StockNews.AI
GPRK
StockNews.AI
210 days

GeoPark Announces Fourth Quarter 2024 Operational Update

1. GeoPark's 4Q2024 average production decreased 5% to 31,489 boepd. 2. Production was affected by blockades in Colombia's Llanos 34 and CPO-5. 3. Strong production growth in Vaca Muerta increased output by 19%. 4. Upcoming drilling campaigns are set for 1Q2025 across Colombia and Argentina. 5. GeoPark anticipates increased reserves from Vaca Muerta to offset Colombian declines.

31m saved
Insight
Article

FAQ

Why Neutral?

While production declined, resilience in Vaca Muerta offers potential stabilization. Previous production changes indicate similar reactions in the market.

How important is it?

The operational update directly affects market perception and investment considerations for GPRK.

Why Short Term?

The current updates could influence GPRK's immediate market perception but are mitigated by ongoing improvements.

Related Companies

GPRKCPO-5Llanos 34

GeoPark Announces Fourth Quarter 2024 Operational Update

MAXIMIZING RECOVERY IN COLOMBIA, POSITIVE APPRAISAL RESULTS AND
FIRST EXPLORATION WELL DRILLED IN PUTUMAYO

VACA MUERTA DELIVERS STRONG PRODUCTION RESULTS

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, announces its operational update for the three-month period ended December 31, 2024 (“4Q2024”).

Oil and Gas Production and Operations

  • 4Q2024 consolidated average oil and gas production of 31,489 boepd,1 5% lower than 3Q2024 due to blockades affecting operations in the Llanos 34 and CPO-5 blocks in Colombia.
  • Annual average oil and gas production of 33,937 boepd 1
  • 10 rigs in operation (4 drilling and 6 workover) at end-2024, including one drilling rig in Vaca Muerta.
  • 43 wells drilled in 2024 (including 7 wells in Vaca Muerta).
  • Zero recordable incidents in 4Q2024 in GeoPark-operated assets.

Llanos 34 Block: Enhanced Recovery Through Waterflooding Campaign

  • 4Q2024 average production of 19,342 boepd net (42,981 boepd gross), 5% lower than 3Q2024.
  • Waterflooding projects continued to deliver strong results in 4Q2024 (5,500 gross boepd).
  • Two development wells have been added to the drilling campaign.

CPO-5 Block: Production Impacted by Blockades

  • 4Q2024 average production of 6,402 boepd net (21,342 boepd gross).
  • Cante Flamenco 2: appraisal well reached total depth in September 2024.
  • 3D Seismic: New prospective opportunities identified from 232 sq km of new 3D seismic.

Vaca Muerta: Strong Performance Adds Pro forma Production and Reserves

  • 4Q2024 average production of 15,052 boepd gross, 19% higher than 3Q2024.
  • Confluencia Norte: The first pad was put on production, peaking at 4,700 boepd gross.

Putumayo: Exploration Campaign Underway

  • Platanillo Block (GeoPark operated, 100% WI): The field had been shut in due to its cost structure.
  • PUT-8 Block: The Bienparado Norte-1 exploration well spudded in December 2024.

Upcoming Catalysts 1Q2025

  • Drilling 3-6 gross wells in 1Q2025.

Reporting Date for 4Q2024 Results Release, Conference Call and Webcast

GeoPark will report its 4Q2024 and full-year 2024 financial results on Wednesday, March 5, 2025, after the market close.

CONTACTS

INVESTORS:
Maria Catalina Escobar
mescobar@geo-park.com
Miguel Bello
mbello@geo-park.com
Maria Alejandra Velez
mvelez@geo-park.com

MEDIA:
Communications Department
communications@geo-park.com

Related News