BOGOTA, Colombia, October 22, 2024--(BUSINESS WIRE)--GeoPark Limited ("GeoPark" or the "Company") (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, announces that its wholly owned subsidiary GeoPark Argentina S.A. ("GeoPark Argentina") has received approval from the Argentinian securities regulator (Comisión Nacional de Valores or "CNV" by its Spanish acronym) to issue up to $500 million in debt securities over the next five years, and has obtained an "AA+(arg)" credit rating from Fitch Ratings’ local Argentine affiliate, FIX.

Following the acquisition of four unconventional blocks in Vaca Muerta earlier this year¹, the key factors contributing to the strong rating assigned to GeoPark Argentina by FIX include its existing reserves, production and cash flow generation, alongside a robust production plan in the Mata Mora Norte Block. Additional competitive advantages include low operational costs, conservative leverage, and strong backing from GeoPark.

The Mata Mora Norte Block is currently producing more than 12,500 boepd gross and is expected to generate $90-100 million in Adjusted EBITDA² for GeoPark in full-year 2024 on a proforma basis. By 2028-2030, the block is projected to reach plateau production of around 40,000 boepd gross, contributing approximately $300 million net per year for GeoPark in Adjusted EBITDA (based on a Brent price of $70 per barrel). This does not include the exploratory potential from the Mata Mora Sur, Confluencia Norte and Confluencia Sur blocks.

To support the expected production growth, GeoPark Argentina plans to fund its capital expenditures through ongoing cash flow generation from the Mata Mora Norte Block and debt raised in the domestic capital market, where attractive rates and terms are currently available.

As of the date of this release, GeoPark Argentina has also secured over $100 million in local credit lines in Argentina and no amount has been drawn on such credit lines.

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¹ The acquisition of the Vaca Muerta unconventional blocks in Argentina is expected to close in 4Q2024, pending customary regulatory approvals.
² The Company is unable to present a quantitative reconciliation of GeoPark Argentina’s full-year 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.