Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

<ul>
<li>The key takeaway from the 4Q23 results press release is the announcement of a modified Dutch auction tender offer to purchase up to US$50 mm of GeoPark shares at a price of US$9-10 per share.</li>
<li>This represents ~10% of the current market cap of the company.</li>
<li>The tender price range represents a premium of 8-20% to the prior day close.</li>
</ul>


The key takeaway from the 4Q23 results press release is the announcement of a modified Dutch auction tender offer to purchase up to US$50 mm of GeoPark shares at a price of US$9-10 per share.
This represents ~10% of the current market cap of the company.
The tender price range represents a premium of 8-20% to the prior day close.


GeoPark Limited (NYSE: GPRK): Dutch auction for 10% of the market cap at significant premium to the share price

<ul>
<li>2P YE23 reserves were estimated at 115.1 mmboe.</li>
<li>Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22.</li>
<li>During 2023, GeoPark has added ~14 mmboe of 2P reserves.</li>
</ul>


2P YE23 reserves were estimated at 115.1 mmboe.
Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22.
During 2023, GeoPark has added ~14 mmboe of 2P reserves.


GeoPark Limited (NYSE: GPRK): 110% Reserve Replacement Ratio in 2023

<ul>
<li>The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.</li>
<li>The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut.</li>
<li>This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects.</li>
</ul>


The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.
The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut.
This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects.


GeoPark Limited (NYSE: GPRK): Further exploration success in Colombia

<ul>
<li>The Bisbita Centro-1 well (Llanos-123) encountered hydrocarbons in the Guadalupe formation.</li>
<li>At Llanos-87, the Zorzal Este exploration well that encountered 40 feet of pay in the Guadalupe is currently producing ~660 bbl/d of 33 degrees API oil with a water cut of less than 1%.</li>
<li>Overall the FY23 exploration programme has added 5.5 mbbl/d gross production, including 3,200 bbl/d at Llanos-123 and Llanos-87 blocks and 2,300 bbl/d at Perico in Ecuador.</li>
</ul>


The Bisbita Centro-1 well (Llanos-123) encountered hydrocarbons in the Guadalupe formation.
At Llanos-87, the Zorzal Este exploration well that encountered 40 feet of pay in the Guadalupe is currently producing ~660 bbl/d of 33 degrees API oil with a water cut of less than 1%.
Overall the FY23 exploration programme has added 5.5 mbbl/d gross production, including 3,200 bbl/d at Llanos-123 and Llanos-87 blocks and 2,300 bbl/d at Perico in Ecuador.


GeoPark Limited (NYSE: GPRK): Further Positive Exploration Results

<ul><li>• Current production stands at ~39 mboe/d including 7.1 mbbl/d at CPO-5 and 24.4 mboe/d at Llanos-34. • Following the recent exploration success at Toritos-1 and Saltador-1, Llanos-123 is now producing 2,140 bbl/d (1,070 bbl/d net to GeoPark).</li><li>The company is now drilling the Bisbita Centro exploration well that could add further production at the block if successful.</li></ul>

• Current production stands at ~39 mboe/d including 7.1 mbbl/d at CPO-5 and 24.4 mboe/d at Llanos-34. • Following the recent exploration success at Toritos-1 and Saltador-1, Llanos-123 is now producing 2,140 bbl/d (1,070 bbl/d net to GeoPark).The company is now drilling the Bisbita Centro exploration well that could add further production at the block if successful.

GeoPark Limited (NYSE: GPRK): 39 mboe/d current production. All eyes on Halcon-1

Colombia

Geopark Limited is an oil and gas exploration and production company. The Company has operating and production properties in Chile, Colombia, Brazil and Argentina.

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Geopark Ltd (GPRK US)

GeoPark Limited (NYSE: GPRK): 110% Reserve Replacement Ratio in 2023

2P YE23 reserves were estimated at 115.1 mmboe. Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22.

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Further exploration success in Colombia

The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Further Positive Exploration Results

Overall the FY23 exploration programme has added 5.5 mbbl/d gross production, including 3,200 bbl/d at Llanos-123 and Llanos-87 blocks and 2,300...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): 39 mboe/d current production. All eyes on Halcon-1

• Current production stands at ~39 mboe/d including 7.1 mbbl/d at CPO-5 and 24.4 mboe/d at Llanos-34. • Following the recent exploration success...

Auctus Advisors

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GeoPark Limited (NYSE: GPRK): Dutch auction for 10% of the market cap at significant premium to the share price

The key takeaway from the 4Q23 results press release is the announcement of a modified Dutch auction tender offer to purchase up to US$50 mm of...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): 110% Reserve Replacement Ratio in 2023

2P YE23 reserves were estimated at 115.1 mmboe. Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22.

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Further exploration success in Colombia

The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Further Positive Exploration Results

Overall the FY23 exploration programme has added 5.5 mbbl/d gross production, including 3,200 bbl/d at Llanos-123 and Llanos-87 blocks and 2,300...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): 39 mboe/d current production. All eyes on Halcon-1

• Current production stands at ~39 mboe/d including 7.1 mbbl/d at CPO-5 and 24.4 mboe/d at Llanos-34. • Following the recent exploration success...

Auctus Advisors