GeoPark : Corporate Presentation

CORPORATE PRESENTATION

N o v e m b e r 2 0 2 3

GeoPark

DISCLAIMER

The information contained herein has been prepared by GeoPark Limited ("GeoPark", "we" or "us") solely for informational purposes. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein and nothing shall be relied upon as a promise or representation as to performance of any investment or otherwise. The information in this presentation is current only as of the date on its cover. For any time after the cover date of this presentation, the information - including information concerning our business, financial condition, results of operations and prospects - may have changed.

This presentation includes forward-looking statements. Forward-looking statements 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 including future capex, production growth and Adjusted Ebitda among other appear in a number of places in this presentation and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our 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 GeoPark 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.

This presentation includes forward-lookingnon-GAAP measures. The Company is unable to present a quantitative reconciliation of the 2023 Adjusted EBITDA 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 2023 free cash flow forecast.

Statements related to resources are deemed forward-looking statements as they involve, based on certain estimates and assumptions, the implied assessment that the resources will be discovered and can be profitably produced in the future. Specifically, forward-looking information contained herein regarding resources may include: estimated volumes and value of the Company's oil and gas resources and the ability to finance future development, as well as the conversion of a portion of resources into reserves.

The information included in this presentation regarding GeoPark's estimated quantities of proved, probable and possible reserves in Chile, Colombia, Brazil and Ecuador as of December 31, 2022; is derived, in part, from the reports prepared by DeGolyer and MacNaughton ("D&M"), independent reserves engineers. Certified reserves refers to net reserves independently evaluated by D&M. The reserves estimates in the reports prepared by D&M were prepared in accordance with the Petroleum Resource Management System Methodology (the "PRMS") approved in 2007 and revised in 2018 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists, the Society of Petrophysicists and Well Log Analysts, and the European Association of Geoscientists & Engineers. PRMS proved (1P) reserves are estimated quantities of oil, condensate and natural gas from which there is geological and engineering data that demonstrate with reasonable certainty that they are recoverable in future years from known reservoirs under existing economic and operating conditions. PRMS probable reserves (2P) are those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than proved reserves but more certain to be recovered than possible reserves. PRMS possible reserves (3P) are those additional reserves that analysis of geoscience and engineering data indicates are less likely to be recoverable than probable reserves.

The accuracy of any resource estimate is a function of the quality of the available data and of engineering and geological interpretation. Results of drilling, testing and production that postdate the preparation of the estimates may justify revisions, some or all of which may be material. Accordingly, resource estimates are often different from the quantities of oil and gas that are ultimately recovered, and the timing and cost of those volumes that are recovered may vary from that assumed.

Reserves estimates prepared in accordance with SEC rules and regulations may differ significantly from reserves estimates prepared in accordance with PRMS guidelines. Therefore, the 1P reserves estimates presented in this presentation may differ significantly from the 1P reserves estimates presented in our annual report for the year ended December 31, 2022, which was filed with the SEC on March 30, 2023.

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L E A D I N G I N D E P E N D E N T L A T A M E & P C O M P A N Y

LONG-TERM VALUE PROPOSITION

ENDURING

PRINCIPLES

AND APPROACH

Energy

Oil & Gas

Latin America

GeoPark Approach

Building the Right Team

Proven Team and Unique Culture

20 Year Track Record

From Zero to 37,000-40,000 BOEPD Discovered 430+ MMBOE of 2P Reserves Value Created* $1.8 BN 2P NPV10

Leading Oil and Gas Finders

Drilling Success Rate** 75%+

SPEED = ESG+

Net Zero Commitment (Scope 1 & 2)

Majority Independent Directors

Neighbor and Employer of Choice

BRAZIL

Low-Cost Operator

~90% of Production is Cash Flow Positive at $25-30 Brent

11% CAGR CONSOLIDATED (2013-2024E)

18% CAGR COLOMBIA (2013-2024E)

Increasing Shareholder Returns

2023 Will Exceed Shareholder Return Target

of 40-50% of Free Cash Flow

37,000-40,000

CHILE

2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023E	2024E	* As of December 31, 2022.
												** GeoPark operated wells 2006 - 2022.
Net Daily Production in Colombia (BOEPD)			Net Daily Production in Other Countries (BOEPD)

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RIGHT

NEIGHBORHOOD

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R I G H T N E I G H B O R H O O D

LLANOS 34: A WORLD-CLASS ASSET

	VENEZUELA	Chachalaca		Chiricoca		K E Y M E T R I C S
Llanos
Basin				Tilo
	LL-34
COLOMBIA		Tigana		Max
ECUADOR	BRAZIL
	PERU					53,367	94%		9.7 kgCO2e/BOE	9.4 Years*
		Guaco		Tua	Tarotaro
					Gross BOPD	Production efficiency	Low emissions	2P Reserve Life Index
					GeoPark Producing Oil Fields	(3Q2023)	(3Q2023)		(2022)	(2022)
			Curucucú		Structural high
	Jacana			Aruco
		Tigui		Jacamar		N E T P R O D U C T I O N A N D R E S E R V E S G R O W T H
			10 km
	45% Operated WI				Net Production (BOEPD)	25,657	Net 2P Reserves* (MMBOE)
										88
O V E R V I E W			2 0 2 4 C A M P A I G N					65
							14,890

• Block acquired in 2012 with no reserves or production
• 13 oil fields discovered
• 150+ gross wells drilled
• 160+ gross MMBBL produced (2012-2022)
• Tigana & Jacana rank among top 10 producing oil fields in Colombia

• Drilling 18-20 gross development and injector wells, including 5-7 wells to continue the horizontal drilling campaign
• Drilling 1 exploration well

GeoPark

Acquisition

Zero Production

2012

2016

2022

* 2022 D&M certified 2P reserves.

GeoPark

Acquisition

Zero Reserves

2012

2016

2022

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R I G H T N E I G H B O R H O O D

LLANOS 34: BIGGEST DISCOVERY IN THE LAST 20 YEARS IN COLOMBIA

G R O S S O I L P R O D U C T I O N P R O F I L E S I N C E A C Q U I S I T I O N

ACQUIRED WITH ZERO PRODUCTION AND ZERO PROVEN RESERVES

	Gross Oil Production (BOPD)
80.000	Cumulative Gross Oil Production
	(MMBBL)

VALUATION

70.000

Purchase Price (45% WI)

$30 Million

(BOPD)

60.000

Net Cash Flow 2012-9M2023 (Before Tax)*

$2.0 Billion

50.000

2022 D&M 2P NPV (Before Tax)

$2.2 Billion

PRODUCTIONOIL

30.000

40.000

GROSS

20.000

10.000

0

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

200
180
160	(MMBBL)
140
120	PRODUCTION
100	OIL
80	GROSS
60	CUMULATIVE

40

20

0

Oct 23

* Net Cash Flow refers to Operating Netback less Capital Expenditures (excluding the effect of realized hedge losses or gains).

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R I G H T N E I G H B O R H O O D

CPO-5: UNLOCKING THE UPSIDE

			Llanos 34 block	K E Y M E T R I C S
VENEZUELA			Jacana Field
CPO-5			Cabrestero block
Perico 1
	Halcon 1
	Exploration
COLOMBIA	Mariposa Well	Exploration
ECUADOR		Well
Field			16,877		7		2.5x	6.2 Years
PERU
Indico Field
			Gross BOPD		Producing	Production increase	2P Reserve
E X P L O R A T I O N				(3Q2023)		wells**	since acquisition	Life Index***
R E S O U R C E S									(2022)
0.4-0.8*			8x
BILLION BOE GROSS
(UNRISKED)			SIZE OF
	10 km		LLANOS 34
			P R O D U C T I O N	&	R E S E R V E	G R O W T H	S I N C E A C Q U I S I T I O N
30% Non-operated WI
	GeoPark Producing Oil Fields	3D Seismic to be acquired	Gross Production (BOPD)		Gross Reserves (MMBOE)***
	Other Producing Oil Fields	Existing 3D Seismic
O V E R V I E W			2 0 2 4 C A M P A I G N	+149%	20,193
					+34%

• Acquired in 2020
• Adjacent to core Llanos 34 block
• Indico ranks among top 10 producing oil fields in Colombia

• Drilling 3-4 development and appraisal	8,116
wells			67
		50
• Drilling 1-2 exploration wells		32	43

• Acquire over 230 sq km of 3D seismic

R E C E N T A C T I V I T Y

December 2019

December 2022

July 2019

2022 Year-end

• Currently drilling the Perico 1 exploration well

2P Certified Gross Reserves

3P Certified Gross Reserves

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• Exploration resources correspond to GeoPark's aggregate Mean-P10 unrisked recoverable oil volumes in leads and prospects individually audited by Gaffney & Cline as of December 31, 2020, excluding leads and prospects drilled in 2021, 2022 and 2023 YTD.

** In late September 2023, the operator of the CPO-5 block received approval from the	*** 2022 D&M certified 2P
ANH to resume production at the Indico 6 and Indico 7 wells.	Reserves.

R I G H T N E I G H B O R H O O D

CPO-5 BLOCK: FASTEST GROWING ASSET IN COLOMBIA

G R O S S P R O D U C T I O N P R O F I L E S I N C E A C Q U I S I T I O N I N 2 0 2 0

SIGNIFICANT EXPLORATION INVENTORY & POTENTIAL UPSIDE TO CONTINUE GROWING PRODUCTION & RESERVES

	25.000	VALUATION
		Purchase Price (30% WI)	$225 Million*
	20.000	Net Cash Flow 2020-9M2023 (Before Tax)**	$202 Million
(BOPD)		2022 D&M 2P NPV (Before Tax)	$300 Million
OIL PRODUCTION	15.000
10.000
GROSS
	5.000

Gross Oil Production (BOPD)
Cumulative Gross Oil Production
(MMBBL)	25
	20	(MMBBL)
	15	PRODUCTIONOILGROSS
	10	CUMULATIVE
	5

0							0
Jan-20	Jan-20	Jan-21	Jan-22	Jan-23	Oct-23

* Corresponds to the portion allocated to the CPO-5 block in the Amerisur acquisition.

** Net Cash Flow refers to Operating Netback less Capital Expenditures (excluding the effect of realized hedge losses or gains).

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R I G H T N E I G H B O R H O O D

LLANOS BASIN CHAMPION

2 0 2 4 C A M P A I G N

H I G H G R O W T H P O T E N T I A L I N W E L L - K N O W N B A S I N

GeoPark Exploration Blocks

LLANOS BASIN

Consolidated

Activity

CPO-5

GeoPark Non-operated, 30% WI

LLANOS 34

GeoPark Operated, 45% WI

3-4 Exploration Wells

24-33 Development and Appraisal Wells

+880 sq km of 3D Seismic

1-2 Exploration Wells

3-4 Development and Appraisal Wells

+230 sq km of 3D Seismic

• Exploration Well

18-20 Development and Injector Wells

GeoPark Producing Blocks

GeoPark Producing Oil Fields

Other Producing Oil Fields

3D seismic to be acquired in early 2024

LLANOS 124

LLANOS 123

LLANOS 87

LLANOS 32

20x

LLANOS 34	SIZE OF
LLANOS 34

Tigana

Jacana

LLANOS 104

LLANOS 87 & 123*

GeoPark Operated, 50% WI

LLANOS 86 & 104

GeoPark Operated, 50% WI

• Exploration Well
  3-9 Appraisal Wells

+650 sq km of 3D Seismic**

Mariposa

CPO 4-1	Indico

LLANOS 94

CPO-5

LLANOS 86

10 km

MULTIYEAR DEVELOPMENT & EXPLORATION INVENTORY WITH UPSIDE POTENTIAL

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* Subject to joint venture approval.

** 3rd largest seismic acquisition in Colombia.

R I G H T N E I G H B O R H O O D

PUTUMAYO & ORIENTE: UNDEREXPLORED PROVEN BASIN

				K E Y H I G H L I G H T S P U T U M A Y O	K E Y H I G H L I G H T S O R I E N T E
	VENEZUELA	PUT-36
COLOMBIA			2,027	1,318
		Gross BOPD	Gross BOPD
	Putumayo		Mecaya
		PLATANILLO	(3Q2023)	(3Q2023)
	Basin
ECUADOR		BRAZIL	PUT-9
	PERU	OTA
			PUT-8	95%	~3,480
			COLOMBIA	Production
				Gross BOPD
			Coati	Efficiency
			Current production
				(3Q2023)
		SOTE	Lago Agrio
		OCP	PERICO	$4/BBL	Developing a complete
		structural and stratigraphic
				Transport Cost	geological model for the	U-
			ECUADOR	sand formation
			ESPEJO
			10 km	2 0 2 4 C A M P A I G N	2 0 2 4 C A M P A I G N
E X P L O R A T I O N R E S O U R C E S	• Drilling 1-2 gross exploration wells,	• Drilling 2-7 appraisal wells
adjacent to the Platanillo block	• Drilling 1 exploration well

0.3-0.6*

BILLION BOE GROSS (UNRISKED)

Oil Fields

GeoPark Producing blocks GeoPark Exploration blocks Pipelines

• Focused on continuing delineation of the U-Sand formation

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* Exploration resources correspond to GeoPark's aggregate Mean-P10 unrisked recoverable oil volumes in leads and prospects individually audited by Gaffney & Cline as of December 31, 2020, excluding leads and prospects drilled in 2021, 2022 and 2023 YTD.