GeoPark Limited (NYSE: GPRK), a renowned Latin American oil and gas explorer, operator, and consolidator, recently disclosed its independent oil and gas reserves evaluation for the year ending December 31, 2023. Certified by DeGolyer and MacNaughton Corp. (D&M) using PRMS methodology, these assessments reveal an impressive 110% replacement ratio for 2P reserves. This achievement solidifies GeoPark’s position as a leading player in the industry, demonstrating its continued commitment to sustainable growth.
Reserve Evaluation and Validation:GeoPark’s independent reserves assessment, conducted by D&M, is a comprehensive evaluation of the Company’s oil and gas reserves. Based on the PRMS methodology, this assessment provides shareholders and stakeholders with a reliable estimate of GeoPark’s hydrocarbon reserves at a given point in time.
Impressive 2P Reserve Replacement:GeoPark’s 2P reserve replacement stands at an impressive 110%, which highlights the Company’s success in replenishing its reserves. This achievement reflects GeoPark’s commitment to disciplined exploration and production activities, effectively offsetting production declines and ensuring the long-term sustainability of its operations.
Methodology and Reporting Standards:The reserves assessment follows the internationally recognized PRMS (Petroleum Resources Management System) methodology. PRMS ensures consistency, transparency, and accuracy in evaluating oil and gas reserves. By adhering to these industry-leading standards, GeoPark provides investors and stakeholders with reliable and comparable information on its reserves.
Sustained Growth and Industry Impact:GeoPark’s strong reserve replacement ratio significantly contributes to its sustainable growth strategy. Achieving such a remarkable ratio underscores the Company’s ability to identify and exploit new reserves while effectively managing its existing assets. This success has a positive impact on GeoPark’s operational capabilities and strengthens its position in the Latin American oil and gas market.
Conclusion:GeoPark’s recently announced independent reserves assessment, certified by D&M, showcases the Company’s exemplary performance in achieving a 110% 2P reserve replacement ratio. This accomplishment is a testament to GeoPark’s steadfast commitment to sustainable growth and demonstrates its sound exploration and production strategies. By adhering to internationally recognized reporting standards, GeoPark provides clear and transparent information to investors and stakeholders. With such impressive results, GeoPark solidifies its standing as a leading independent oil and gas company in Latin America.
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