Proven Team, Assets and OpportunityAugust 2020

2

Why GeoPark

PLATFORM

PEOPLE

VALUE

UPSIDE SELF-FUNDING

PROVEN CAPABILITIES ACROSS FULL E&P VALUE

CHAIN

PROVEN OIL AND GAS ASSETS WITH 2P NAV OF

$2.5 BILLION ($42.5/SHARE)1

ORGANIC EXPLORATION AND NEW ACQUISITION GROWTH

PROJECTS

UNIQUE LONG-ESTABLISHED, HIGH-IMPACT, RISK-BALANCED ASSET AND OPERATING BASE ACROSS LATIN AMERICA

CASH FLOW PAYS FOR BUILDING THE BUSINESS

TRACK RECORD

17-YEAR CONTINUOUS OPERATIONAL AND FINANCIAL

GROWTH

1Based on D&M 2019.

3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

True Latin American Independent

Net

Ave

rage

Dai

ly P

rodu

ctio

n (b

oepd

)

Historical Production

2020E3

ONLY PUBLIC INDEPENDENT

POSITIONED ACROSS LATIN AMERICA - THE

MOST ATTRACTIVE OIL & GAS

INVESTMENT REGION TODAY

ONLY PUBLIC INDEPENDENT

POSITIONED ACROSS LATIN AMERICA - THE

MOST ATTRACTIVE OIL & GAS INVESTMENT

REGION TODAY

3Annual average of 40,000-42,000 boepd, assuming Brent of $35/bbl and Vasconia differential of $5/bbl from July to December 2020.

ARGENTINA

CH

ILE

BRAZIL

COLOMBIA

ECUADOR

1GeoPark: DeGolyer & MacNaughton (D&M) December2019 Amerisur: McDaniel July 2019.2Non-producing asset. On July 15, 2020, GeoPark formally initiated a process to irrevocably retire from the Morona block in Peru.

2P RESERVES AND NPV101

2.1

0.30.30.10.10.3 Pro Forma Ame risur

Argent ina

Brazil

Peru

Chile

Colombia

2P RESERVES (MMBOE)

NPV10($BN)

129

25

314822

219 3.1

2

4

17-Year Track Record

6

16 1715

20 21 2024

29

4043

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

CAGR 22%

PRODUCTION (MBOEPD) RESERVES (2P, MMBOE)

NET PRESENT VALUE1 ($ BILLION) NET ASSET VALUE PER SHARE1,2 ($/SH.)

PROVEN RISK MANAGEMENT = CONSISTENT VALUE CREATION

Embracing & Managing Volatility

4250 50

5770

122 125

143159

184

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Gas Oil

CAGR 17%

219

Pro Forma Amerisur (22 mmboe)

6 7 8

1114

2122 22

28

36

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Gas Oil

CAGR 21%

Pro Forma Amerisur (6 mboepd)

46

0.3

0.9 0.91.0

1.3

1.7 1.61.9

2.3

2.7

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

CAGR 25%

3.1

Pro Forma Amerisur ($0.3 billion)

12P D&M 2019. 2Calculated as net debt-adjusted 2P NPV10 divided by number of shares outstanding. 2019 does not include the effect of the Amerisur acquisition.

5

People = Results

v

DRILLING SUCCESS RATE

280+ wells

Llanos 34

75+%90+%

FINDING & DEVELOPMENT COSTS1

Consolidated

Llanos 34

/boe

$2.6 /boe

DRILL, COMPLETE & PUT-ON-PRODUCTION WELL COST

Llanos 34

OPEX3

Consolidated

Llanos 34

~$7 /boe

~$4 /boe

OIL & GAS DISCOVERED

2P Gross

2P 2019 RRR2

~$3.6 mm/well

OPERATED PRODUCTION4

Gross ~70,000 boepd

155%

$4.5

440+ mmboe

1Estimated by dividing total capital expenditures in 2019 by 2P Reserves added (based on D&M 2019). 2Reserve Replacement Ratio. 31H2020.

Proven 17-Year Performance

5

COUNTRIES

11

HYDROCARBONBASINS

BLOCKS

49

ACRES

6.5+million

42019.

6

Much More than ESG

All metrics above correspond to 2018. Comparisons refer to 2017, except when specified. For additional ESG performance details, refer to 2018 SPEED / ESG Report (GRI Standards) on https://www.geo-park.com/en/publications/

7

Risk Management Business Through Thick and Thin

OPERATIONAL• Experienced people• 17-year track record

• 100+ mmboe produced and 280+ wells drilled • Low-cost operator• Oil vs gas, light-mid-heavy balance

• Low capital commitments

SOCIAL & ENVIRONMENTAL• SPEED/ESG in-house value system• Licensed operator in five countries

ECONOMIC• Low breakevens • Flexible work programs

• Self-funded organic growth• Oil hedging contracts in place • Effective capital allocation

• Strong balance sheet• Partnerships

GEOPOLITICAL - MACROECONOMIC - REGULATORY

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

• 49 blocks, 11 basins, 5 countries, 6.5+ million acres

• OECD / Investment grade countries• Strategic partners

COMMERCIAL• Top-tier secure offtakers• Limited demand risk

RESERVOIR - RESOURCE AVAILABILITY • Leading oil and gas finding team• 800+ mmboe discovered in 30+ years

• Sustainable reservoir management• PDP RLI > 3.6 years; 2P RLI > 13.5 years• 50+ oil and gas fields in production

Surface Risk

Sub-surface Risk

Macro Risk

8

Plan Ahead for 2020

• $157.5 million1 cash

• Up to $75 million oil prepayment facility

• 27,500 bopd production hedged 3Q2020

• $140.3 million uncommitted credit lines2

• No long-term debt principal payments until 2024

• High production base

• 90% production cash flow positive at $20-30/bbl

• Low-cost conventional fields

• Continuity of operations plan in place

• 50% G&A and G&G reduction

DOING MORE FOR LESS

• High-quality growth platform

• Diversified asset base• Deep new project

inventory

CAPITAL ALLOCATION FOCUS

• CAPEX cut 65-75%

• Dividend and buyback suspended

• Self-funded business model

• Prioritize most profitable and strategic projects

• Renegotiating contracts

• Cost reduction plan• New operational

efficiencies

• Voluntary salary and bonus reduction

• $290+ million capital and costs reductions implemented

FLEXIBLE, SELF-FUNDED & CAPITAL EFFICIENT2020 WORK PROGRAM ($MM)

PROFITABLE OPERATIONS

VALUE GROWTHOPPORTUNITIES

FINANCIAL STRENGTH

ABILITY TO QUICKLY ADJUST UP OR DOWN TO MITIGATE RISK AND BALANCE CASH FLOWS

Cash Flow Positive at Lowest Oil Prices

ROBUST PRODUCTION BASE

Prod

uctio

n

100%90%

15%

Oil ($30+/bbl)

Gas(Unaffected by oil price)

100%

0

90% PRODUCTION CASH FLOW POSITIVE AT $20-30/BBL

180-200

45-50

Brent $60-65/bbl Brent $25-30/bbl

1June 30, 2020.

PROTECTING BASE OIL PRICEEXTENSIVE HEDGING POSITION

HEDGED OIL PRODUCTIONIMMEDIATE CAPEX REDUCTION

Oil ($20-30/bbl)

~80% ~75%

2June 30, 2020.

20-2565-75

July 2020 Expansion

May 2020 Review

Brent $25-35/bbl

27,500 bopd

25,500bopd

3Q2020 4Q2020

9

Risk Managed Response in Downturn

9

Back to Business

• Temporary production shut-in of 6,500-7,500 boepd in 2Q2020

• As prices strengthened, 70-80% of production shut-ins were reopened

PRODUCTION MANAGEMENT TO PRESERVE VALUE

40,000-42,000 boepd2

2020E PRODUCTION PROFILE

16

7 ~7

2

2014 2019 2020E

QUICKLY ADAPTING TO LOWEST OIL PRICES

Doubled size, from 20,557 to40,046 boepd59

80

50

22

2014 2019 2020E

AMER G&A Costs

FULL FLEXIBILITY TO EXPAND 2020 WORK PROGRAM IF OIL PRICE RECOVERS

-65-75%

-29%

E&P Industry Average1

• 2020 work program reduced by 65-75%

• Targeting 40,000-42,000 boepd average

2020E CAPEX CUTS

25% down~50% down

1Stifel Report over 129 E&P companies, May 22, 2020.

50-55

2Brent $35/bbl and Vasconia differential averaging $5/bbl from July to December 2020.

OPERATING COST DOWN BY 25% ($/BOE) G&A/G&G COSTS DOWN BY 50% ($MM)

CONSISTENTLY STREAMLINING AND IMPROVING BUSINESS ACROSS THE ENTIRE PORTFOLIO

GeoPark

Weighted average effect of adding Amerisur into GeoPark operating costs Amerisur Pro Forma

1Q2020 2Q2020 3Q2020E 4Q2020E

10

Best-In-Class Capital Efficient Growth High Return Assets

POSITIONED TO GENERATE FREE CASH FLOW AT LOWEST OIL PRICES

CASH GENERATION > CAPEX BY 2-3XEFFICIENT WORK PROGRAMS IN EVERY OIL PRICE ENVIRONMENT

1$35-40/bbl Brent oil price and Vasconia differential averaging $5/bbl from July to December 2020.

2020E OPERATING NETBACKS ($/BOE)LOW BREAKEVENS

Brent $35/bbl - Gas $2-4/mcf 2

$50/bbl $46/bbl $55/bbl $70/bbl $64/bbl $35-40/bbl 1

Brent

118 122

228

398447

230-260

49 38106 125 126

65-75

2015 2016 2017 2018 2019 2020EOperat ing Netback ($mm) Capex ($mm)

2020E FREE CASH FLOW * ($MM)

Low Capital Intensity

1

CAPEX ($mm)

2X+ 3X+

2X+

3X+3X+

3X+

10

2020E OPERATING NETBACK3 SENSITIVITIES ($MM)

3Assumming specified Brent oil prices and Vasconia differential averaging $5/bbl from July to December 2020.

188

17

(6)(13)

(7)(3) (3) (3)

(5) (4)

39

24

37

Op. Netback OPEX Selling/Royalties Discounts

Colombia(Pacific Region)

Brazil-Argentina-Chile(Atlantic Region)

Consolidated

(10) (8)

Op. NetbackOPEXSelling/Royalties Realized Hedge Gains

Transportation & Commercial DiscountsVasconia Differential

3 2

*Excluding working capital changes, debt service and other payments

245

-70

-50

-20

105

2020 Op. Netback CAPEX G&A/G&G Cash Taxes Free Cash FlowOperating Netback 1

230-260

(65-75)

(50-55)

(17-20)

80-100

220245

270

$30-35/bbl $35-40/bbl $40-45/bbl

210-230230-260

260-280

2 $35/bbl Brent oil price and Vasconia differential of $5/bbl from July to December 2020.

11Incurrence Covenants (x times)

Preserving Balance Sheet Strength Tools & Safety Nets in Place

• $157.5 million1 cash position • Up to $75 million oil prepayment

facility ($50 million committed)• Extensive hedging position• $140.3 million uncommitted

credit lines2

• 1P 2019 NPV10 of $2.0 billion• 2P 2019 NPV10 of $2.8 billion

Assets Liabilities• $425 million 6.5% senior notes2 due 2024• $350 million 5.5% senior notes2 due 2027

- $2.2 billion oversubscribed- Top tier investors- Lowest pricing ever achieved by a

single B company• B+ rating reaffirmed by credit rating

agencies

LIQUIDITY AND FLEXIBILITY

1 June 30, 2020.2 144-A/Reg-S.

LONG-TERM DEBT PROFILE

0 0 0

425

0 0

350

2021 2022 2023 2024 2025 2026 2027

4+ YEARS UNTIL FIRST PRINCIPAL

PAYMENT

3.25

CONSERVATIVE BUSINESS APPROACH RESERVE LIFE FAR EXCEEDING DEBT MATURITIESRESERVE LIFE INDEX (D&M 2019 – Excluding Peru) NET LEVERAGE RATIO (X TIMES)

11

PRINCIPAL PAYMENTS ($MM)

2 June 30, 2020.

1.7

4.03.6

1.7

1.0 0.9

2.3

2014 2015 2016 2017 2018 2019 LTM2Q2020

Net Debt to Adjusted Ebitda Ratio (x t imes)

7.6 Years

11.4 Years

2019

1P 2P

12

Colombia and EcuadorAsset Base Pacific Region

• Key Assets: Llanos 34, CPO-5 (Llanos basin)

• 23 blocks - 19 operated / 3.8 mm acres

• 2019 D&M 2P and 3P net reserves: 129 mmboe and 169 mmboe

• 2019 D&M 2P and 3P NPV10: $2.1 billion and $2.6 billion

• RLI: 1P 8.1 years; 2P 10.9 years; 3P 14.3 years

• Grew from 0 to 75,000+ boepdgross since 2012

• New flowline in place connecting Llanos 34 to regional infrastructure

• 1.4+ million new strategic acres added in 2019 near or adjacent to Llanos 34

• Recent Amerisur acquisition, providing reserves, production, upside and valuable partnerships (Oxy/ONGC)

COLOMBIA

• Key Assets: Perico and Espejo blocks (Oriente basin)

• 2 blocks - 1 operated / 0.03 mm acres

• 5+ multilayer ready-to-drill light-oil prospects and leads identified

• Significant exploration opportunities, surrounded by big producing oil fields

• Infrastructure in place with spare capacity

• Established business environment

• Upcoming bid rounds

ECUADOR

C O L O M B I A

200km

Pipelines

LLANOS 34

Pacific Ocean

PLATANILLO

CPO-5

Pacific Ocean

E C U A D O R

ESPEJO

PERICO

LLANOS BASIN

PUTUMAYO BASIN

PUTUMAYO, ORIENTE & MARAÑON BASINS

13

229 353640 655

1,006

1,393

1,8842,100

2012 2013 2014 2015 2016 2017 2018 2019

C O L O M B I A

200km

Pipelines

LLANOS 34

Pacific Ocean

PLATANILLO

CPO-5

Colombia Core Value Foundation and Growth Source

KEY METRICS

Finding and Development Cost(as of Dec. 2019)

$2.6/boe

2P Reserve Life Index(2019)

10.9 years

2P Reserve Replacement Ratio(2019)

203%

Adjusted EBITDA(2019)

CAPEX(2019)

$367 million

$77 million

LLANOS BASIN

PUTUMAYO BASIN

12 17

3947

67

88

111129

2012 2013 2014 2015 2016 2017 2018 2019

3,4406,491

10,80713,189

15,590

21,788

28,54532,304

2012 2013 2014 2015 2016 2017 2018 2019

PRODUCTION (BOEPD)

CAGR: 38%

2P RESERVES1 (MMBOE)

CAGR: 41%

VALUE ($MM)2P PV101

CAGR: 37%

NET RESERVES, PRODUCTION AND VALUE GROWTH

229 353640 655

1,006

1,393

1,8842,100

2012 2013 2014 2015 2016 2017 2018 2019

12P D&M 2019.

14

ColombiaPRODUCTION HISTORY LLANOS 34 BLOCK

Largest & Most Economic Oil Discovery in 20+ Years

0.8-1 BILLION BARRELS ORIGINAL OIL IN PLACE 14

2013-2015 BIG TIGANA & JACANA DISCOVERIES• 8 oil fields discovered since 2012• 20+ gross mmbbl produced

2012 BRINGING NEW IDEAS TO THE BASIN• Zero production, zero reserves• First oil field discovered - Max

2019-2020 EXPANDING TO ADJACENT BLOCKS• 13 oil fields discovered to date• 100+ gross mmbbl produced

1.4+ million acres added around Llanos 34

LLANOS 34 BLOCK

05,00010,00015,00020,00025,00030,00035,00040,00045,00050,00055,00060,00065,00070,00075,00080,000

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

90,000,000

Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Dai

ly P

rodu

ctio

n (b

opd)

Cum

mul

ativ

e Pr

oduc

tion

(bbl

)

1 2P D&M 2019. 2 Brent $40/bbl.Oil ProductionCumulative Production

100 mmbblProduction Milestone

WELL ECONOMICS

EUR/well 2-3 mmbbl

IP Rate 1,000-2,000 bopd

Payback2 4-6 months

Drilling Locations 1201

LLANOS 34 GROWTH 2012 2019

2P net reserves 0 122 mmbbl

Purchase price $30 million 0

2P NPV10 0 $2.0 billion

Dec-19

15

Colombia Expanding Footprint Around Core Llanos 34LLANOS BASIN

LLANOS 34LLANOS 104

LLANOS 32

LLANOS 87

LLANOS 86

Tigana

Jacana

Mariposa

IndicoCPO-5

LLANOS 94

LLANOS 123

LLANOS 124

10 Km

LLANOS BASIN ASSETS OVERVIEW• Building on GeoPark’s technical, operational and commercial

expertise• Low-risk development opportunities

• High-impact, low-cost exploration potential• NOCs Partnership: ONGC, Ecopetrol

CPO-5 PROVIDING MULTIPLE GROWTH OPPORTUNITIES • CPO-5 block on trend with Tigana / Jacana complex • Gross 8,000 bopd produced from 2 wells• Resilient light oil production with breakevens of ~$6-7/bbl1

• Only 50% of 3D seismic coverage

1Vasconia oil price. Assuming $5/bbl differential, breakeven ~$11-12/bbl Brent.

1.4+ million acres

Producing oil fields

GeoPark producing blocks

Exploration blocks

16

E C U A D O R10 Km

ANDAQUIES

PUT-30

TACACHO

TERECAYPUT-9

PUT-12

MECAYA

PLATANILLO

PUT-8COATI

PUT-14

C O L O M B I A

PUT-36

PERICO ESPEJO

OBARODA

P E R U

1Oriente oil price. Assuming $6/bbl differential, breakeven of ~$20-22/bbl Brent.

Colombia New Entry into Putumayo BasinPUTUMAYO BASIN

PUTUMAYO BASIN ASSETS OVERVIEW• Existing production with cost-effective transportation infrastructure in place• 300–600 mmboe certified resources contiguous to existing production• Key partner Oxy to invest (and carry GeoPark) $93 million in Terecay,

Tacacho, Mecaya and Put 9 blocks

HIGH IMPACT EXPLORATION PORTFOLIO• Platanillo: 3,000-4,000 bopd light oil production• Principal oil fields in Platanillo with breakeven price of ~$14-16/bbl1

(transport costs of $4/bbl via OBA pipeline)

• High-impact exploration portfolio across 11 blocks

2.0+ million acres

Producing oil fields

GeoPark producing blocks

Exploration blocks

Pipelines

17

Chile, Argentina and BrazilAsset Base Atlantic Region

• Key asset: Fell block (Magallanes basin)

• 5 operated blocks / 0.8 mm acres

• Long-term gas contract at attractive prices

• First private E&P operator, partnering ENAP

• Stable, self-funded production base of 3,000-3,500 boepd

• Unconventional upside, including shale oil and tight gas (220-600 mmboe)

CHILE

• Key assets: Aguada Baguales, El Porvenir and Puesto Touquet blocks (Neuquen basin)

• 7 blocks - 3 operated / 2.2 mm acres

• Producing 2,300-2,500 boepd of oil and gas

• Development and exploration opportunities including Vaca Muerta

ARGENTINA

• Key asset: Manati, one of Brazil’s largest gas producing fields

• 12 blocks - 11 operated / 0.3 mm acres

• Partnering with NOC Petrobras

• Producing 1,000-2,000 boepd of gas

• Low-risk, low-cost exploration acreage

BRAZIL

RECONCAVO BASIN

POTIGUAR BASIN

CAMAMU -ALMADA BASIN

SERGIPE ALAGOAS BASIN

PARNAIBA BASIN

South Atlantic Ocean

BRAZIL

ARGENTINA

CH

ILE

NEUQUEN BASIN

MAGALLANES BASIN

South Atlantic Ocean

South Atlantic Ocean

Acreage 3.5 million

Production(2019) 7,742 boepd

Adjusted EBITDA(2019) $21 million

2P Reserves(2019) 37 mmboe

2P Reserves NPV10 $427 million

KEY METRICS

San FranciscoGas Plant

Gas Pipeline

CompressionPlant MANATI

South Atlantic Ocean

COLOMBIA

PERU

EC.

B R A Z I L

A R G E N T I N A

C H I L E

18

Opportunity Outperforming the Market Since 2016

MARKET CAP ($BN)

160%

1.3

0.5

CAPITAL RETURNED ($MM)

75

0.4 188x

SHARES OUTSTANDING (MM)

5958

RESERVES (MMBOE)

701

197

181%

PRODUCTION (BOEDP)

20,557

40,046

100%

OPEX ($/BOE)

56%

7

16

CREATING VALUE IN EVERY CORNER OF THE BUSINESS (2014-2019)

12013.

+60%

Brent +53%

S&P 500 +12%

S&P Oil&Gas -37%

GRPK +130%

S&P 500 +22%

Brent +18%

S&P Oil&Gas -10%

GRPK

2014 2015 2016 2017 2018 2019

-47%

S&P 500 -1%

Brent -36%

S&P Oil&Gas -37%

GRPK-27%

S&P 500 +12%

S&P Oil&Gas -30%

Brent -48%

GRPK

-

2

4

6

8

10

12

14

16

18

20

22

$/sh

are +60%

S&P 500 +32%

Brent +23%

S&P Oil&Gas -11%

GRPK +40%

S&P 500 -4%

S&P Oil&Gas -10%

Brent -20%

GRPK

VolumeShare price

SHARE PRICE AND VOLUME PERFORMANCE (2014-2019)

19

LATIN AMERICA FOCUSED

Wide-Open Continent

• Region with largest hydrocarbon resource potential after Middle East

• Big proven underexplored and underdeveloped low-cost basins

• Growing demand for energy

• Availability of people, capital, infrastructure and services

• Welcoming business environment

• Regulatory stability

• Limited competition

PETROBRASECOPETROL

M&A

Bolt-Ons

Bolt-OnsBolt-Ons

PEMEX

Bolt-Ons

PETROPERU

PETROAMAZONAS

Bolt-Ons

ENAP

$4+ Billion New Project Inventory

National Oil Companies

NOCs

Bolt-Ons Corporate M&A

BIG UNDERDEVELOPED HYDROCARBON POTENTIAL

M&A

YPF

Bolt-Ons

20

Unique Value Proposition Leading Latin American E&P Independent

ARGENTINA

CH

ILE

BRAZIL

COLOMBIA

ECUADOR

PLATFORM

PEOPLE

VALUE

UPSIDE SELF-FUNDING

ALIGNED

LOW-COST LEADERS

BASIN CHAMPIONS

ROBUST CAPITAL ALLOCATION PROCESS

FCF+ AT $30/BBL BRENT1

TRACK RECORD

EXPERIENCE COUNTS

1Excluding working capital changes and assuming Brent of $30/bbl and Vasconia differential of $5/bbl from April to December 2020.

21

Disclaimer

The material herein 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 acceptsany 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 the COVID-19 pandemic, strategy, future operations, drilling plans, estimated reserves, estimated resources, future production, estimated capital expenditures, projected costs, the potential of drilling prospects, the retirement from the Morona block due to continued force majeure 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 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, Argentina and Peru as of December 31, 2019; is 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, Colombia, Brazil, Argentina and Peru as of December 31, 2017, 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 produceany 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 and Operating Netback, which are not IFRS measures. We define Adjusted EBITDA as profit for the period, before net finance cost, income tax, depreciation, amortization, certain non-cash items such as impairments and write-offs of unsuccessful exploration efforts, accrual of share-based payment, unrealized result on commodity risk management contracts and other non-recurring events. Operating Netback is equivalent to Adjusted EBITDA before cash expenses included in Administrative, Geological and Geophysical (G&A/G&G) and Other operating expenses. Adjusted EBITDA and Operating Netback are included in this presentation because they are measures of GeoPark’s operating performance and its management believes that 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 GeoPark’s. Adjusted EBITDA and Operating Netback should not be considered a substitute for financial information presented or prepared in accordance with IFRS. Adjusted EBITDA or Operating Netback, as determined and measured by GeoPark, should also not be compared to similarly titled measures reported by other companies.

This presentation contains a discussion of Free Cash Flow, which is not an IFRS measure. We define Free Cash Flow as operating netback less CAPEX, G&A/G&G expenses and cash taxes. Free Cash Flow does not include working capital changes or cash flow used in financing activities, including interest or principal payments on financial debt, or other financing activities like share buybacks, cash dividends and any payment from transactions with non-controlling interests. Free Cash Flow is included in this presentation because it is a measure of GeoPark’s operating performance and its management believes that 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 GeoPark’s. Free Cash Flow should not be considered a substitute for financial information presented or prepared in accordance with IFRS. Free Cash Flow, as determined and measured by GeoPark, 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 ofsuch 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: ir@geo-park.com

James F. ParkChief Executive Officer

Andrés OcampoChief Financial Officer

Stacy SteimelShareholder Value Director

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