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 November 2023

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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

FOR IMMEDIATE DISTRIBUTION

GEOPARK REPORTS THIRD QUARTER 2023 RESULTS

EXPLORATION SUCCESSES OPEN MULTIPLE GROWTH FAIRWAYS,

DRILLING OPPORTUNITIES & NEW PLAYS

CONSISTENTLY STRONG FREE CASH FLOW

Bogota, Colombia – November 8, 2023 - GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, reports its consolidated financial results for the three-month period ended September 30, 2023 (“Third Quarter” or “3Q2023”). A conference call to discuss 3Q2023 financial results will be held on November 9, 2023, at 10:00 am (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 and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended September 30, 2023, available on the Company’s website.

THIRD QUARTER 2023 HIGHLIGHTS

Oil and Gas Production and Operations

2023 Exploration Campaign Successes Open New Appraisal and Development Fairways

Llanos 123 Block (GeoPark operated, 50% WI) – Llanos Basin in Colombia:

Perico Block (GeoPark non-operated, 50% WI) – Oriente Basin in Ecuador:

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CPO-5 Block – Llanos Basin in Colombia:

Llanos 87 Block (GeoPark operated, 50% WI) - Llanos Basin in Colombia:

Llanos 34 Block (GeoPark operated, 45% WI) - Llanos Basin in Colombia:

Revenue, Adjusted EBITDA and Net Profit

Cost and Capital Efficiency as Key Differentiators

Lower Financial Expenses and Strengthened Balance Sheet

Accelerated Shareholder Returns

Upcoming Activities

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Andrés Ocampo, Chief Executive Officer of GeoPark, said: “Our team and portfolio have again delivered with the opening up of multiple new exciting growth fairways for further development following our recent drilling successes. The 2024 self-funded and flexible work program, announced today, builds on these successes to pursue multiple potential drilling opportunities to be tested in 2024. We will continue delivering on our commitment to return value to shareholders while maintaining a strong balance sheet, reducing emissions, and strengthening our relationship with our neighbors.”

CONSOLIDATED OPERATING PERFORMANCE

Key performance indicators:

Production: Oil and gas production in 3Q2023 was 34,778 boepd, down by 9% compared to 3Q2022, due to lower production in Colombia, Chile, Brazil and Ecuador. Oil represented 93% and 91% of total reported production in 3Q2023 and 3Q2022, respectively.

Deliveries: Oil and gas deliveries to GeoPark’s offtakers in 3Q2023 totaled 30,559 boepd, down by 16% compared to 3Q2022, mainly due to lower consolidated production and higher royalties and economic rights paid in kind, which was partially offset by a reduction in inventories.

The mix of royalties and economic rights paid in kind versus in cash affects Revenue and Production and operating costs but it is neutral at the Adjusted EBITDA level. In 3Q2023, royalties and economic rights paid in kind increased significantly compared to 3Q2022, resulting in lower revenue and lower production and operating costs (due to lower cash royalties and economic rights paid in cash).

Reference and Realized Oil Prices: Brent crude oil prices decreased by 12% to $86.0 per bbl during 3Q2023, and the consolidated realized oil sales price decreased by 13% to $74.6 per bbl in 3Q2023.

A breakdown of reference and net realized oil prices in relevant countries in 3Q2023 and 3Q2022 is shown in the tables below:

Revenue: Consolidated revenue decreased by 26% to $192.1 million in 3Q2023, compared to $258.2 million in 3Q2022, mainly reflecting lower oil and gas prices and lower deliveries.

Sales of crude oil: Consolidated oil revenue decreased by 26% to $184.7 million in 3Q2023, mainly due to a 13% decrease in realized oil prices and 13% lower deliveries. Oil revenue was 96% of total revenue in 3Q2023 and 3Q2022.

The table below provides a breakdown of crude oil revenue in 3Q2023 and 3Q2022:

Sales of purchased crude oil: 3Q2023 sales of purchased crude oil increased 125% to $2.2 million, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the cost of the oil purchased being reflected in production and operating costs). Sales of purchased crude oil were 1% of total revenue in 3Q2023 and 3Q2022.

Sales of gas: Consolidated gas revenue decreased by 39% to $5.3 million in 3Q2023 compared to $8.6 million in 3Q2022, reflecting 37% lower gas deliveries and 3% lower gas prices. Gas revenue was 3% of total revenue in 3Q2023 and 3Q2022.

The table below provides a breakdown of gas revenue in 3Q2023 and 3Q2022:

Commodity Risk Management Contracts: Consolidated commodity risk management contracts amounted to zero in 3Q2023, compared to a $23.0 million gain in 3Q2022.

The table below provides a breakdown of realized and unrealized commodity risk management charges in 3Q2023 and 3Q2022:

In 3Q2023 GeoPark had zero cost collars covering 9,000 bopd including purchased puts with an average price of $70.0 per bbl and sold calls at an average price of $94.7 per bbl. As from January 1, 2023 Commodity risk management contracts are designated and qualify as cash flow hedges, so that realized gains or losses are recorded in Revenue.

Please refer to the “Commodity Risk Management Contracts” section below for a description of hedges in place as of the date of this release.

Production and Operating Costs: Consolidated production and operating costs decreased to $58.2 million from $87.1 million, mainly resulting from lower royalties and economic rights paid in cash (due to lower oil prices and higher royalties and economic rights paid in kind), partially offset by higher operating costs.

The table below provides a breakdown of production and operating costs in 3Q2023 and 3Q2022:

Consolidated royalties paid in cash amounted to $0.8 million in 3Q2023 compared to $15.5 million in 3Q2022, in line with lower oil prices and higher volumes of royalties being paid in kind.

Consolidated economic rights paid in cash (including high price participation, x-factor and other economic rights paid to the Colombian Government in cash) amounted to $14.8 million in 3Q2023 compared to $47.0 million in 3Q2022, in line with lower oil prices and higher volumes of economic rights paid in kind.

Consolidated operating costs increased to $40.6 million in 3Q2023 compared to $23.6 million in 3Q2022, reflecting higher energy costs due to lower availability of hydroelectric power in Colombia and inflationary pressures.

The breakdown of operating costs is as follows:

Consolidated purchased crude oil charges amounted to $1.9 million in 3Q2023 compared to $0.7 million in 3Q2022, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the sale of purchased oil being reflected in Revenue).

Selling Expenses: Consolidated selling expenses increased to $3.8 million in 3Q2023 compared to $2.0 million in 3Q2022.

Geological & Geophysical Expenses: Consolidated G&G expenses increased to $2.6 million in 3Q2023 compared to $2.3 million in 3Q2022.

Administrative Expenses: Consolidated G&A decreased to $11.6 million in 3Q2023 compared to $14.3 million in 3Q2022.

Adjusted EBITDA: Consolidated Adjusted EBITDA4 decreased by 18% to $115.2 million in 3Q2023 (on a per boe basis, Adjusted EBITDA decreased to $41.0 per boe in 3Q2023 from $42.4 per boe in 3Q2022).

The table below shows production, volumes sold and the breakdown of the most significant components of Adjusted EBITDA for 3Q2023 and 3Q2022, on a per boe basis:

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Operating costs per boe in Colombia are affected by the mix of royalties and economic rights paid in kind versus paid in cash, as operating cost per boe is calculated as total operating costs (including the cost to produce barrels that are used to pay royalties and economic rights in kind) divided by barrels delivered to GeoPark’s offtakers (after royalties and economic rights paid in kind).

Depreciation: Consolidated depreciation charges increased to $29.8 million in 3Q2023 compared to $21.4 million in 3Q2022.

Write-off of unsuccessful exploration efforts: The consolidated write-off of unsuccessful exploration efforts amounted to $9.3 million in 3Q2023 compared to $5.9 million in 3Q2022. Amounts recorded in 3Q2023 correspond to unsuccessful exploration efforts in the Llanos 124 Block (GeoPark operated, 50% WI), and to a lesser extent in the Llanos 34 Block, both in Colombia.

Other Income (Expenses): Other operating income (expenses) showed a $3.6 million gain in 3Q2023, compared to a $2.6 million loss in 3Q2022.

CONSOLIDATED NON-OPERATING RESULTS AND PROFIT FOR THE PERIOD

Financial Expenses: Net financial expenses decreased to $12.5 million in 3Q2023 from $14.1 million in 3Q2022, mainly resulting from a sustained deleveraging process that started in April 2021 and continued in 2022.

Foreign Exchange: Net foreign exchange losses amounted to $4.0 million in 3Q2023 compared to an $11.5 million gain in 3Q2022. Foreign exchange losses in 3Q2023 reflected the revaluation of the local currency in Colombia (the Colombian Peso revalued by approximately 3% from June 30 to September 30, 2023).

Income Tax: Income taxes totaled $41.2 million in 3Q2023 compared to $70.2 million in 3Q2022, mainly resulting from lower profits before income taxes plus the effect of fluctuations of the Colombian Peso on deferred income taxes, partially offset by the effects of the tax reform in Colombia applicable in fiscal year 2023.

Net Profit: Net profit decreased to $24.8 million in 3Q2023 compared to $73.4 million in 3Q2022.

BALANCE SHEET

Cash and Cash Equivalents: Cash and cash equivalents totaled $106.3 million as of September 30, 2023, compared to $128.8 million as of December 31, 2022.

This net decrease is explained by the following:

Cash flows from operating activities of $190.3 million in the nine-month period ended September 30, 2023 included income tax payments of $125.3 million5 (including current income taxes withholding and self-withholding taxes paid in the nine-month period ended September 30, 2023).

Cash flows used in financing activities mainly included $27.5 million related to interest payments, $23.6 million related to executing the Company’s share buyback program and $22.3 million related to dividend payments.

Financial Debt: Total financial debt net of issuance cost was $493.3 million, all corresponding to the 2027 Notes. Short-term financial debt was $5.7 million as of September 30, 2023, and corresponds to interest accrued on the 2027 Notes.

For further details, please refer to Note 13 of GeoPark’s consolidated financial statements as of September 30, 2023, available on the Company’s website.

FINANCIAL RATIOSa

Covenants in the 2027 Notes: The 2027 Notes include debt incurrence covenants that, among others, require that the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times in order for GeoPark to incur new debt.

COMMODITY RISK MANAGEMENT CONTRACTS

The table below summarizes commodity risk management contracts in place as of the date of this release:

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5 Includes current income tax payments and withholding taxes from clients for $19.7 million (included within “Change in working capital” line item of the Statement of Cash Flow). For further details, please refer to the Statement of Cash Flow as of September 30, 2023, available on the Company’s website.

SELECTED INFORMATION BY BUSINESS SEGMENT

CONSOLIDATED STATEMENT OF INCOME

(QUARTERLY INFORMATION UNAUDITED)

SUMMARIZED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(QUARTERLY INFORMATION UNAUDITED)

SUMMARIZED CONSOLIDATED STATEMENT OF CASH FLOW

(QUARTERLY INFORMATION UNAUDITED)

RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX

LAST TWELVE-MONTH RETURN ON AVERAGE CAPITAL EMPLOYED

CONFERENCE CALL INFORMATION

Reporting Date and Conference Call for 3Q2023 Financial Results

In conjunction with the 3Q2023 results press release, GeoPark management will host a conference call on November 9, 2023, at 10:00 am (Eastern Standard Time).

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/344411932

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: +1 (646) 904-5544

International Participants: +1 (833) 470-1428

Passcode: 865697

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:

GLOSSARY

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. 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.

This press release contains certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

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, production guidance, shareholder returns, Adjusted EBITDA, capital expenditures, cash income taxes and free cash flow. 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.

Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables.

Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company’s calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies.

Item 2

FOR IMMEDIATE DISTRIBUTION

GEOPARK ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.134 PER SHARE

AND RENEWAL OF SHARE REPURCHASE PROGRAM

Bogota, Colombia – November 8, 2023 - GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announced that its Board of Directors has declared a quarterly cash dividend of $0.134 per share ($7.5 million in the aggregate) payable on December 11, 2023, and the renewal, until December 31, 2024, of the share repurchase program for up to 10% of its outstanding shares. All figures are expressed in US Dollars.

Quarterly Cash Dividend

Renewal of Share Buyback Program

As detailed in our 2024 Work Program, GeoPark plans to deliver another year of strong operational and financial performance, and free cash flow generation. The Company is also targeting the return of 40-50% of its free cash flow1 to shareholders through a combination of base dividends and discretionary buybacks and/or variable dividends.

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For further information, please contact:

NOTICE

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

Certain amounts and percentages included in this press release have been rounded for ease of presentation.

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 expected oil and gas production, operational and financial performance, including free cash flow generation and excess cash flow returns to shareholders, timing, method and amount of share repurchases, oil prices, commodity risk management contracts, and the Company’s capital expenditures plan. 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).

Item 3

FOR IMMEDIATE DISTRIBUTION

GEOPARK ANNOUNCES 2024 WORK PROGRAM

AND SHAREHOLDER RETURN GUIDELINES

ANOTHER ACTIVE YEAR FOCUSED ON GROWTH,

LOW-RISK DEVELOPMENT, EXPLORATION TARGETS,

AND SUSTAINED SHAREHOLDER RETURNS

Bogota, Colombia – November 8, 2023 - GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator, and consolidator, today announced its work program and shareholder return framework for 2024. All figures are expressed in US Dollars.

A conference call to discuss third quarter 2023 financial results and the 2024 work program and shareholder return framework will be held on November 9, 2023, at 10:00 a.m. Eastern Standard Time.

2024 Work Program Summary ($80-90/bbl Brent)

Production: 37,000-40,000 boepd average production (assuming no production from the 2024 exploration drilling program), 1-10%1 production growth versus 2023E.

The 2024 expected average production reflects growing production in Colombia and Ecuador (3-11%)2, relatively flat production in Brazil and declining production in Chile.

Drilling plan: 35-45 gross wells, including 5-10 gross exploration wells and 30-35 appraisal and development wells.

Capital expenditures program: $150-200 million, with approximately 20-30% to be allocated to exploration and 70-80% to be allocated to the development and delineation of high-potential, short-cycle and near-field projects in the Llanos basin in Colombia and in the Oriente basin in Ecuador.

Assuming $80-90 per bbl Brent base case, GeoPark expects to generate an Adjusted EBITDA3 of $420-550 million4 in 2024, or 2-3 times total capital expenditures.

2024 Shareholder Returns

GeoPark’s high-quality asset base and low-breakeven production have allowed the Company to fully fund its work programs since 2015 while maintaining a strong balance sheet and returning value to shareholders. 

Since January 2021 to date, the Company has reduced gross debt by $275 million and returned $125 million in direct shareholder distributions through dividends and buybacks.

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In 2023 GeoPark is returning over $50 million on capital returns to shareholders, including the announced dividend of $7.5 million to be paid in December, thereby exceeding the target of returning 40-50% of free cash flow to shareholders.

In 2024, GeoPark will continue targeting to return 40-50% of its free cash flow to shareholders through a combination of base dividends and discretionary buybacks and/or variable dividends.

The Company’s future shareholder returns, including but not limited to dividends and buybacks, and the level thereof is uncertain. Any decision to pay dividends or buyback shares will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation the Company's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time.

2024 Free Cash Flow & Shareholder Returns

The table below shows the estimated Adjusted EBITDA, free cash flow and shareholder returns using the base work program targeting production of 37,000-40,000 boepd and capital expenditures of $150-200 million:

Adjusted EBITDA Sensitivities: assuming production of 37,000-40,000 boepd, Adjusted EBITDA would be as follows:

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Production Breakdown

The 2024 production guidance of 37,000-40,000 boepd (assuming no production from the 2024 exploration drilling program) includes 33,000-35,500 boepd in Colombia, 1,600-2,000 boepd in Ecuador, 1,000-1,300 boepd in Chile, and 1,000-1,200 boepd in Brazil. The production mix is expected to be ~95% oil and ~5% natural gas.

Capital Expenditures and Activity Breakdown

The activity breakdown in Colombia includes:

Certain activities included in the 2024 work program are still subject to obtaining required joint venture, environmental, social or other regulatory approvals. In the blocks that GeoPark does not operate, activities are subject to timely execution by the operator.

Work Program Flexible at Different Oil Price Scenarios

GeoPark’s 2024 work program can be rapidly adapted to different oil price scenarios, illustrating the high quality of the Company’s assets and strong financial performance even in volatile oil price environments.

GeoPark has oil hedges in place providing price risk protection over the next 12 months. Please refer to Note 4 of GeoPark’s consolidated financial statements for the period ended September 30, 2023 for further details on volumes, type of contracts, and average prices.

GeoPark monitors market conditions on a continuous basis and may enter into additional commodity risk management contracts to secure minimum oil prices for its 2024 production and beyond.

CONFERENCE CALL INFORMATION

Reporting Date, Conference Call & Webcast for 3Q2023 financial results, and 2024 Work Program and Shareholder Return Framework

In conjunction with the 3Q2023 results press release, GeoPark management will host a conference call on November 9, 2023, at 10:00 am (Eastern Standard Time) to discuss the 3Q2023 financial results and the Work Program and Shareholder Return Framework for 2024.

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/344411932

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: +1 (646)-904-5544

International Participants: +1 (833)-470-1428

Passcode: 865697

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.

RECONCILIATION OF ADJUSTED EBITDA AND FREE CASH FLOW

Adjusted EBITDA is defined as profit for the period before net finance costs, income tax, depreciation, amortization, the effect of IFRS 16, certain non-cash items such as impairments and write-offs of unsuccessful efforts, accrual of share-based payments, unrealized results on commodity risk management contracts and other non-recurring events.

Free Cash Flow is defined as Adjusted EBITDA less capital expenditures, mandatory interest payments and cash tax payments.

The Company is unable to present a quantitative reconciliation of the 2024 Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of the necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc. Since free cash flow is calculated based on Adjusted EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of the 2024 free cash flow forecast.

For further information, please contact:

GLOSSARY

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. 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 expected oil and gas production, drilling plan, operational and financial performance, including Adjusted EBITDA, expected free cash flow and shareholder returns, dividends and buyback forecasts, increasing shareholder returns, timing, method and amount of share repurchases, oil prices, commodity risk management contracts, capital return yield, and our capital expenditures plan. 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.

Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

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.

Date: November 9, 2023