in 2Q2024 found pay in the Barco and Lower Mirador formations and
is currently producing 790 bopd gross |
| - | The Toritos Norte 1 appraisal well drilled in 2Q2024, testing the Barco Formation, is currently producing
430 bopd gross |
| · | Llanos 86 and Llanos 104 Blocks (GeoPark operated, 50% WI): |
| - | Interpretation of seismic data continues, exploratory projects being defined |
Ecuador: Intervention Increases Production
| · | Perico Block (GeoPark non-operated, 50% WI): |
| - | Production increased 8% versus 2Q2024 to 3,570 gross bopd in 3Q2024, due to increased workovers and well
services |
| - | Performed 2 workovers (Perico Norte 5 and Perico Norte 3) and 1 well service (Perico Norte 2), delivering
above plan |
| · | Espejo Block (GeoPark operated, 50% WI): |
| - | The Espejo Sur B3 and Espejo Sur B1 wells currently producing 675 bopd gross |
| - | The Espejo Norte A1 exploration well reached total depth in August 2024, targeting the Napo formation.
After a few weeks of testing, the well was deemed non-economic and is currently under evaluation |
Upcoming Catalysts 4Q2024
| · | Drilling 3-6 gross wells in 4Q2024 for the base business and 4 gross wells in Argentina, targeting conventional,
unconventional, appraisal and exploration projects |
| - | Llanos 34 Block: Drilling one infill well in the Tigui area and an additional well in the Curucucu field.
Incorporating four additional waterflooding injection patterns |
| - | Mata Mora Norte Block: Developing Pad-9 (four wells), expecting to complete all four horizontal sections
in November 2024 and to start production in 1Q2025 |
| - | Confluencia Norte Block (GeoPark non-operated, 50% WI): First exploration pad (three wells) to start production
during 4Q2024 |
| - | Llanos 123 Block: Drilling 2 appraisal wells |
| - | PUT-8 (GeoPark operated, 50% WI): Expected to spud the Bienparado Norte 1 (previously Machaca 1) exploratory
well in November 2024 |
Breakdown of Quarterly Production
by Country
The following table shows production figures for
3Q2024, as compared to 3Q2023:
| |
3Q2024 |
|
3Q2023 |
| |
Total
(boepd) |
Oil
(bopd)a |
Gas
(mcfpd) |
|
Total
(boepd) |
% Change |
| Colombia |
31,429 |
31,305 |
747 |
|
31,780 |
-1% |
| Ecuador |
1,786 |
1,786 |
- |
|
659 |
171% |
| Brazil |
- |
- |
- |
|
774 |
-100% |
| Chileb |
- |
- |
- |
|
1,565 |
-100% |
| Total |
33,215 |
33,091 |
747 |
|
34,778 |
-4% |
| a) | Includes royalties and other economic rights paid in kind in Colombia for approximately 6,073 bopd in
3Q2024. No royalties were paid in kind in Ecuador, Chile or Brazil. Production in Ecuador is reported before the Government’s production
share of approximately 560 bopd |
| b) | Closing of the divestment transaction in January 2024 |
Quarterly Production
| (boepd) |
3Q2024 |
2Q2024 |
1Q2024 |
4Q2023 |
3Q2023 |
| Colombia |
31,429 |
33,956 |
32,832 |
34,154 |
31,780 |
| Ecuador |
1,786 |
1,652 |
1,483 |
1,419 |
659 |
| Brazil |
- |
- |
893 |
1,101 |
774 |
| Chilea |
- |
- |
264 |
1,641 |
1,565 |
| Totalb |
33,215 |
35,608 |
35,473 |
38,315 |
34,778 |
| Oil |
33,091 |
35,504 |
34,255 |
35,842 |
32,510 |
| Gas |
124 |
104 |
1,218 |
2,473 |
2,268 |
| a) | Closing of the divestment transaction in January 2024. |
| b) | In Colombia, production includes royalties paid in kind, and in Ecuador it is shown before the Government’s
production share |
Reporting Date for 3Q2024 Results Release, Conference
Call and Webcast
GeoPark will report its 3Q2024 financial results
on Wednesday, November 6, 2024, after market close.
GeoPark management will host a conference call
on November 7, 2024, at 10:00 am (Eastern Standard Time) to discuss the 3Q2024 financial results.
To listen to the call, participants can access
the webcast located in the Invest with Us section of the Company’s website at www.geo-park.com, or by clicking below:
https://events.q4inc.com/attendee/244911827
Interested parties may participate in the conference
call by dialing the numbers provided below
United States Participants: +1 404-975-4839
Global Dial-In Numbers:
https://www.netroadshow.com/events/global-numbers?confId=72342
Passcode: 723049
Please allow extra time prior to the call to visit
the website and download any streaming media software that might be required to listen to the webcast.
An archive of the webcast replay will be made available
in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call.
For further information, please
contact:
INVESTORS:
|
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
|
mescobar@geo-park.com |
|
Miguel Bello
Investor Relations Officer
|
mbello@geo-park.com
|
|
Maria Alejandra Velez
Investor Relations Leader
|
mvelez@geo-park.com
|
MEDIA:
| Communications Department |
communications@geo-park.com |
NOTICE
Additional information about GeoPark can be found
in the “Invest with Us” 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. Percentages included in this press release
have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this
reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the
amounts in the financial statements. Similarly, certain other amounts included 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, drilling campaign, production guidance, closing of acquisition transaction and production consolidation. 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 (SEC).
Oil and gas production figures included in this
release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing
total production by 365 days.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
GeoPark Limited |
| |
|
| |
|
| |
By: |
/s/ Jaime Caballero Uribe |
| |
|
Name: |
Jaime Caballero Uribe |
| |
|
Title: |
Chief Financial Officer |
Date: October 9, 2024
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