ma
Eos el
GEOPARK
Santiago, 17 de febrero de 2015
GeoPark Limited
Inscrito en el Registro de Valores Extranjeros bajo N* 045
Señor
Carlos Pavez Tolosa
Superintendente de Valores y Seguros
Av. Libertador Bernardo O’Higgins N* 1449, piso 1
PRESENTE
REF.: Adjunta información relevante que
se publicó en el U.S. Securities and
Exchange Commission (SEC) el día
12 de febrero de 2015.
Señor Superintendente:
En virtud de lo establecido en la Norma de Carácter
General N*352, por medio de la presente adjunto información considerada como
relevante para la empresa, que ha sido publicada en el día 12 de febrero del
presente año en el U.S. Securities and Exchange Commission (“SEC”).
La información adjunta consiste en una presentación
corporativa de diecinueve páginas escrita en idioma inglés, la cual contiene
informaciones relevantes sobre la Compañía y sobre su estrategia y perspectivas
para el año 2015.
Sin otro particular, saluda atentamente a Usted,
o –
Pedro Aylwin Chiorrini
pp. GEOPARK LIMITED
Nuestra Señora de los Ángeles 179 – Las Condes, Santiago – Chile
Tel. (+56 2) 22429600 – irWgeo-park.com – www.geo-park.com
Py
lo ell
GEOPARK
CREATING VALUE AND GIVING BACK
Corporate Presentation €, Outlook 2015
February 2015
5% Disclaimer
The material that follows comprises information about GeoPark Limited (“GeoPark”) 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 ofits 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 ofits 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.
In light of our Rio das Contas acquisition, we have included unaudited Pro forma condensed combined
financial data to illustrate the combined results of operations for GeoPark for the year ended December
31, 2013 to give Pro forma effect to the acquisition of Rio das Contas as if such acquisition had occurred
as of January 1, 2013.
The information included in this presentation regarding estimated quantities of proved reserves, the
future net revenues from those reserves and their present value in Chile, Colombia, Brazil, and Argentina
as of December 31, 2013; and estimated quantities of proved reserves, the future net revenues from
those reserves and their present value for certain new discoveries made since December 31, 2013, are
derived, in part, from the reports prepared by DeGolyer and MacNaughton, or D8M, independent
reserves engineers. Certain reserves data, such as those based on the D8M report, were prepared
under SEC standards, and certain other data were prepared under Petroleum Resources Management
System (PRMS) standards.
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.
EE Strong Balance Sheet
Well Positioned to Weather Oil Price Crisis
[ANA GSM AAA Y ARANDA ASAOSASD3BGOS
AND ATTRACTIVE UPSIDE POTENTIAL IN THE HIGH-GROWTH LATIN AMERICAN OIL AND GAS MARKET
STRONG LIQUIDITY
xx High Cash Position of
$130 MM
xx Unused $60 MM available
credit facilities
xx Track-record of raising new
capital from diverse sources
(debt, partners, equity, other)
+ Financial discipline
FLEXIBLE AND SELF-
FUNDED WORK PROGRAM
xx Budget 2015 designed to
protect cash and liquidity
xx Flexible to adjust to different
oil price scenarios
xx CAPEX to match cash flows
xx No material commitments for
2015
LONG TERM MATURING DEBT
+ +80% of total debt maturing in
2020
xx Average debt duration of
approximately 4 years
xx Covenants are incurrance and
not maintenance covenants
xx No material short-term debt or
maturities
HIGH PRODUCTION BASE /
LOW COST PRODUCER
+ Production over 20,000 boe/d
+ Good operating netbacks even
at lower oil prices
xx 25% of total production is gas,
unaffected by oil prices
+ Cost reduction and
optimization initiatives
4 2015 Strategy and Outlook
Defensive and Offensive Plan
2014 VS. 2015 CAPEX PROGRAM ($MM)
220-250
FY2014E FY2015E
1 Development xx Exploration 1 Facilities and Other
2015 STRATEGY GUIDED BY THE FOLLOWING PRINCIPLES:
+ Conservative Approach: Reduce work and investment program to maintain
flexibility and maintain balance sheet strength
xx Capital Allocation Discipline: Prioritize lower-risk, higher netback, and quicker
cash flow generating projects
+ Do More For Less: Aggressively implement operating, G8A and capital cost
reduction measures
+ Stay Agile: Continuous monitoring of work programs and adjustment – up or down
– as necessary
+ Build for Long Term: Preserve critical assets, tools and capabilities necessary
for long term and stay in hunt for potential value dislocation opportunities
2015 CAPEX
$35-40 MM
AMARA
+ Facilities
2015 CAPEX
$6-7 MM
Compression Plant (Manati)
+ Seismic processing
2015 CAPEX
$8-9 MM
Environmental Studies
2015 CAPEX
$3-4 MM
Seismic Studies
2015 CAPEX
$8-10 MM
Workovers and Facilities
aa Latin American Asset Base Performance and Opportunity
PRODUCTION GROWTH
TRACK-RECORD
CAGR ’06- ’14: 53%
.S
_-> O
10,807 |
BOE/D
– 7 | COLOMBIA La)
Production Assets: 20,557 boe/d (2014)
Development Assets: 3P Reserves of 190 to 220 MMboe
LARGE RISK-BALANCED
PROJECT INVENTORY 20,000
Exploration Assets: Resources of 500 MM to 1 billion boe
Unconventional Resource Assets: 150 to 200
MMboe
New Project Opportunities
P>boo0onmsx*
15,000
CS 10,000
DIVERSIFIED CASH GENERATION
ADJUSTED EBITDA (LTM): $233 MM!
E Chile
E Colombia 5,000
Km Brazil
H 2014 Production”
2006
2007 2008 2009 2010 2011 2012 2013 2014 (*)
‘ Adjusted EBITDA calculated as pro forma LTM 3Q14 memes QLa Han il E ss El
(*) Including pro forma production from Manati in the 1Q14, as m0Oil mGas NYSE
acquisition closed on March 31, 2014
Average Daily Production (Boe/d)
== Executing on Latam Oil 8 Gas Opportunities
BRAZIL
+ Biggest non-associated gas
field producing in Brazil with
stable cash flows
+ Exploration upside in proven
onshore basins
COLOMBIA
+ Biggest growth story in Colombia
+ New world class field discovery,
Tigana
+ Introduced new play concept to
Llanos basin
EXPLORER
nm PERU
+ Large resource base in Peru
+ World class subsurface asset
with proven reserves +
exploration upside
OPERATOR
ARGENTINA
+ – Opportunistic approach
+ Building long-term
CHILE .
alliances
+ Track-record of re-exploring
mature areas
+ Introduced new play concepts
and formations
+ – Atractive potential in proven
exploration area + large
CONSOLIDATOR
unconventional resources
CEGAN
CULTURE
== Large Diversified Inventory of Reserves and Resources
DRIVERS OF ORGANIC GROWTH
10 BLOCKS . o .
0.3 MM ACRES + 31 blocks in 12 basins in 5 countries / 6.0 MM acres
+ 3P reserve development opportunities: 190-220 MMboe
+ Exploration resource opportunities: 500 MM to 1.0 billion boe / 100+
leads and prospects
11 BLOCKS
1.1 MM ACRES,
MULTI-PROJECT RISK-BALANCED PORTFOLIO*
1 BLOCK
1.9 MM ACRES
0 Unconventional
ARGENTINA
Exploration
Resources
Total Net Resources
500 – 1,000 MMBOE
Number indicates 4t of Leads and Prospects
3 BLOCKS
1.7 MM ACRES
3P Reserves
6 BLOCKS
1.0 MM ACRES
Total Net 3P Reserves
0 50 100 150 200 250 >300
SIZE (MMBOE)
m Chile = Colombia m Brazil m Peru = Argentina
*Graph represents an approximation to illustrate inventory of reserves and resources. Management’s estimate for resources are by nature
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.
190-220 MMBOE
xx Strong 2P reserves growth track-record
+. 11% CAGR (2009-2013) in 2P reserves
+ Material increase expected for 2014 due to Tigana Field discovery (internal
estimate of 3P 20-30 MMboe net) and Peru entry (internal estimate of 2P reserves
22.5-30 MMboe net)
+ Balanced mix between oil and gas reserves
+ Continued diversification of reserves base through exploration and strategic entry
into new areas
2009 2010 2011 2012 2013 2014E
Pro forma
Gas Oil
2014E Pro forma: includes estimated 2P reserves in the Morona Block (Peru), The transaction was
executed with Petroperu on October 1, 2014 with final closing subject to Peru government approval
E Colombia
Leading ESP Story in Colombia Today
E
PANAMA
,
/
tanos 62 |
* Subject to approval from ANH.
LLANOS 34 BLOCK
Chencñona Y NÓ Tilo
Prospect Prospect Prospect
Max
Discovered
2012
Tigana
discovered 2013
Aruco
discovered 2013
(AMochuelo
Prospect
Jacana
Prospeci
O Oil Fields
O Exploration Prospects
+ – Acquired three companies in 2012- and in 2 years,
drilled 57 wells, discovered 11 new oil fields (6
operated) and increased production by 4+ times
+ Quickly built value by introducing new paradigms – both
above and below the ground – with new play-type and
community approach
+ Increased netbacks by 30% from $34/bbl to $44/bbl
+ Added 2 new blocks and exploration acreage in 2014 to
continue expanding
11 Blocks 6 operated (94% of production)
Acreage 1.1 MM acres
2P Reserves! 16.5 MMbbl
Tigana 3P Reserves (net)? 20-30 MMbbl
Exploration Resources 77-155 MMbbl
2014 Production 10,807 boe/d
2PR/P2 7.0 years
2015 Work Program: $35-40 MM
+ 4-5 new wells (focus on Tigana and Tua development)
1 PRMS D8M – Dec. 2013 (Not including 2014 discoveries)
2 Considering 2013 production
3 GeoPark internal estimates
LLANOS 34 BLOCK
(GEOPARK OPERATED)
Discovered fields: 5
TIGANA FIELD DEVELOPMENT: . 1
PRODUCTION GROWTH + Tarotaro
_ Tarotaro OPPORTUNITY + Aruco
discovered 2018 AND RISK PROFILE CHANGE + Tigana
Identified new prospects: 5
+ Jacana
Mochuelo
Chenchena
Tilo
Chiricoca
Y
SSA
ETS o
PLANTA
NS
LE
O
+xx First private oil and gas producer in Chile
+ Large fully-operated land base across the Magallanes
basin, with existing reserves, production and cash flow
+ New expanded acreage in TaF to replicate proven
exploration model in Fell
+ Re-balanced to oil production and increased netbacks
by 400% from $11 boe to $44 boe
+ Large shale (oil) long-term opportunity
6 Blocks All operated
Acreage 1.0 MM acres
2P Reserves! 45.1 MMboe
Exploration Resources 70-130 MMboe
Shale Oil Upside? 150-200 MMbbl
2014 Production 6,103 boe/d
2P R/P? 17.7 years
2015 Work Program: $8-10 MM
+ Focus on Fell Block Development
1 PRMS D8M – Dec. 2013 (Not including 2014 discoveries)
2 Considering 1% recovery factor
3 Considering 2013 production
FELL BLOCK TIERRA DEL FUEGO BLOCKS
7
Cerro Iturbe Aonikenk discovered 2008 1
discovered 2010
h Ache discovered Alakaluf
discovered 2008
Pantarjo Oeste
discovered 2014
Tenca !
Primavera Sur i L
discovered 2014
Molino discovered t REPLICATING FELL
discovered 2013 2014 Pinal BLOCK SUCCESS IN
Konawentru Guanaco TIERRA DEL FUEGO
discovered 2013 discovered
Kiuaku 2010
discovered 2012 Chercan
Yaga / Yagan discovered 201
Doña Blocks:
e 1- Isla Norte Omeling
Santiago Norte
discovered 2007
3- Flamenco
2- Campanario discovered
2013
O Oil 8 Gas Fields
1 O Exploration Prospects
10
E Brazil
Positioned to Grow and Capture Opportunities
PARNAIBA BASIN
+ PN-T-597*
POTIGUAR BASIN
+ POT-T 664
+ POT-T 665
+ POT-T 619
+ POT-T 620
+ POT-T 663
BRAZIL
RECONCAVO BASIN
+ REC-T 94
+ REC-T 85
CAMAMU- ALMADA BASIN
+ BCAM-40 (Manati)
*PN-T-597 block, subject to ANP approval
PRODUCTION ASSET
o ¿¿San Francisco
le: Gas Plant
e
Gas
Pipeline |
Brazil’s Largest
Producing Gas Field
. MANATI
FIELD
SERGIPE
ALAGOAS BASIN
+ SEAL-T-268
ol
UNE
Ocean
EXPLORATION BLOCKS
+ Largest producing gas field in Brazil: fully-developed,
cash flow producing, low-risk asset
+ Partnership with Petrobras
+ Exploration blocks in proven basins
+ Tecpetrol partnership to acquire new projects
10 Blocks
Acreage
2P Reserves!
Exploration Resources
2014 Production
2P R/P2
2015 Work Program: $6-7 MM
9 operated
0.3 MM acres
8.5 MMboe
40-80 MMboe
3,572 boe/d
6.5 years
+ Seismic processing (Round 11) + Facilities (Manati)
1 PRMS D8M – Dec. 2013
2 Considering 2013 production
Reconcavo Seismic
[O GeoPark Blocks
– 20 Survey Layout
[O Preliminary Leads
Potiguar Seismic E
e
O GeoPark Blocks
— 2D Survey Layout
(7) Preliminary Leads
11
a Peru New Country Entry / Transformational Acquisition
ECUADOR
Pacific
Ocean
COLOMBIA
I=1:y4]8
+ Large acreage position in one of most prolific basins
in Latin America (produced over 1 billion bbls)
+ Discovered oil field with opportunity to bring near
term cash flow
+ Similar play-type exploration prospects mapped
under 3D seismic (Situche Complex) and other
significant exploration potential
xx Strategic partnership with Petroperu
1 Block* Operated
Acreage 1.9 MM acres
2P Reserves (Ryder Scott Certified) 41 MMboe
2P Reserves (GeoPark Estimate) 22.5-30 MMboe
Exploration Resources 200-500 MMboe
(all at 75% WI)
2015-2016 Work Program: $140-160 MM
+ Put Situche Central field in production
+ Workovers + transportation + facilities
*Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru government approval. 2015 Work Program: $8-9 MM
SITUCHE CENTRAL FIELD
Discovery Wells
Situche Central 2X
and 3X
(Short term tests of
2,400 bopd
and 5,200 bopd of
34-37* API oil)
MORONA BLOCK
E TAB
4 a
COMPLEX Tor xxce *
SITUCHE o so
1 Oil Field
O Exploration Prospects
Exploration Leads
O 3D Seismic Program
12
Es Profitable Assets Even at Low Price Scenarios
ESTIMATED OPERATING NETBACK( (O 50 ($/BBL) ESTIMATED OPERATING NETBACK(! (O 60 ($/BBL)
34 34
32 41
30 E 38 34 38
7 9 3 7 (5)
7 17 AN Y vl E) 1
ls 5 2 o pS 21 22 21
Colombia Chile Brazil Consolidated Colombia Chile Brazil Consolidated
m Operating Netback mOPEX Selling Expenses m Operating Netback mOPEX “Selling Expenses
ESTIMATED OPERATING NETBACK(! (O 80 ($/BBL) OPERATING NETBACK(): ACTUAL 9M 2014 ($/BBL)
75 76
50 | 5]
52 54 72
4 EN
8 7
Y ny 34 X 46
UU
E]
> 5
Su e 2 e 5 48
Pr] 57
Colombia Chile Brazil Consolidated Colombia Chile Brazil Consolidated
mOperating Netback mOPEX mSelling Expenses “Operating Netback =OPEX = Selling Expenses
(Operating Netback is comprised of net revenues, less production costs (net of depreciation charges and accrual of stock options and stock awards) and selling expenses,
divided by total boe deliveries. Operating Netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Exploratory and Other operating costs
Selling Expenses consists mainly of transportation costs and also includes Royalties for the purpose of the above estimated calculations
13
== Operational Track-Record Leads to Financial Track-Record
INCREASING SALES
REVENUES ($MM): +62% / YEAR
(CAGR ’10 13)
2010 2011 2012 2013 2013
Pro forma
INCREASING EFFICIENCY
OPERATING NETBACK ($/BOE): +27% / YEAR
(CAGR “10- ’13) : !
: :
: :
: :
: :
: :
: :
: :
1 :
1 :
1 :
1 :
1 :
Bs DN ; 39 :
29 : :
1 :
1 :
: :
2010 2011 2012 2013 2013
Pro forma
5″ Operating Netback
Pro forma figures: includes the 10% interest in the Manati Field in 2013, assuming as if the
acquisition has occurred in January 2013.
9M14
9M14
INCREASING CASH GENERATION
ADJUSTED EBITDA ($MM): +60% / YEAR
(CAGR *10-’13)
2010 2011 2012 2013 2013 9M14
Pro forma
BALANCED AND STRONG CASH POSITION
Multi-country cash generation (99% investment grade)
26% production growth translated into +60% growth in revenues
and Adjusted EBITDA
27% annual growth in operating netbacks with 23% improvement
in 9M14
Self-ftunded 2014 work program
Strong cash flows and liquidity with approx. $130 MM in cash as
of December 2014
+80% of total debt maturing in 2020
14
3 In Hunt for Potential Value Dislocation Opportunities
Finding, Closing and Building Value on New
TAS
A ET E Eo cl!
ERAS
UCRANIA oo Lalo]
value
NA NN AS
CAE IR
SES
OA Oo E – Near-term production and 2P reserves
HYDROCARBON REGION Os
Attractive and achievable exploration potential
GeoPark operated (preferred)
Target Countries: Chile, Colombia, Brazil, Peru
and Mexico
Strategic Alliances
RN E iia
ciao
TIA Cc Rc Re
Brazil
World Bank IFC: key shareholder and partner for
capital and growth
== Uniquely-Positioned Oil and Gas Investment Vehicle
+ Oil-Finding and Operating Know-How
MEXICO xx Solid Asset Base with Cash Flow and Upside
Tm.
E
ER
xx Operational and Financial Track Record
o ego): xx
xx Access to Capital
3P RESERVES
97 . AER xx New Project Inventory 8: Alliances
ACQUISITION TARGETS + Capital Allocation and Project Efficiencies
ROT > PO
BRAZIL
ol
AS
SS
ION ION
O
NS
ARGENTINA pS
PORTFOLIO PROVIDES SECURE GROWTH
WITH OPPORTUNITY FOR ACCELERATED
add PRODUCTION MESE
3P RESERVES
[7 0 IO
EXPLORATION
3
ALO AA
ACQUISITION TARGETS
16
Appendix
== Appendix
RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX (IN $MM)
2010 2011 2012 2013 9M14
Adjusted EBITDA 41 63 121 167 193
Depreciation -23 -26 -53 -70 -73
Accrual of Stock Awards -3 5 5 -9 -8
Impairment and write-off -3 -7 -26 -11 -9
Others 1 1 4 7 1
OPERATING PROFIT 13 26 41 84 104
Financial results, net -4 -14 -16 -34 -31
Bargain Purchase – – 8 – –
PROFIT BEFORE INCOME TAX 9 12 33 50 73
Adjusted EBITDA 2013 GeoPark 167
Adjusted EBITDA from Rio Das Contas 2013 31
Pro forma Adjusted EBITDA 2013 198
pq
al
GEOPARK
Contacts
Andrés Ocampo
Chief Financial Officer
Pablo Ducci
Capital Markets
Sofía Chellew
Investor Relations
Santiago, Chile
Nuestra Señora de los Ángeles 179,
Las Condes, Santiago, Chile
Phone: +(56 2) 2242 9600
Email: irdgeo-park.com
GPRK
M5
NYSE
Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=b15268b103190ee1ac1e8d3ecb62024fVFdwQmVFNVVRWGxOUkVGNVRVUlJNazVSUFQwPQ==&secuencia=-1&t=1682366909
