proven performance, assets and opportunity

Proven Performance, Assets and Opportunity

February 2018

ARGENTINA

BRAZILPERU

COLOMBIA

MEXICO

1,393

417

395

787

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E

Colombia Chile Brazil Argentina 3

Latin American Platform: Track-Record, Value and Upside

Base production and cash flow: ≈30,000+ boepd, 80% oil

Discovered oil and gas with development opportuniti es:3P Reserves of 242 million boe

High potential upside:Exploration Resources of 0.8 - 1.5 billion boe

Unconventional resource potential:220 – 600 million boe

New project opportunities

LARGE RISK BALANCED PROJECT INVENTORY IN PROVEN HYDROCARBON BASINS

159 2,291

2P RESERVES1

(MMBOE) NPV101

($MM)

Colombia

Chile

Brazil

Peru PRODUCTION GROWTH: 34% / Year (CAGR ’06 – ’17)

PRODUCTION MIX:80% Oil / 20% Gas

Ave

rage

Dai

ly P

rodu

ctio

n (b

oepd

)

SYSTEMATIC LONG TERM CONSERVATIVE APPROACH

• Zero to 30,000+ boepd net, 55,000+ boepd operated

• Track-record of growing production, reserves and cash flow

• Effective multi-country, multi-project, risk-balanced portfolio approach

• Shareholders and Management aligned: 40+% of share ownership held by Board and Management

1D&M December 2017

Argentina

88

34

32

41

4

Proven Business Model: Capabilities Across Full E&P Value Chain

• Leading oil and gas finding team in Latin America with 25+ year discovery track-record: 800+ MMboe discovered to date (300+ MMboe within GeoPark)

• 0 to 159 MMboe 2P reserve growth –increased every year for 10+ years

• Deep multi-disciplined teams with defined methodology, local knowledge, state-of-art tools, reservoir engineering and secondary recovery experience

• Pioneered new geological play-types and formations in Colombia, Chile and Argentina

• Growth strategy based on finding and developing oil and gas reserves in low cost, low risk, high potential exploration projects and underperforming assets in proven hydrocarbon basins

EXPLORER

• Cost efficient, innovative, solutions-oriented operator with proven ability to execute

• 0 to 30,000+ boepd net production growth -with 55,000+ boepd gross operated production (85% of own production operated)

• ~200 wells drilled with 70+% success rate and continuously improving well costs (among best in industry)

• Safety and environmental record superior to Latin American oil and gas industry index

• Flexible work programs adaptable to market conditions and with methodology to ensure capital allocated to highest value-adding projects

OPERATOR

• Unique regional platform and risk-balanced portfolio across Latin America

• Proactive and conservative long term technical approach to develop positions in targeted proven hydrocarbon basins with infrastructure and regulatory stability – with new project inventory of $2+ billion

• Proven track-record of finding and closing projects on good terms and converting projects into successful value-generating assets

• Partnerships with NOCs (Petrobras, Petroperu, ENAP, YPF and Ecopetrol) and strategic alliances with LG and IFC

CONSOLIDATOR

60+

240+

2006-2011 2012 2013 2014 2015 2016 2017 Total

Chile Colombia

GEOPARK EXPLORATION METRICS

+300

2P Gross MMBOE Discovered (2006-2017)

261%

2P RRI1

(2017)2P RLI2

(2017)

15.6

Exploration Success Rate(2006-4Q2017)

~70% +95%

2P F&D3

(2017)

1RRI: Reserves Replacement Index

GeoParkLlanos 34

GeoParkConsolidated

GeoParkLlanos 34

GeoParkConsolidated

$4.0 $2.8/boe /boe

2RLI: Reserves Life Index

Explorer: Successful Oil and Gas Finder

GEOPARK OIL AND GAS DISCOVERIES (GROSS 2P MMBOE)

53F&D: Excluding FDC

+300

Cumulative2006-2017

GEOPARK OPERATING METRICS

+55,000

Gross Operated Production (BOEPD)

Drilling & Completion Cost per Well ($MM)4Q2014 9M2017

$7 $4

OPEX/BOE 9M2017

Future Development Capital 2

$5.6 $2.3/boe /boe

GeoParkLlanos 34

GeoParkConsolidated

Cash Costs/BOE

2014 9M2017

$31 $15

GeoParkLlanos 34

GeoParkConsolidated

$5.0 $3.42 Estimated by dividing Future Development Capital (FDC) over 2P Reserves (based on D&M 2017)

Operator: Proven Execution Unlocks Economic Value

6

In-house designed integrated value and performance system

SPEED

GeoParkLlanos 34

GeoParkLlanos 34

SUPERIOR OPERATIONS LEAD TO SUPERIOR RETURNSS

elec

ted

proj

ects

1

0 5 10Payback Period (Months)Development wells Exploration / Appraisal wells

2015

-20

16

Jacana 2

Jacana 4

Jacana 5

Ache x-1

Jacana x-1

Jacana 3

1Company estimates as of December 2016

Tigana 4

Tigana Sur 4

Colombia:

>500% averageIRR @ $40 /BBL

6-month payback period

GEOPARK BUSINESS DEVELOPMENT METRICS (2006-2017)

5

Country Platforms

9

Total Basins

Blocks Added

+30 +5.0

Net AcresAdded(MM)

Exploration Resources Added

(MMBOE)

+450 - 700

Consolidator: Assembling the Right Portfolio in Latin America

7

STEADY AND PATIENT GROWTH IN TARGETED BASINS

2005

Growing Base

• Production

• Reserves

• Cash flow

2017 2018-2020 E

Corresponds to a low cost acquisition in Neuquen basin (closing expected in 1Q2018)

Estimated entry date

Indicates country entry date

2012 2013 20142006

Mexico

Argentina

Brazil

Peru

Colombia

Chile

High-value long-life diversified reserve and resource inventory with short, medium and long term projects

• Exploration and appraisal development in Colombia, Chile, Brazil and Argentina

• Opportunities with NOCs in Brazil, Colombia, Argentina and Mexico

• Expected first oil in Peru and Brazil

MID-TERM OUTLOOK

Production in Chile

Production in Colombia

Production in Brazil

Production in Argentina

Expected production in Peru

Expected production in Mexico

16

7 7

7

2 2

8

6 6

31

15 15

2014 2016 9M2017

OPEX Selling & Other G&A

25

9

24 23

5

22

8 7 3 1

3 3

15

3

13

4 3

52

35 36

49

Colombia Chile Brazil Consolidated

Operating Netback OPEXSelling Expenses & Royalties TransportationVasconia Differential and Other Discounts

Financial Profile: Profitable Assets at Low Oil Prices

3Q2017 OPERATING NETBACK ($/BOE)OIL: $52 /BBL, GAS: $5 /MCF

Pro

duct

ion

(boe

pd)

100%

85%

20%

Oil ($40-50 /bbl)

Oil ($25-30 /bbl)

Gas(Unaffected by oil price)

29,000

10,000

0

85% OF PRODUCTION CASH FLOW POSITIVE @$25-30 /BBL% PRODUCTION VS. OIL PRICE

8

2018 OPERATING NETBACK GUIDANCE ($/BOE)

Operating Netback

Oil Price/bbl

$45-50

25 - 29

16 - 20

Production Hedged (bopd)Approx 35-50% oilproduction hedged until1H2018

HEDGING COVERING APPROX 35-50% OF OIL PRODUCTION UNTIL 1H2018

-56% -71% -25%

SUCCESSFUL COST REDUCTION EFFORTSCASH COSTS PER BOE DOWN 52% ($/BOE)

$60-65

$50-5520 - 24

4.03.6

1.9

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

2014 2015 2016 3Q2017 2017E

Financial Profile: Strong Balance Sheet

Long Term Maturity Profile ($MM):

EFFECTIVELY MANAGED DEBT

• Cash of $135 million to support operational flexibility

• $28 million of other, undrawn uncommitted facilities

• 2P NPV $2.3 billion (D&M December 2017)

ASSETS LIABILITIES

GROWING OUT OF LEVERAGE

9

• Recently issued long-term maturing Bond $425 million due in 2024 (issued September 2017)

• Successful placing of $425 million Bond under Regulation S and Rule 144A, maturing in September 2024 with a 6.5% coupon

• To extend debt maturities and reduce cost of capital

• Funds used to repay existing debt, provide financial flexibility and general corporate purposes

• Rated single B by both Standard & Poor’s and Fitch Ratings

• Offering oversubscribed by more than 6x with top-tier and high quality investors

2018 2019 2020 2021 2022 2023 2024

2024 Bond

425

3.5x

Net Debt / Adj EBITDA Ratio Incurrence CovenantGeoPark 2024 Bond

Investing in the Best Value-Adding Projects for Sha reholders

2018

CAPITAL ALLOCATION: Large opportunity base provides increased flexibility to adapt to

changes in oil prices

2018 CAPEX$85-90 MM

2018 CAPEX$3-4 MM

2018 CAPEX$6-9 MM

2018 CAPEX$5-8 MM

2018 CAPEX$1-2 MM

CAPITAL ALLOCATION CRITERIA, EFFICIENCY, AND DISCIP LINE METHODOLOGY HIGHLIGHTS

• Wide portfolio of opportunities

• 100+ projects in 5 countries were reviewed for 2018 CAPEX plan

• Projects generated by local teams responsible for execution

• Funds allocated to the highest value adding projects

2018 BUSINESS APPROACH

• Efficient and dynamic program that can be adapted to reflect changing oil prices environment and performance

• Strong financial position in any oil price environment

• Hedging in place securing 35-50% of oil production until 1H2018

ProjectPortfolio

$50-90 MM $100-110 MM $120-150 MM

$50- /bbl $50-55 /bbl $60+ /bbl

+ 5-10% + 15-20% + 20-25%Production

growth

Oil Price

CAPEX

Low Case Base Case Upper CaseScenarios

10

Colombia Brazil

Chile

Peru

Argentina

11.5 16.5

38.646.50

67.4

88.2

2012 2013 2014 2015 2016 2017

3,4406,491

10,80713,189

15,590

21,788

2012 2013 2014 2015 2016 2017

Colombia: Leading Oil Story in Latin America

9 BlocksAcreage2P Net Reserves1

3P Net Reserves1

Net Exploration Resources2

4Q2017 Net Production2P RLI3

2P NPV4

Identified Gross Drilling Locations (2P-3P)4

6 operated (98% of production)0.7 MM acres

88.2 MMbbl101.7 MMbbl49-86 MMbbl24,378 bopd

11.0 years$1,393 MM

80-100

1 PRMS D&M – Dec. 20172 GCA – Dec. 2016

3 Considering 2017 production4 D&M – Dec. 2017

2018 Work Program (Base Case): $85-90 MM• Focus: develop, appraise and explore potential in Tigana / Jacana oil play• 23-25 gross wells (70% development / appraisal wells) + facilities + flowline

PRODUCTION (BOPD): 45% / YEAR(CAGR ’12 – ’17)

NET RESERVES AND PRODUCTION GROWTH

2P RESERVES (MMBBL): 50% / YEAR(CAGR ’12 – ’17)

Short Term Outlook:• Continue development and appraisal of big undeveloped fields in Llanos 34

block providing low risk, low cost, high returns and quick payback • Exploration opportunities within /adjacent to Llanos 34 block

• Grown Llanos 34 block (GeoPark operated) from 0 to 50,000+ bopd gross in 5 years

• Building value by introducing new paradigms– both above and below the ground – with new geological play-type and community approach

• Discovered new oil fields with 200+ MMbbl 3P gross reserves

• 2018 Work program focused on development / appraisal of Tigana / Jacana oil play and targeting new exploration prospects

HIGHLIGHTS

11

Pacific Ocean

PANAMA

VENEZUELA

COLOMBIA

200kmECUADOR

VIM-3

LLANOS BASIN

LA CUERVA

LLANOS 34

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

55,000

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

45,000,000

50,000,000

Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

Dai

ly P

rodu

ctio

n (b

opd)

Cum

mul

ativ

e P

rodu

ctio

n (b

bl)

Colombia: Largest Oil Find in 20+ Years

LLANOS 34 BLOCK 1Q2012 2017

2P Net reserves 0 83 MMbbl

Purchase price $30 MM 0

2P NPV 0 $1.3+ Bn

12

PRODUCTION HISTORY LLANOS 34 BLOCK (GEOPARK OPERATE D WITH 45% WI)

MULTIPLYING VALUE 40X IN 5 YEARS

Oil Production

Cumulative Production

Colombia: Llanos 34 BlockSource of Short / Mid Term Production Growth

13

GEOPARK OPERATED WITH 45% WI

Oil Fields (3P D&M 2017)

Exploration Prospects and Resources Wells expected to be drilled in 2018

* Information included in the map above is subject to change on new information available and wells to be drilled may also be changed or subject to partner or regulatory approval

OPPORTUNITY FOR LOW RISK PRODUCTION GROWTH

Max Field

1 Km

Jacana Field

Tilo Field

Chachalaca Field Chiricoca Field

OPPORTUNITY FOR LOW RISK PRODUCTION GROWTH

Jacamar Field

Curucucú Field

Aruco Field

Tarotaro Field

Tigana Field

Tua Field

Chachalaca Sur 1

Tigui 1

Buco-1

Guaco- 1

02468101214161820

0

5,000

10,000

15,000

20,000

Aug-15 Mar-16 Oct-16 May-17

Wel

l Cou

nt

Water production (bwpd) Oil production (bopd) Well Count

0

2

46

8

10

12

14

16

1820

0

5,000

10,000

15,000

20,000

25,000

Dec-13 Dec-14 Dec-15 Dec-16

Wel

l Cou

nt

Colombia: High Performance Reservoirs and Fields

PRODUCTION PROFILES IN LLANOS 34 BLOCK

• Large fields (Tigana / Jacana / Tua) represent 80% of Llanos 34 block production

• Conventional oil wells in large fields have moderate water-cut increase

• Big inventory of wells to increase production, with >500% IRRs and 6 months payback at $40 /bbl oil price

14

TIGANA / JACANA FIELDS KEY FEATURES

• Full field appraisal and delineation still to be completed

• Very attractive reservoir quality: 20-25% porosity; 0.5-2.0 darcy permeability

• Low production decline experienced to date. Water encroachment of less than 20% (Dec 2013-4Q2017)

• Low OPEX of $3-4 /bbl

• Estimated average per well recovery of 2.3-2.7 MMbbl (some wells have already accumulated >2 MMbbl to date)

TIGANA / JACANA FIELDS GROSS PRODUCTION (BOPD)

(BF

PD

)

Discovered in Dec-2013

TIGANA*

JACANA*

(BF

PD

) Discovered in Aug-2015

* Production, water and well count from Guadalupe formation

Dec-17

Dec-17

HIGHLIGHTS

Brazil: Secure Gas Income - Positioned for Growth

• Acquired participation in Manati Gas Field, one of Brazil’s largest

• Stable production, minimal capital required and 100% proved developed producing reserves

• Generates free cash flow, unaffected by oil prices

• Exploration upside in Potiguar, Reconcavo and Sergipe Alagoas basins, mature proven basins and minimal capital requirements

• Attractive acquisition opportunities from Petrobras on-shore divestitures

10 Blocks*Acreage2P Net Reserves1

Net Exploration Resources*2


2P NPV4

9 operated0.3 MM acres

4.4 MMboe (98% PDP)60-110 MMboe

3,328 boepd4.0 years$78 MM

2018 Work Program (Base Case): $3-4 MM• Focus: onshore exploration drilling in Reconcavo and Potiguar • 2 shallow exploration wells

1 PRMS D&M – Dec. 20172 GCA – Dec. 2015


Short Term Outlook:• Monetize Manati gas field reserves development• Exploration drilling in onshore blocks

15

RECONCAVO BASIN

POTIGUAR BASIN

CAMAMU - ALMADA BASIN

SERGIPE ALAGOAS BASIN

South Atlantic Ocean

BRAZIL

MANATI FIELD AND EXISTING INFRASTRUCTURE

San FranciscoGas Plant

Gas Pipeline

One of Brazil’s largest gas producing fields

CompressionPlant (2015)

MANATI

ARGENTINA

BOLIVIA

PARAGUAY

*Including PN-T-597 block that is still subject to the entry into the concession agreement by the ANP, and new block awarded in Round 14 (2017)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

2014 2015 2016 2017

Gas (boepd) Annual ToP (boepd) Monthly ToP (boepd)

Brazil: Manati Field - Stable Profitable Production

16

2Q2014-4Q2017 NET PRODUCTION (BOEPD) PRICING CONDITIONS ($/MCF) Manati gas price vs Henry Hub (2Q2014-3Q2017)

HIGHLIGHTS

• Strategic asset in Brazil providing gas to the northern Brazilian industrial sector and power plants

• Long term gas sales contract with Petrobras at fixed price in Brazilian Reais covering 100% of booked reserves

• Attractive pricing conditions above global and regional benchmarks

• Fully developed field with stable production and minimal capital requirements

• Temporary reduction in volumes (since 2Q2016) expected to reverse as consumption recovers

- Contractual take or pay (TOP) provisions restrict volumes going below current levels

Compression Plant tie-in

7

8

4

55

4 45

5 5 5

6 6 6

54 4

3 3 32 2 2

3 3 3 3 3

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2014 2015 2016 2017

Manati Gas Price ($/mcf) Henry Hub ($/mcf)

HIGHLIGHTS

Argentina: High Impact Low Risk Oil Exploration Underway

• Core technical team with strong track-record in Argentine basins, participating in many large oil and natural gas discoveries

• Exposure to low risk, low cost, high potential exploration plays in prolific Neuquen Basin with Vaca Muerta exposure

• Partnering with experienced regional players: Pluspetrol and Wintershall (BASF Group)

• Rio Grande Oeste oil field (CN-V block) discovered in 2017 to provide with a reserve, production and cash flow base in Argentina

• Low-cost acquisition in Aguada Baguales, El Porvenir and PuestoTouquet blocks with closing expected for 1Q2018

2018 Work Program (Base Case): $5-8 MM• Focus: exploration drilling in Neuquen Basin • 1 gross exploration well in CN-V block (Operated, 50% WI) • 6 gross exploration wells in Sierra del Nevado / Puelen blocks

(Non- operated, 18% WI)

Short Term Outlook:• Increase production in Neuquen Basin • Closing of the acquisition in Aguada Baguales, El Porvenir and

Puesto Touquet blocks

17

1 PRMS D&M 2017 Reserves in CN-V block, plus GeoPark estimates for Aguada Baguales, El Porvenir and Puesto Touquet blocks

Atlantic Ocean

Pacific Ocean

ARGENTINA

URUGUAY

CH

ILE

BRAZIL

PARAGUAY

6 BlocksAcreage2P Net Reserves1

3P Net Reserves1


4 Operated1.9 MM acres12-15 MMboe18-27 MMboe45-80 MMboe

* Closing expected for 1Q2018

CN-VPuelenSierra del Nevado

Aguada Baguales* El Porvenir*Puesto Touquet*

NEUQUEN BASIN

2 GCA – Dec. 2015, and GeoPark estimates for Aguada Baguales, El Porvenir and PuestoTouquet blocks

Peru: Discovered Light Oil Field with Major Oil Upside

Sargento Puño base camp

• Situche Central light oil field discovery with gross 83 MMbbl of 3P reserves following fields tests of 2 wells at combined rate of > 7,500 bbl/d

• 2,783 km of 2D seismic, 465 km2 of 3D seismic, base camp and proximate pipeline that runs through the block

• Low risk, high reward optionality play with minimum commitments and similar play-type 3D exploration potential (Situche Complex)

• Regulatory approval for Morona block obtained in 4Q2016

1 BlockAcreage1P Net Reserves1

2P Net Reserves1


2P NPV3

Operated1.9 MM acres18.7 MMboe31.5 MMboe

321-495 MMboe$395 MM

1 PRMS D&M – Dec. 20172 GCA – Dec. 20153 D&M – Dec. 2017

Short Term Outlook:• Environmental impact studies, preliminary engineering works

and facilities: $6-9 MM (2018)• Putting the oil field into production (2019, contingent on prices)

18

HIGHLIGHTS

MARAÑON BASIN

Pacific Ocean

BRAZIL

COLOMBIA

ECUADOR

PERU

BOLIVIA

2P Area

SITUCHE CENTRAL FIELDDiscovery Wells:Situche Central 2X and 3X(Short term tests of 2,400 bbl/dand 5,200 bbl/d of 35-36° API oil)

3P Area

SC 2X

SC 3X

SITUCHE COMPLEX – 3D SEISMIC AREAMaximum Structural Upside (SITUCHE HORST): 211 MMbb l

Chile: Continuous Cash Flow with Minimum Investment

• First private oil and gas producer in Chile

• Large fully-operated land base across the Magallanes Basin, with existing reserves, production, steady cash flow and minor capital requirements

• Attractive operating environment with existing infrastructure, facilities and transportation, supported by a long term gas contract

• Grown production from zero to stable production with the flexibility to target oil or gas depending on underlying commodity prices

• Long term large shale oil opportunity with secured acreage

• 4Q2017 Net Production Mix: Oil 34% - Gas 66%

6 BlocksAcreage 2P Net Reserves1


Shale Oil Upside3


2P NPV5

100% operated0.9 MM acres34.0 MMboe

98-172 MMboe220-597 MMbbl

2,932 boepd7.2 years$417 MM

2018 Work Program (Base Case): $1-2 MM• Focus: business optimization + environmental and unconventional studies

1 PRMS D&M – Dec. 2017 2 GCA – Dec. 20153 Considering 1.35 -2% recovery factor

Short Term Outlook:• Maintain production levels• Make progress in understanding unconventional potential

19

HIGHLIGHTS


CH

ILE

FELL

MAGALLANES BASIN

Pacific Ocean

AtlanticOcean

BRAZIL

PARAGUAY

ARGENTINA

BOLIVIA

Dec-170

200

400

600

800

1,000

1,200

1,400

Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

ACHE X-1 WELL

Chile: Fell Block - Gas Strategy with Stable Pricing

• Discovered in 2014

• Well put on stream in 3Q2015 producing at a stable rates

• IRR of 100+% and payback in 12 months

• Long term gas sales contract with attractive pricing conditions

20

PRODUCTION PROFILE (boepd)ACHE GAS FIELD

ACHE GAS TREATMENT FACILITY

Temporary interruption in gas deliveries

Value Acceleration Path from Existing Assets

*Graph represents an approximation to illustrate inventory of reserves and resources. Management’s estimate for resources are bynature forward-looking statements, as they involve the implied assessment based on certain estimates and assumptions that the resources can be profitably produced in the future.

MULTI-PROJECT RISK-BALANCED PORTFOLIO*

DRIVERS OF ORGANIC GROWTH

• 32 blocks in 9 basins across 5 countries / 6 MM acres• 3P reserve development opportunities: 242 MMboe• Exploration resource opportunities: 0.8 to 1.5 Bn boe / 100+ leads and

prospects • Short, medium and long term prospects of varying size and risk

10 BLOCKS0.3 MM ACRES

ARGENTINA

CH

ILE

BRAZILPERU



1 BLOCK1.9 MM ACRES


COLOMBIA

21

Tot

al N

et R

esou

rces

0.8

-1.

5 B

n bo

eT

otal

Net

3P

Res

erve

s23

5 M

Mbo

e

Exp

lora

tion

Res

ourc

es3P

Res

erve

s

RIS

K

SIZE (MMBOE)

Chile Colombia Brazil Peru Argentina

>

HIGH-VALUE LONG-LIFE DIVERSIFIED RESERVE AND RESOUR CE INVENTORY

0 50 100 150 200 250 300

Unconventional

GeoPark Partner of Choice

2222

Track-Record, Value and Upside

• Skilled explorer

• Low cost and effective operator

• Successful, patient consolidator

• Disciplined use of capital

• Strong culture with big entrepreneurial spirit

23

Disclaimer

The material that follows comprises information about GeoPark Limited (“GeoPark” or the “Company”) and its subsidiaries, as of the date of the presentation. It has been prepared solely for informational purposes and should not be treated as giving legal, tax, investment or other advice to potential investors. The information presented or contained herein is in summary form and does not purport to be complete.

No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness, or completeness of this information. Neither GeoPark nor any of its affiliates, advisers or representatives accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice, and its accuracy is not guaranteed. Neither GeoPark nor any of its affiliates, advisers or representatives makes any undertaking to update any such information subsequent to the date hereof.

This presentation contains forward-looking statements, which are based upon GeoPark and/or its management’s current expectations and projections about future events. When used in this presentation, the words “believe,” “anticipate,” “intend,” “estimate,” “expect,” “should,” “may” and similar expressions, or the negative of such words and expressions, are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. Additionally, all information, other than historical facts included in this presentation, regarding strategy, future operations, drilling plans, estimated reserves, estimated resources, future production, estimated capital expenditures, projected costs, the potential of drilling prospects and other plans and objectives of management is forward-looking information. Such statements and information are subject to a number of risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated due to many factors, including oil and natural gas prices, industry conditions, drilling results, uncertainties in estimating reserves and resources, availability and cost of drilling rigs, production equipment, supplies, personnel and oil field services, availability of capital resources and other factors. As for forward-looking statements that relate to future financial results and other projections, actual results may be different due to the inherent uncertainty of estimates, forecasts and projections. Because of these uncertainties, potential investors should not rely on these forward-looking statements. Neither GeoPark nor any of its affiliates, directors, officers, agents or employees, nor any of the shareholders or under shall be liable, in any event, before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

Statements related to resources are deemed forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, 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; and, the conversion of a portion of resources into reserves.

The information included in this presentation regarding estimated quantities of proved reserves in Chile, Colombia, Brazil, and Peru as of December 31, 2017; are derived, in part, from the reports prepared by DeGolyer and MacNaughton, or D&M, independent reserves engineers. Certified reserves refers to net reserves independently evaluated by the petroleum consulting firm, D&M. Certain reserves data, such as those based on the D&M report, were prepared under SEC standards, and certain other data were prepared under Petroleum Resources Management System (PRMS) standards.

The information included in this presentation regarding estimated exploration resources in Chile, Brazil, and Peru as of December 31, 2015, and in Colombia as of December 31, 2016; are derived, in part, from the reports prepared by Gaffney, Cline & Associates, or GCA. 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.

Prospective Resources are those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated “chance of discovery” and a “chance of development” (per PRMS). Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates, assuming their discovery and development, and may be sub-classified based on project maturity. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective Resource volumes are presented as unrisked. The risk or chance of finding a minimum hydrocarbon volume that can flow to surface is presented as Geological Chance of Success (GCoS).

Certain data in this presentation was obtained from various external sources, and neither GeoPark nor its affiliates, advisers or representatives has verified such data with independent sources. Accordingly, neither GeoPark nor any of its affiliates, advisers or representatives makes any representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors.

This presentation contains a discussion of Adjusted EBITDA, which is not an IFRS measure. We define Adjusted EBITDA as profit for the period before net finance cost, 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 and bargain purchase gain on acquisition of subsidiaries. Adjusted EBITDA is included in this presentation because it is a measure of our operating performance and our management believes that Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. Adjusted EBITDA should not be considered a substitute for financial information presented or prepared in accordance with IFRS. Adjusted EBITDA, as determined and measured by us, should also not be compared to similarly titled measures reported by other companies.

Rounding amounts and percentages: Certain amounts and percentages included in this document have been rounded for ease of presentation. Percentage figures included in this document 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 document 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 document may not sum due to rounding.

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Santiago, ChileNuestra Señora de los Ángeles 179,

Las Condes, Santiago, ChilePhone: +(56 2) 2242 9600Email: [email protected]

James F. ParkChief Executive Officer

Andrés OcampoChief Financial Officer

Stacy SteimelShareholder Value Director

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