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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

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For the month of May 2025

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Commission File Number: 001-36298

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GeoPark Limited

(Exact name of registrant as specified in its charter)

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Calle 94 N° 11-30 Piso 8

Bogota, Colombia

(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

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GEOPARK LIMITED

TABLE OF CONTENTS

ITEM

Item 1

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FOR IMMEDIATE DISTRIBUTION

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GEOPARK REPORTS FIRST QUARTER 2025 RESULTS

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STRONG FINANCIAL DISCIPLINE AND COST EFFICIENCY UNDERPIN PROFITABILITY

ROBUST CASH GENERATION AND LOW LEVERAGE AMID VOLATILE MARKET CONDITIONS

QUARTERLY CASH DIVIDEND OF $0.147 PER SHARE

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Bogota, Colombia – May 7, 2025 - GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended March 31, 2025 (“First Quarter” or “1Q2025”). A conference call to discuss these financial results will be held on May 8, 2025, at 10:00 am (Eastern Daylight Time).

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GeoPark’s profitable, dependable, and sustainable platform continued to deliver in 1Q2025, driven by the focused execution of its 2025 Work Program and the consistent application of disciplined capital allocation. Solid operational results across core operated and non-operated assets enabled GeoPark to exceed its pro forma production guidance of 35,000 boepd, while maintaining a competitive cost structure and advancing key strategic initiatives. The Company’s commitment to portfolio resilience, capital efficiency, and operational excellence has allowed it to navigate lower Brent prices and heightened market volatility, while maintaining the flexibility to pursue value-accretive growth opportunities.

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Operational figures include estimated pro forma production from the Mata Mora Norte Block (GeoPark non-operated, 45% WI) and Confluencia Norte Block (GeoPark non-operated, 50% WI) both in Vaca Muerta, Argentina. The Company’s 1Q2025 financial results do not include the consolidation of production, revenues, or costs related to these assets, which remain subject to the completion of regulatory approvals by the relevant provincial authorities. We continue to work diligently to advance the approval process.

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FIRST QUARTER 2025 FINANCIAL SUMMARY

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In 1Q2025 GeoPark reported Adjusted EBITDA1 of $87.9 million (64% Adj. EBITDA margin), a 13% increase compared to 4Q2024, mainly driven by strong cost discipline and higher realization prices that offset the lower production when excluding Vaca Muerta.

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Operating costs per produced barrel of oil equivalent (boe) decreased to $12.3 in 1Q2025 from $14.5 in 4Q2024, within the range set for 2025 ($12-14 per boe). As part of its ongoing efforts to enhance competitiveness and profitability, the Company launched a comprehensive efficiency program aimed at generating $5–7 million in annual savings. The program focuses on optimizing expenditures, improving asset returns, and streamlining the corporate structure. To date, 90% of the targeted savings have already been achieved, with additional initiatives underway to fully reach the program’s objectives.

Net profit for the quarter amounted to $13.1 million, compared to $15.3 million in 4Q2024, mainly due to one-off costs related to the partial repurchase of the 2027 Notes and higher financial cost associated to the issuance of the 2030 Notes. This strategic decision capitalized on favorable market conditions to successfully extend the average debt maturity to 4.6 years and reduce near-term refinancing risk.

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During 1Q2025, GeoPark invested $22.6 million to strengthen operations and support future growth. Investments focused primarily on workover campaigns, completion activities and infrastructure

1 For reconciliations, see “Reconciliation of Adjusted EBITDA to Profit Before Income Tax” table below.

development in the Llanos 34 Block (GeoPark operated, 45% WI), as well as exploration drilling activity in the Llanos 123 Block (GeoPark operated, 50% WI), both in Colombia. On a pro forma basis, GeoPark invested an additional $23.8 million2 to advance key development and infrastructure projects in Vaca Muerta, including the completion and fracture of three wells in PAD 9 and the drilling of four wells in PAD 12. Adjusted EBITDA to capital expenditures ratio of 3.9x and a return on average capital employed (ROACE) of 27% showed continued robust capital efficiency.

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Liquidity remained strong, with a cash balance of $308.0 million, further enhanced by the divestment of the non-core Llanos 32 and Manati blocks, which resulted in a $15.8 million cash inflow and a $3.2 million net gain (with an additional $7-8 million gain from Manati expected upon closing). The Company closed the period with net debt of $349.4 million and a strong leverage ratio of 0.9x, underscoring disciplined financial management and a resilient debt structure.

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GeoPark proactively maintains strong downside protection against oil price volatility, with approximately 70% of its expected 2025 pro forma production — including volumes from Vaca Muerta — covered by hedging instruments with floor prices between $68 and $70 per barrel.

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Demonstrating its continued commitment to shareholder returns, GeoPark declared a quarterly cash dividend of $0.147 per share (approximately $7.5 million), payable on June 5, 2025.

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Andrés Ocampo, Chief Executive Officer of GeoPark, said: “Our first-quarter performance underscores the strength and resilience of the Company we have built together—efficient, disciplined, and future-focused. Through rigorous execution and proactive risk management, we delivered a stronger balance sheet, a healthier cash position, and a more robust debt profile—achieving solid financial results despite a volatile market environment. I am profoundly grateful to everyone who has contributed to this chapter of GeoPark’s journey. The significant steps we’ve taken to strengthen our team and streamline our portfolio have positioned us to unlock greater value and build a more powerful platform for growth in the years to come.”

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Supplementary information is available at the following link:

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https://ir.geo-park.com/1Q25-SupplementaryRelease

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2 These investments are not reflected in GeoPark’s consolidated financial results for the quarter, pending the closing of the Vaca Muerta transaction.

FIRST QUARTER 2025 HIGHLIGHTS

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Oil and Gas Production and Operations

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Revenue, Adjusted EBITDA and Net Profit

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Cost and Capital Efficiency

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Balance Sheet Reflects Financial Quality

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Commitment to Disciplined Capital Allocation

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Continued Shareholder Value Return

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Sustainability and Corporate Governance

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3 Reported in the 1Q2025 Operational Update and not including production from Vaca Muerta.

4 ROACE is defined as last twelve-month operating profit divided by average total assets minus current liabilities.

5 Before working capital adjustments and contingent payments.

6 Based on GeoPark’s average market capitalization from April 1 to April 30, 2025.

CONSOLIDATED OPERATING PERFORMANCE

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Key performance indicators:

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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 press release and its supplementary information do not contain all the Company’s financial information and the Company’s consolidated financial statements and corresponding notes for the period are available on the Company’s website.

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RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX

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CONFERENCE CALL INFORMATION

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GeoPark management will host a conference call on Thursday, May 8, 2025, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2025 financial results.

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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:

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https://events.q4inc.com/attendee/757847686

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

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United States Participants: +1 404-975-4839

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Global Dial-In Numbers:

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https://www.netroadshow.com/events/global-numbers?confId=72342

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Passcode: 360481

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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.

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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.

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For further information, please contact:

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GLOSSARY

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NOTICE

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

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Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding.

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This press release and its supplementary information contain 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.

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CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

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This press release and its supplementary information contain 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.

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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, the closing of the Vaca Muerta acquisition, full year net leverage figures, the expected annualized dividend and dividend yield, Work Program, strategic initiatives, growth and capital allocation. 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.

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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).

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Oil and gas production figures included in this press release and its supplementary information 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.

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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.

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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 and the supplementary information.

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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

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SUPPLEMENT TO FIRST QUARTER 2025 RESULTS RELEASE

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This document should be read in conjunction with GeoPark’s First Quarter 2025 Results Release, available on the Company’s website.

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PRODUCTION, DELIVERIES AND REALIZED OIL PRICES

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Production: Average net oil and gas production in 1Q2025 was 29,076 boepd, down 18% compared to 1Q2024 mainly due to an accelerated rate of decline in our core Llanos 34 Block (GeoPark operated, 45% WI), the operational suspension on January 8, 2025, of the Platanillo Block1, and the divestiture of the Llanos 32 Block (GeoPark non-operated, 12.5% WI2) announced on March 31, and suspended production at the Manati gas field in Brazil (GeoPark non-operated, 10% WI). These impacts were partially offset by solid workover results in the CPO-5 Block (GeoPark non-operated, 30% WI). Oil represented 99.6% and 96.6% of total reported production in 1Q2025 and 1Q2024, respectively.

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For further details, please refer to the 1Q2025 Operational Update published on April 23, 2025.

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Deliveries: Oil and gas deliveries to GeoPark’s offtakers in 1Q2025 totaled 24,309 boepd, down by 14% compared to 1Q2024, mainly due to lower production.

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Reference and Realized Oil Prices: Brent crude oil prices averaged $74.9 per bbl during 1Q2025, and the consolidated realized oil sales price decreased by 6% to $65.3 per bbl in 1Q2025, compared to 1Q2024.

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A breakdown of reference and net realized oil prices in relevant countries in 1Q2025 and 1Q2024 is shown in the tables below:

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1 GeoPark owns 100% of the shares in Amerisur Exploración Colombia Limited, which is the official contractor and operator of the block with a 100% WI.

2 Llanos 32 Block: GeoPark had a private WI of 25% in the Azogue field.

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REVENUE AND COSTS

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Revenue: Consolidated revenue decreased by 18% to $137.3 million in 1Q2025, compared to $167.4 million in 1Q2024, mainly reflecting lower realized oil and gas prices and lower deliveries.

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Sales of crude oil: Consolidated oil revenue decreased by 15% to $137.1 million in 1Q2025, mainly due to a 6% decrease in realized oil prices and a 9% decrease in deliveries. Oil revenue was 100% and 97% of total revenue in 1Q2025 and 1Q2024, respectively.

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The table below provides a breakdown of crude oil revenue in 1Q2025 and 1Q2024:

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Sales of purchased crude oil: 1Q2025 sales of purchased crude oil decreased to $0.4 million, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the cost of the oil purchased reflected in production and operating costs).

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Sales of gas: No consolidated gas revenue was recorded in 1Q2025, compared to $3.5 million in 1Q2024, mainly reflecting suspended production at the Manati gas field in Brazil. Gas revenue was 2% of total revenue in 1Q2024.

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The table below provides a breakdown of gas revenue in 1Q2025 and 1Q2024:

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Commodity Risk Management Contracts: Commodity risk management contracts, which are designated and qualify as cash flow hedges, amounted to a $0.2 million loss in 1Q2025, compared to a $0.1 million loss in 1Q2024.

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In 1Q2025, GeoPark had zero cost collars covering 19,500 bopd including purchased puts with an average price of $69.8 per bbl and sold calls at an average price of $82.5 per bbl.

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

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Production and Operating Costs: Consolidated production and operating costs decreased to $35.4 million in 1Q2025 from $38.5 million in 1Q2024, mainly resulting from lower operating costs and lower crude oil purchased from third parties.

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The table below provides a breakdown of production and operating costs in 1Q2025 and 1Q2024:

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Consolidated operating costs amounted to $32.9 million in 1Q2025, compared to $34.2 million in 1Q2024.

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The table below provides the operating cost on a per boe basis in 1Q2025 and 1Q2024:

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Consolidated royalties paid in cash amounted to $1.2 million in 1Q2025, compared to $1.2 million in 1Q2024.

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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 $0.8 million in 1Q2025, compared to $1.5 million in 1Q2024.

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Consolidated purchased crude oil charges amounted to $0.3 million in 1Q2025 compared to $1.5 million in 1Q2024, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the sale of purchased oil being reflected in revenue).

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Selling Expenses: Consolidated selling expenses decreased to $2.2 million in 1Q2025, compared to $4.1 million in 1Q2024.

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Geological & Geophysical Expenses: Consolidated G&G expenses decreased slightly to $2.5 million in 1Q2025, compared to $2.7 million in 1Q2024.

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Administrative Expenses: Consolidated G&A decreased to $9.1 million in 1Q2025 compared to $10.0 million in 1Q2024.

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Adjusted EBITDA: Consolidated Adjusted EBITDA3 decreased by 21% to $87.9 million in 1Q2025. On a per boe basis, Adjusted EBITDA decreased to $40.2 per boe in 1Q2025 from $43.4 per boe in 1Q2024.

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The table below shows production, volumes sold and the breakdown of the most significant components of Adjusted EBITDA for 1Q2025 and 1Q2024, 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).

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Depreciation: Consolidated depreciation charges amounted to $32.0 million in 1Q2025, compared to $28.7 million in 1Q2024.

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Write-off of unsuccessful exploration efforts: The consolidated write-off of unsuccessful exploration efforts amounted to $5.9 million in 1Q2025, and corresponded to an unsuccessful exploration well in the PUT-8 Block in Colombia (GeoPark operated, 50% WI). No write-off of unsuccessful exploration efforts was recorded in 1Q2024.

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Other Income (Expenses): Consolidated other income amounted to $0.1 million in 1Q2025, compared to $0.6 million income in 1Q2024.

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CONSOLIDATED NON-OPERATING RESULTS AND PROFIT

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Financial Expenses: Net financial expenses amounted to $21.6 million in 1Q2025, compared to $9.1 million in 1Q2024. Amounts recorded in 1Q2025 include $6.2 million of costs associated with the Notes due 2027 partially repurchased on January 31, 2025, as well as higher interest expenses from the new Notes due 2030.

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Foreign Exchange: Net foreign exchange loss amounted to $3.3 million in 1Q2025, compared to a $0.2 million gain in 1Q2024.

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Income Tax: Income taxes totaled $12.4 million in 1Q2025, compared to $44.9 million in 1Q2024, mainly resulting from lower taxable income.

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Net Profit/Loss: Net profit amounted to $13.1 million in 1Q2025, compared to $30.2 million in 1Q2024.

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BALANCE SHEET

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Cash and Cash Equivalents: Cash and cash equivalents totaled $308.0 million as of March 31, 2025, compared to $276.8 million as of December 31, 2024.

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This net increase is explained by the following:

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Cash flows used in operating activities of $78.8 million included repayment of an advance payment received from Vitol in 4Q2024 and income tax payments of $9.4 million.4

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Cash flows from financing activities mainly included $550 million from the issuance of Notes due 2030, partially offset by $405.3 million related to partial repayment of Notes due 2030, $14.6 million related to interest payments and $7.5 million related to cash dividend payments.

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4     Includes current income tax payments and withholding taxes from clients for $4.5 million (included within “Change in working capital” line item of the Statement of Cash Flow).

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Financial Debt: Total financial debt net of issuance cost was $657.4 million, corresponding to the 2030 Notes, the 2027 Notes and a Promissory note executed in Argentina which is due in July 2025. Short-term financial debt was $19.0 million as of March 31, 2025, and corresponds to interest accrued on the 2030 Notes and 2027 Notes, and the principal due on the Promissory note executed in Argentina.

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FINANCIAL RATIOS5

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(*) In 4Q2024, net debt included prepayment received from Vitol of $152.0 million, which is not classified as financial debt.

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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 for GeoPark to incur new debt.

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Covenants in the 2030 Notes: The 2030 Notes include debt incurrence covenants that, among others, require that the Net Debt to Adjusted EBITDA ratio should not exceed 3.5 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times for GeoPark to incur new debt.

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COMMODITY RISK MANAGEMENT CONTRACTS

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

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SELECTED INFORMATION BY BUSINESS SEGMENT

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CONSOLIDATED STATEMENT OF INCOME

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(QUARTERLY INFORMATION UNAUDITED)

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SUMMARIZED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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(QUARTERLY INFORMATION UNAUDITED)

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SUMMARIZED CONSOLIDATED STATEMENT OF CASH FLOW

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(QUARTERLY INFORMATION UNAUDITED)

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RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX

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LAST TWELVE-MONTH RETURN ON AVERAGE CAPITAL EMPLOYED

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GLOSSARY

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NOTICE

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

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Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding.

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This press release and its supplementary information contain 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.

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CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

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This press release and its supplementary information contain 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.

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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 the development of the Mata Mora Norte Blocks and the continuation of the the exploratory campaign in the Confluencia Sur Block. 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.

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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).

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Oil and gas production figures included in this press release and its supplementary information 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.

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Non-GAAP Measures: The Company believes Adjusted EBITDA 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 and operating netback per boe may not be comparable to other similarly titled measures of other companies.

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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 and the supplementary information.

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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.

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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.

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Date: May 7, 2025

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