Recent developments highlight GeoPark's strategic investment, acquisition activity, and financial performance, reinforcing its growth strategy and capital discipline.

• GeoPark secured a $107 million strategic equity investment from Grupo Gilinski to support growth initiatives [N1].
• The company decided not to increase its offer for Frontera Energy's Colombian E&P assets after reassessing transaction economics, preserving capital flexibility [S2].
• GeoPark acquired Vaca Muerta assets from Pluspetrol for $115 million, expanding its unconventional platform in Argentina's Neuquén Basin [N8].
• The company reported 2025 full-year revenue of $492.5 million and net income of $49.7 million, with basic EPS of $0.96 and diluted EPS of $0.95 [S1].
• GeoPark's Vaca Muerta assets are positioned to contribute significant production and cash flow, targeting approximately 20,000 boepd gross production and $300–350 million gross Adjusted EBITDA at $70/bbl Brent oil price [S2].
• The company has delivered production above guidance, reduced breakeven costs, and strengthened its balance sheet over the past year [S2].

GeoPark's growth potential is supported by its expanding unconventional asset base in Argentina's Vaca Muerta, which is positioned to become a core growth engine with substantial production and cash flow contribution. The company's ability to secure strategic investments and maintain a strong balance sheet underpins its capacity to pursue value-accretive opportunities. Operational improvements and resource base expansions in Colombia enhance cash flow generation and portfolio resilience. The company's disciplined capital allocation approach aims to optimize returns and preserve financial flexibility [S2][N1][N8].

Risks to GeoPark's business include commodity price volatility impacting revenue and cash flow, operational challenges in complex Latin American jurisdictions, and potential delays or cost overruns in developing unconventional assets. The decision not to increase its offer for Frontera Energy's assets reflects sensitivity to risk-adjusted returns and capital discipline but also limits near-term growth through acquisition. Regulatory, geopolitical, and environmental factors in the region may also affect operations and investment attractiveness. The company's reliance on external capital and market conditions could constrain growth initiatives [S2].

GeoPark's moat derives from its established operational presence and expertise in Latin America's oil and gas sector, particularly in Colombia and Argentina. Its portfolio includes both conventional and unconventional assets, with a growing position in the Vaca Muerta shale basin, a significant resource in Argentina. The company's disciplined capital allocation, operational track record, and strategic partnerships, such as the investment from Grupo Gilinski, contribute to its competitive positioning. Additionally, its governance framework and shareholder rights plan provide structural protections that support long-term value preservation [S1][S2][N1].

• Commodity Price Volatility: GeoPark's financial performance is sensitive to fluctuations in oil and gas prices, which can impact revenue, cash flow, and investment capacity.
• Operational and Development Risks: Challenges in exploration, production, and development of unconventional assets, including technical, regulatory, and environmental hurdles, may affect execution and costs.
• Geopolitical and Regulatory Risks: Operating in multiple Latin American countries exposes GeoPark to political, regulatory, and legal uncertainties that could impact operations and asset values.
• Capital Allocation and Growth Risks: The company's disciplined approach to capital allocation may limit acquisition opportunities and growth if attractive deals are not pursued or available.

• GeoPark Ltd is an independent energy company operating primarily in Latin America with over 20 years of operations.
• The company focuses on oil and gas exploration and production, with significant assets in Colombia and Argentina.
• GeoPark's business strategy includes maximizing core production and cash generation in Colombia and scaling growth in the Vaca Muerta unconventional basin in Argentina.
• In 2025, GeoPark acquired Vaca Muerta assets from Pluspetrol for $115 million, expanding its unconventional platform in the Neuquén Basin [N8].
• GeoPark secured a $107 million strategic equity investment from Grupo Gilinski to support growth initiatives [N1].
• The company decided not to increase its offer for Frontera Energy's Colombian E&P assets after reassessing the transaction economics, preserving capital flexibility [S2].
• GeoPark reported 2025 full-year revenue of $492.5 million and net income of $49.7 million, with basic EPS of $0.96 and diluted EPS of $0.95 as per its 20-F filing for the year ended December 31, 2025 [S1].
• As of December 31, 2025, GeoPark held $100.3 million in cash and cash equivalents, with current assets of $219.7 million and current liabilities of $137.2 million, resulting in a current ratio of 1.6 and a cash ratio of 0.73 [S1].
• The company has a board of directors composed of nine members, with governance provisions under Bermuda law including fiduciary duties, indemnification, and shareholder rights plans [S1].
• GeoPark's Vaca Muerta assets are anticipated to contribute significant production and cash flow, with a target peak production of approximately 20,000 boepd gross by 2028 and gross Adjusted EBITDA contribution estimated at $300–350 million at $70/bbl Brent oil price [S2].
• GeoPark has delivered production above guidance, reduced breakeven costs, and strengthened its balance sheet over the past year [S2].