Q4 2023 GeoPark Ltd Earnings Call

Operator: Good morning and welcome to the GeoPark Limited conference call. Following the results, an announcement for the fourth quarter ended December 31st, 2023. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at this time, please press star 1 on your telephone keypad. If you would like to withdraw your question, please press star followed by 2.

Good morning, and welcome to the G. A pox limited conference call.

I mean, the results announced its fourth quarter ended December 31st 2023.

After the Speakers' remarks, a question and session.

If you would like to ask a question at this time. Please press star one on your telephone keypad.

If you would like a question. Please press star followed by two.

Operator: If you do not have a copy of the press release, it is available in the Invest With Us section on the company's corporate website at www.geopark.com. A replay of today's call may be accessed through this website in the Invest With Us section of the GeoPark corporate website. Before we continue, please note that certain statements contained in the results, press release, and on the conference call are forward-looking statements rather than historical facts and are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward-looking statements, the company seeks the protections afforded by the Private Securities Litigation Reform Act of 1995. These risks include a variety of factors, including competitive developments and risk factors listed from time to time in the company's FEC reports and public releases. Those lists are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward-looking statements, but are not intended to represent a complete list of the company's business.

If you do not have a copy of the press release. It is available at the Investor section on the company's corporate website at Www Dot J Park don't Cook.

Okay.

A replay of today's call maybe accessed through the website and invest with us section or the G. A pot corporate website.

Before we continue please note that certain statements contained in the results press release and on the corporate it's cool.

All forward looking statements rather than historical facts.

All are subject to risks and uncertainties.

That could cause actual results to differ materially from those described.

With respect to such forward looking statements. The company seeks protections afforded by the private Securities litigation reform of 1995.

These risks include a variety of factors, including competitive developments and risk factors listed from time to time in the company's SEC reports and public releases.

Those lists are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward looking statements.

Not intended to represent a complete list of.

The company's business.

Operator: All financial figures included here were prepared in accordance with the IFRS and stated in US dollars unless otherwise noted, with reserve figures corresponding to PRMS standards. On the call today from GeoPark is Andres Ocampo, Chief Executive Officer, Jamie Caballero, Chief Financial Officer, Augusto Zubillaga, Chief Technical Officer, Martin Terrado, Chief Operating Officer, James Deckelman, Chief Exploration Officer, and Stacey Stemel, Shareholder Value Director. Now I'll turn the call over to Mr. Andres Ocampo. Mr. Ocampo, you may begin.

All financial figures included included here.

And were prepared in accordance with Oh, Yes, I'll ask Adam stated it in the U S dollars unless otherwise noted.

Reserves figures correspond to PR and standards.

On the call today from D. A park is Andreas Ocampo, Chief Executive Officer.

Jamie Caballero, Chief Financial Officer of course, Cibola, Chief Technical Officer.

Martin <unk> Chief operating officer.

James Decrement, Chief Exploration Officer.

And Stacy steimel shareholder value director.

And now I'll turn the call over to Mr. Andreas a campaign, but I can't pay you may begin.

Andrs Ocampo: Good morning, and thank you for joining us on our fourth quarter and full year 2023 conference call. We have recently celebrated our 10-year anniversary of listing on the New York Stock Exchange, and we're thankful for the more than 2,000 shareholders and bondholders and the many others that have joined us on this journey and look forward to continuing to delivering results over the next 10 years. GeoPark had a strong finish in 2023, where operational results during the fourth quarter allowed us to recover volumes, replenish 2P reserves, and build a healthier balance sheet.

Good morning, and thank you for joining our fourth quarter and full year 2023 conference call.

We have recently celebrated our 10 year anniversary of listening on the New York Stock Exchange.

We're thankful for the more than 2000 shareholders and bondholders and the many others that have joined US in this journey and look forward to continuing delivering results over the next 10 years.

G O Park had a strong finish in 2023, where operational results during the fourth quarter allowed us to recover volumes replenish your reserves and built a healthier balance sheet.

Andrs Ocampo: We invested $200 million in capital expenditures during 2023 to drill 48 gross wells, resulting in a 2P reserve replacement ratio of 110%, and an average production annually of 36.5 thousand barrels of foil per day equivalent. Thanks to the restoration of production from the Indigo 6 and 7 wells in the CPO5 block in September, and boosted by the more than 5,500 new gross barrels added from our successful exploration drilling campaign, we were able to increase our fourth quarter production to an average of 38.4 thousand barrels of foil equivalent per day, which is 10% higher than the third quarter. For the full year 2023, GeoPark generated $452 million in adjusted EBITDA, down 16% compared to 2022, following lower prices and production.

We invested $200 million in capital expenditures during 2023 to drill 48 gross wells, resulting in a <unk> reserve replacement ratio of 110% and average production annually of $36 5000 barrels of oil per day equivalent thanks to the restoration of production from the a nickel.

<unk> hundred seven wells in the CPO five block in September and boosted by the more than 5500, new gross barrels added from our successful exploration drilling campaign, we were able to increase our fourth quarter production to an average of 38 4000 barrels of oil equivalent per day, which is 7% higher than the third.

Quarter.

For the full year, 2023, <unk> generated $452 million and adjusted EBITDA.

116% compared to 2022 following lower prices on production. These results also reflect lower operating and administrative costs lower hedge losses.

Andrs Ocampo: These results also reflect lower operating and administrative costs and lower hedge losses. Every dollar invested in our assets returned 2.3 times adjusted EBITDA, proving the quality of our asset base and consistent capital efficiency. We ended the year with a significant cash position of $133 million, further illustrating our financial quality.

Every dollar of invested on our assets returned two three times adjusted EBITDA proving the quality of our asset base and consistent capital efficiency.

We ended the year with a significant cash position of $133 million.

Further illustrating our financial liquidity, our net leverage of 0.8 times was well below our long term target of one to one five times adjusted EBITDA.

Andrs Ocampo: Our net leverage of 0.8 times was well below our long-term target of 1 to 1.5 times adjusted EBITDA, and we have no principal maturities due until 2027. We ended 2023 with a net income of $111 million, the equivalent of approximately $2 per share. Our financial performance allowed us to continue returning cash to our shareholders with a 13% capital return yield or a $61 million balance between buybacks and dividends. We continue to invest as one of our top priorities in our ESG plus, which we call speed initiatives and efforts with great results and recognition, mainly on carbon intensity as well as in governance. We were upgraded by MSCI to an AA rating, placing us in the ESG leader bracket for the first time. That is also a significant improvement over our initial single B rating back in 2018.

Have no principal maturities due until 2027.

We ended 2023 with a net income of $111 million the equivalent of approximately $2 per share.

Our financial performance allowed us to continue returning cash to our shareholders with a 13% capital return yield or a $61 million balance between buybacks and dividends.

We continue to invest as one of our top priorities in our ESG plus that we called speed initiatives and efforts with great results in recognition, mainly on carbon intensity as well as in governance.

We were upgraded by MSCI to a double a rating placing us in the ESG leader bracket for the first time.

That is also a significant improvement over our initial single B rating back in 2018. We have also recently embarked on that journey with the carbon disclosure project CDP climate change participating for the second year in a row on achieving an upgrade to be from <unk>.

Andrs Ocampo: We have also recently embarked on that journey with the carbon disclosure project, CDP, on climate change, participating for the second year in a row and achieving an upgrade to B from C. Internally, we completed a double materiality exercise to fine-tune our sustainability strategy and a thorough human rights risk impact assessment for our operations in Colombia. The action plans resulting from this proactive exercise will continue to make us a better company and a better partner for employees, neighbors, authorities, and investors. Looking ahead, at the end of last year and the beginning of this year, we had encouraging results in our CPO5 block with the Alcon 1 well and the Perico 1 well, both of which tested for oil, proving our team's thesis of a potential continuation of the Tigana-Hakana oil play into the northern part of the CPO5 block. These are long-awaited results, and we're excited and encouraged by these wells so far. We expect to continue appraising and de-risking this new plague going forward.

Internally, we completed a double materiality exercise to fine tune, our sustainability strategy and a thorough humor in brights risk impact assessment for our operations in Colombia. The action plans, resulting from these proactive exercise will continue to make us a better company and a better partner for employees neighbors.

Alrighty and investors.

Looking ahead at the end of last year and the beginning of this year, we had encouraging results in our CPO five block with the Alcorn, one well on the political one well, both which tested oil proving our team theses of a potential continuation of the danaher kind of oil play into the northern part of the CPO five block.

These were long awaited results and we're excited and encouraged by these wells so far.

We expect to continue operating on Derisking This new play going forward.

Andrs Ocampo: We are also having encouraging results in Ecuador, with oil production being tested at the Perico Norte 5 well, which means 4 out of 4 successful wells in this new use and play developed by our team. Same in the Llanos Exploration Area, where more wells and more production are expected to come from the four new discoveries of last year. In the core Janus 34 block, we continue with a horizontal drilling campaign, as well as expanding our water flooding project with more injector wells being added. As part of our disciplined capital allocation process, our own shares are currently offering a unique opportunity for repurchase, which is why we announced our intention to commence a modified Dutch auction tender to buy up to $50 million of GeoPark shares, following our view that the current market value of GeoPark does not properly reflect the intrinsic net value of our assets.

We're also having encouraging results in Ecuador with oil production being tested at very conservative five well, which means four out of four successful wells in these new use some play developed by our team.

The Genesis exploration acreage, where more wells and more production are expected to come from the four new discoveries of last year.

In the core genres 34 block, we continue with the horizontal drilling campaign as well as expanding our water flooding project with more injector wells being added.

As part of our disciplined capital allocation process. Our own shares are currently offer a unique opportunity for repurchase which is why we announced our intention to commence a modified Dutch auction tender to buy up to $50 million of Geo Park shares following our view that the current market value of Geoponic does not properly reflect the increasing value of our assets.

Andrs Ocampo: We also believe that the current market environment and financial health of the company provide ample headroom to execute this great investment while continuing to achieve our long-term goals. We continue to assess other opportunities to grow and improve our underlying business performance. Our goal is very simple: deliver more energy, more value, and more shared prosperity.

We also believe that the current market environment and financial health of the company provide ample headroom to execute this great investment while continuing to achieve our long term goals.

We continue to assess other opportunities to grow and improve our underlying business performance. Our goal is very simple deliver more energy more value and more share prosperity.

Operator: We're ready for and excited about our next 10 years on the New York Stock Exchange, and thank you for your support and trust during this journey. We look forward to reporting on our progress throughout the year and would be happy to answer any of your questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to remove your question, please press the star followed by two.

We're ready for and excited about our next 10 years on the newer stock exchange and thank you for your support and trust. During this journey, we look forward to reporting on our progress throughout the year and would be happy now to answer any of your questions.

Thank you if you would like to ask a question. Please press star followed by one on your telephone keypad. If you would like to remove your question. Please press star followed by Kate.

Operator: When preparing to ask your question, please ensure your phone is unmuted locally. And our first question goes to Stephane Foucaud of Octus Advisors. Stephane, please go ahead; your line is open. Morning gents, ladies and gentlemen, thank you for taking my question. I've got a few.

On the bank ask your question Peter <unk> from Deutsche Bank.

And our first question Stephanie scorecard.

<unk> advises Stephanie. Please go ahead your line is open.

Good morning, James and James for taking my question I've got a few.

Stephane Guy Patrick Foucaud: First, I think you touched base on the operation. I was wondering whether you could provide, maybe, some more color. We're expecting a few things in terms of news flow in Q1. I'm thinking about well test results at Alcon One, Zorzal ST2, and some results as well in Zoolinks. I was wondering whether in Ecuador there's been any update or anything worthwhile to share on those. Then on the horizontal well at Lianos 34, how are things at the moment? Is it tracking performance better than expected?

First I think he told you based around our operation I was wondering whether you could provide maybe some more color. We're speaking a few things in terms of news flow in Q1, I'm thinking about a well test results as Alcon one zone.

Or is that a stay too and some music is awaiting rulings I was wondering with quite up whether there's been any update or something worthwhile to share windows is then.

On the RV something well at <unk> 34.

It all seems at the moment.

Is it tracking performance by the unexpected beetle kill you as to whether you're giving is quite important for prediction and then to pop simple accounting question I saw in your town that there wasn't impairment I think 13, one $3 million I Wonder what is that maybe Chile, maybe not and there was also a write off of eight.

Stephane Guy Patrick Foucaud: I would also be curious to have a view of you given it's quite important for production. And then two perhaps simple accounting questions. I saw in the account that there was an impairment, I think of $13.13 million. I wonder what that is. Maybe Chile, maybe not.

Augusto Zubillaga: And there was also a write-off of $8 million for exploration. Also, I don't think there were any negative exploration results in Q4. So I was wondering what that was about. Thank you. Hi Stephane, this is Zubillaga.

For exploration also I don't think there was any.

Exploration they get to visit from Q4. So I was wondering what that was about thank you.

Okay.

Hi, Stefan <unk>. So are you going to think the refund.

Augusto Zubillaga: So I'm going to take the horizontal wells question. So, so, so far, we have already reached seven horizontal wells in channel 34, in the Mirador Formation in the Gigana Field. So Horizontal Webs represent more than 20% of the production of genome 35.

The wells.

Question so.

So so far we have already reached 79% with <unk> four.

In the <unk> formation and Nikki on appeal.

So what it turns out with represent more than 20% of the progression of general 34, So it's around 10500.

Augusto Zubillaga: So it's around 10,500 photovoltaic cells per day. Currently, we are reading the first horizontal wave in the Hakana field in the Mirador Formation. So looking forward, we will continue with the Horizontal Well Drilling Campaign, mainly in the Mirador Formation, and we also have a web plan in the Guadalupe Formation. So what lines are we reading between five and more?

Today.

Currently we are really in the first 40 tons out.

In the half and half.

Other formation.

So looking forward, we will continue and we did.

Well drilling campaign, mainly in the EMEA ever formation, and we also highlight with none in the world.

Formation.

So what we are reading in between five.

Two seven more wells.

Martin Terrado: And in parallel, we continue looking for ways to optimize drilling and completion costs. Since the first whale, we have improved breeding and completion times by 30%, and costs by 40. So, Stephane, good morning. This is Martin Terrado, and I'll take the question on Halcon and Torzales-T2, and then let Jaime go over the impairment question.

This year.

And in parallel we continue looking for ways to optimize drilling and completion costs.

Since the first well, we improved drilling and completion time by 30%.

And cost by 40%.

So Stefan good morning. This is Martin.

I'll take the question on or not going on in the trial if it to under let's kind of go over the impairment question.

Martin Terrado: So, for Halcon, basically, we're talking about CPO5. So, we have two wells, Halcon 1 and Perico 1. Halcon is right now producing about 120 barrels of oil per day with about 40% water cut. This well, compared to Perico, has lower production. And I'll share a little bit of what we're seeing. On the contrary, Perico is a much better well, producing 630 barrels of oil with less than 10% water cut. And when you look at the logs, Alcon has around 25 to 30. The defeat of NetPay vs. Perico was 10-0.

For Alcon basically you were talking about CPO five so we have two wells and corn one in particular, one and iconic right now producing about 120 barrels of oil per day with the above.

40% water cut these well compared to vehicle has lower production.

Feraheme.

We're seeing it.

In country, but it was a much better well producing 630 barrels of oil per day with less than 10% water cut.

When you look at the love iconic has around 25 to 30.

Eight of net pay versus pet equal 10 feet.

Martin Terrado: What happened in Alcón is that the well was drilled and completed, but the operator had about 30 days of delay to put the well in production. So, completion fluid was in the hole for about 30 days, and through Build Labs, we confirmed that the well was damaged. So although the production of the oil is not what we wanted and what we expected compared to the loss, we know the oil is there, and we're really encouraged. Furthermore, the rig that is drilling right now, Indico 3, probably has about 25 to 30 more days to go, and it will go back to this extension of Hakana and Tigana to drill the well Cisnes. So, we're very excited about those results, and Alconix has an operational setback that we're discussing with the operator. Concerning SORSAL, at SORSAL, the SORSAL-1 continues to be stable, about 660 barrels of oil per day, 4% water cut, and a beautiful API gravity at 33. And so that well is doing well. When we drilled SORSAL-2, we did hit a fault, and they were evaluating it because the productivity of that well is coming with a high water cut.

What has happened in <unk> is that the world was drill.

And completed but the operator had about 30 days of delay to put the one on production.

Completion fluid.

In the hole for about 30 days.

Through build absolutely confirm that there were less damage so although the production on the win.

Not what.

What we wanted and what we expected compared to the loss. We know the oil is there and they were really encouraged.

Furthermore, the rig that is drilling right now in the class III.

<unk> has about 25% to 30 more days to go and it will go back to lease extension of <unk> to drill the well seasoning. So we're very excited about those results.

Tony Cafe and operational setbacks that were discussing with the operator.

Concerning for Sun.

In store trial. This ourselves one continues to be stable.

660 barrels of oil per day, 4% water cut beautiful API gravity at 33, and so that one is doing good when we drill for phase two.

We did hit a fault on the web.

We're evaluating because the productivity of that well is coming in with high water cut.

Martin Terrado: And so we're looking at that one in particular. That said, again, on the Sorsal Discovery, we're looking at further appraisal later in the year, and potentially maybe even a world cover on the web, yes. Hi, this is Jaime.

So we're looking at that one in particular.

Thats it.

Again on the sort of sudden discovery, we're looking at further appraisal later in the year.

And potentially maybe even a little color on the wind yes.

Hi, This is jaime thanks for the question.

Jaime Caballero: Thanks for your question. I'm going to cover the two angles. The $13.3 million in permits that you saw is effectively associated with Chile, as you rightly hypothesized. It's basically the difference between the transaction that we did and what we had on the books at the time. The write-off that you're seeing in the fourth quarter is $8 million associated with a well in Danos 87, the Tororoi well. Those are the two points.

I'm going to I'm going to cover the two angles, the $13 3 million impairment.

You saw effectively he hesitated with Gilead, who as you rightly.

We had bought the site and its basically the difference between between the.

The transaction that we did and why we added the books at the time.

And write offs that youre seeing in the fourth quarter was $8 million is associated to a well in donald's 87 that are already well those are the two points. Thank you.

Jaime Caballero: Thank you. Great. Thanks a lot, guys. It was a world from last year that flowed non-commercial volumes. And so, you know, we took time to analyze and evaluate and then ended up deciding to plug and abandon the world.

Great that was all linked to those guys last year.

It was a well from last year that flow noncommercial volume.

And so we took time to analyze and evaluate and then ended up deciding to platinum on number one and that's why you see the write off now and not before.

Jaime Caballero: That's why you see the write-off now. Thanks a lot, guys. Much appreciated. Thank you. The next question goes to Roman Rossi of Canaccord. Roman, please go ahead. Your line is open. Good morning.

Thanks, a lot guys I appreciate it.

Thank you.

Yeah.

Thank you. The next question goes to Raymond <unk> of Canaccord. Raymond. Please go ahead. Your line is open.

Good morning.

Roman Rossi Lores: Thanks for taking my questions and congrats on this great quarter. So the first question is regarding crude oil differentials. You reported a lower local marker, this discount this quarter.

Thanks for taking my question and congrats on the great quarter. So the first question regarding our crude oil differential you reported that nowhere.

No Kevin Mark here.

These calendar quarter. So I just wanted to understand what are you expecting for 'twenty 'twenty four in that regard.

Roman Rossi Lores: So I just wanted to understand what you are expecting for 2024 in Abu Dhabi? Yeah. Hi Roman. This is Jaime.

I'm sorry.

Yeah, Hi, Robin this is timing and while we are seeing in terms of our differentials there.

Jaime Caballero: What we're seeing in terms of our differentials, they're actually pretty much stabilizing, I would say, around the 10-year averages. You know, Baskonia has been gravitating toward the four to six range. I think we closed the quarter at 4.9 at discount. Oriente is at 8.6 dollars per barrel, also kind of close to the 7.8 per barrel kind of average over the last ten years, so pretty stable. Overall, what I would say in terms of the market is it's been a positive market, you know, year to date. Headline brand price is around 81 bucks a barrel.

They are actually pretty much stabilizing would say around the 10 year averages.

<unk> has been granted trading in the four to six range I think we closed the quarter at four.

$4 nine at discount.

Orient <unk> eight $6 per barrel also kind of close to that.

Eight per barrel.

Average over the last 10 years, so pretty stable overall, what I would say in terms of the of the market. It's been a positive market you know a year to date, a headline Brent prices. It's around 81 Bucks a barrel a when you look at kind of <unk>.

Jaime Caballero: When you look at kind of general trends and directions, what we're seeing is that supply and demand are both growing at a pace, so it provides for a good market environment for what's occurring now. That's generally what we're seeing. Thank you, Roman. Great, great. And the second question is, Harry, about the Looch offer you just announced.

General trends on directions, while we are seeing the effect.

A.

Fly and benign are both growing our base.

So it provides for a good market environment for whats occurring now.

That's really what we're seeing.

Thank you Robyn.

Great Great and the second question is regarding the neutral for your chest analysis.

Roman Rossi Lores: Are you expecting to initiate and complete during the first quarter of 2024, or are you assuming that you will have some updates during the second quarter of the year? Yes, thank you. Thank you, Roman, for that.

Are you expecting to initiate and complete them in a first quarter, that's going to any core or are you assuming that you will have some.

During the second quarter.

Yes. Thank you. Thank you Ron amount on that.

Jaime Caballero: You know, the doge auction. I think the overall context was provided by Andres in his opening remarks. In terms of the execution, what we're seeing is that this should likely occur. We're going to initiate it in the next few weeks. I think there's some time dependencies around that.

The Dutch auction in I think the overall context of what's provided by.

<unk> in his opening remarks in terms of the execution while.

While we are seeing is that this should likely occur.

We're going to initiate in the next few weeks.

There is some time dependencies around that.

Jaime Caballero: We need to have that open for a 20-day business day period. So that probably means that the execution of the doge auction is going to be completed around mid-April, mid to late April. That's what we would expect.

We need to have that open for our 20 day, a business day period, so that probably means that the execution of the Dutch auction is gonna be.

<unk> completed.

Mid April mid to late April that's what we would expect so so that's the timeframe that we're operating with at the time.

Jaime Caballero: So that's the timeframe that we're operating with at the time. Thank you. Okay, awesome.

Thank you.

Roman Rossi Lores: Thanks. Thank you. We have a question from the webcast from Daniel Guardiola at BTG Patchel.

Okay awesome. Thank you.

Okay.

Thank you we have a question from the webcast from Daniel Guardiola BTG Pactual.

Daniel Guardiola: Good morning, Andreas and team. Two quick questions from my end. Can you share with us what the declining rate of LLA-24 is and how you foresee CPO5 evolving? Thank you. Good morning, Daniel. This is Martin Terrado again.

Good morning, Andreas and payment two quick questions from my end can you share with US what is the declining right.

All 24, and how do you foresee CPI five evolving thank you.

Good morning, Diane This is Martin Dorado again.

Martin Terrado: If we talk about Shannos 34 and the decline for 2024, we basically see flat production on that field. The base production declines around 20 to 25%, but with the activity that we've got going on with two rigs, drilling horizontal wells, injector wells, and some vertical wells, plus some conversions on water injection, our view is that we're going to stay flat throughout the year for Shannos 34. Talking about CPO5, we're excited about the well that is coming. Indico 3 is a development well, the last development well of the Indico. Indico continues to be very flat, and good production.

If we talk about channels 34 under decline for 2020 before we basically see flat production on that field.

Base production declines around 20% to 25%, but with the activity that we've got going on with two rigs drilling horizontal wells <unk> wells and some vertical wells.

Class a some conversions on water injection. Our view is that we're gonna stay flat throughout the year for shadow of 34.

And Youre talking about <unk>.

And we're excited about the work that is coming in the class III and you say well that is the.

The development well the last development well of the equal Indigo continues to be very flat and good production on the wells are flowing naturally around 23000 barrels gross so in these well we expect order of magnitude something similar to the previous well and.

Martin Terrado: All the wells are flowing naturally, around 23,000 barrels gross. So in this well, we expect an order of magnitude something similar to the previous well. So that's the short term that we got. The rig will continue throughout the year. So, as we mentioned in the previous question, from the well Indico III, we're going to go back to the Alcon, Perico area, and Ro del Cisne. And then after that, we will drill an exploration well called LARC.

So that's.

Yeah.

The short term that we got the rig will continue throughout the year. So as we mentioned on the previous question.

<unk> in the country, we're going to go back to the Alcon medical area Andrew seasoning.

And then after that we will drill an exploration well called <unk>.

Martin Terrado: Following some additional appraisals in Cante Flamenco, and then based on the results, we continue to have some additional drilling in the continuation of Hacana Tiganas. Great, thank you. We have a couple more questions from Daniel. Are you actively looking at the assets that Exxon is disposing of in Vaca Muerta in Argentina? The next question, can you confirm what the expected capital return yield for 2024 is combining dividends, the regular buyback, and the extraordinary buyback of US $50 million? Thank you. Thank you, Daniel. Yes, I mean, as you know, we have an active portfolio of opportunities that we're looking at throughout Latin America. Vaca Muerta is probably the most, or one of the most attractive onshore oil plays in the region, although one of the most underdeveloped ones.

Followed by some additional appraisals in country flamenco and then based on the results that we continue to have some additional drilling in the continuation of I cannot be Ghana.

Great. Thank you we have a couple more questions from Daniel.

Are you at today looking at the assets that Exxon anticipating and if that's at lower cost in Argentina.

Next question <unk>, what is the expected capital, which had yield for 2020 for combining dividends regular buyback any extraordinary buyback of U S $50 million. Thank you.

Okay.

Thank you Danielle.

Yes, I mean as you know we are on.

Active.

Our portfolio of opportunities that we're looking at throughout Latin America.

<unk>.

Probably the most or one of the most attractive onshore oil plays in the region.

One of the most under developed one.

So obviously looking at opportunities in a place like that.

Andrs Ocampo: So, obviously, I'm looking at opportunities in a place like that. And, yes, that's one of them. So it sounds like an interesting opportunity for a company like that. Daniel, and with regard to yield, currently, given our dividend, our expected dividend distribution, we're talking about a yield that's around 7% when you consider the continuity of that through the course of the year, and buybacks, you know, the Dodge auction that we recently announced, and obviously subject to stock performance throughout the year. What we would be anticipating is a yield that may end That's what we would expect, obviously, contingent on stock price performance throughout the year and how these buybacks perform.

It is important for us and we're actively looking at ideas there.

Yes, that's one of them.

So it sounds like that.

That got interesting opportunity.

For a company like us.

Diana.

Regards to yield.

Currently given our our dividend are expected dividend distributions, we're talking about a yield that's around 7% when you consider the continuity of that through the course of the year.

And on buybacks the Dodge auction that we recently announced and obviously subject to stock performance throughout the year, where we would be anticipating as a yield that may end up being in the 13% to 15% type range. That's what we would expect obviously contingent on stock price performance throughout.

The year on how these buybacks perform.

Okay.

Jaime Caballero: Thank you, and as a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. We'll pause your gift for a moment. It appears we have no further questions. I'll now hand it back to Andreas for any closing comments. Thank you everybody for your interest in GeoPark and your support. We're always here to answer any questions you may have, so please feel free to reach out, and we encourage you to visit our field and our operations or call us anytime for further information. Thank you, and have a good day. Thank you; this now concludes today's call. Thank you all for joining; you may now disconnect your lines. www.mytrendyphone.co.uk

Yes.

Thank you and as a reminder, if you would like to ask a question. Please press star followed by one don't know telephone keypad as opposed to just a moment.

We have no further questions I'll now hand back to Andreas for any closing comments.

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Thank you. This now concludes today's call. Thank you all for joining you may now disconnect your lines.

Yeah.

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