GeoPark Ltd. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

Ticker: GPRK · Form: 20-F · Filed: Mar 28, 2024 · CIK: 1464591

Sentiment: neutral

Topics: GeoPark, 20-F, Annual Report, Oil and Gas, Financials

TL;DR

<b>GeoPark Ltd. has submitted its 2023 annual report on Form 20-F, detailing financial performance and asset information.</b>

AI Summary

GeoPark Ltd (GPRK) filed a Foreign Annual Report (20-F) with the SEC on March 28, 2024. GeoPark Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the company's financial performance and operational activities. Key financial data and disclosures are provided for the fiscal year 2023. The report includes information on assets, including oil and gas assets, exploration and evaluation assets, and construction in progress. Depreciation, amortization, and impairment figures are also detailed for various asset categories.

Why It Matters

For investors and stakeholders tracking GeoPark Ltd, this filing contains several important signals. This 20-F filing provides investors with a comprehensive overview of GeoPark's financial health and operational status for the 2023 fiscal year, crucial for investment decisions. The detailed breakdown of assets and accumulated depreciation offers insight into the company's capital expenditures and asset management strategies in the oil and gas sector.

Risk Assessment

Risk Level: medium — GeoPark Ltd shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by the detailed asset and financial disclosures in the 20-F.

Analyst Insight

Investors should review the detailed asset and financial disclosures in the 2023 20-F to assess GeoPark's performance and future prospects in the energy sector.

Key Numbers

Key Players & Entities

FAQ

When did GeoPark Ltd file this 20-F?

GeoPark Ltd filed this Foreign Annual Report (20-F) with the SEC on March 28, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by GeoPark Ltd (GPRK).

Where can I read the original 20-F filing from GeoPark Ltd?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by GeoPark Ltd.

What are the key takeaways from GeoPark Ltd's 20-F?

GeoPark Ltd filed this 20-F on March 28, 2024. Key takeaways: GeoPark Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023.. The filing covers the company's financial performance and operational activities.. Key financial data and disclosures are provided for the fiscal year 2023..

Is GeoPark Ltd a risky investment based on this filing?

Based on this 20-F, GeoPark Ltd presents a moderate-risk profile. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by the detailed asset and financial disclosures in the 20-F.

What should investors do after reading GeoPark Ltd's 20-F?

Investors should review the detailed asset and financial disclosures in the 2023 20-F to assess GeoPark's performance and future prospects in the energy sector. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Glossary

20-F
An annual report required for foreign private issuers with securities traded on U.S. stock exchanges. (Provides a comprehensive overview of the company's business, financial condition, and management.)
Crude Petroleum & Natural Gas
Industry classification for companies involved in the extraction of crude petroleum and natural gas. (Indicates GeoPark's primary business sector and associated market risks.)

Filing Stats: 4,527 words · 18 min read · ~15 pages · Grade level 12.8 · Accepted 2024-03-27 20:25:30

Key Financial Figures

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Table of Contents GEOPARK LIMITED TABLE OF CONTENTS Page Glossary of oil and natural gas terms iii PRESENTATION OF FINANCIAL AND OTHER INFORMATION vii

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS x PART I 1

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 A. Directors and senior management 1 B. Advisers 1 C. Auditors 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 A. Offer statistics 1 B. Method and expected timetable 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 1 A. Reserved 1 B. Capitalization and indebtedness 1 C. Reasons for the offer and use of proceeds 1 D.

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 34 A. History and development of the company 34 B. Business Overview 37 C. Organizational structure 88 D. Property, plant and equipment 88

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 88

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 88 A. Operating results 88 B. Liquidity and capital resources 101 C. Research and development, patents and licenses, etc. 105 D. Trend information 105 E. Critical accounting policies and estimates 105

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 108 A. Directors and executive officers 108 B. Compensation 112 C. Board practices 116 D. Employees 118 E. Share ownership 119 F. Disclosure of a registrants action to recover erroneously awarded compensation 119

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 120 A. Major shareholders 120 B. Related party transactions 120 C. Interests of Experts and Counsel 121

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 121 A. Consolidated statements and other financial information 121 B. Significant changes 122

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 122 A. Offering and listing details 122 B. Plan of distribution 122 C. Markets 122 D. Selling shareholders 122 E.

Dilution

Dilution 122 i Table of Contents F. Expenses of the issue 122

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 122 A. Share capital 122 B. Memorandum of association and bye-laws 122 Enforcement of Judgments 130 C. Material contracts 131 D. Exchange controls 131 E. Taxation 131 F. Dividends and paying agents 135 G. 135 H. Documents on display 135 I. Subsidiary information 135

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 135

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 135 A. Debt securities 135 B. Warrants and rights 135 C. Other securities 136 D. American Depositary Shares 136 PART II 136

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 136 A. Defaults 136 B. Arrears and delinquencies 136

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 136

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 136 A. Disclosure Controls and Procedures 136 B. Management's Annual Report on Internal Control over Financial Reporting 136 C. Attestation Report of the Registered Public Accounting Firm 138 D. Changes in Internal Control over Financial Reporting 138

RESERVED

ITEM 16. RESERVED 138

Audit committee financial expert

ITEM 16A. Audit committee financial expert 138

Code of Conduct

ITEM 16B. Code of Conduct 138

Principal Accountant Fees and Services

ITEM 16C. Principal Accountant Fees and Services 138

Exemptions from the listing standards for audit committees

ITEM 16D. Exemptions from the listing standards for audit committees 139

Purchases of equity securities by the issuer and affiliated purchasers

ITEM 16E. Purchases of equity securities by the issuer and affiliated purchasers. 139

Change in registrant's certifying accountant

ITEM 16F. Change in registrant's certifying accountant 140

Corporate governance

ITEM 16G. Corporate governance 141

Mine safety disclosure

ITEM 16H. Mine safety disclosure 142

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 142

Insider trading policies

ITEM 16J. Insider trading policies 142

Cybersecurity

ITEM 16K. Cybersecurity 142 PART III 144

Financial statements

ITEM 17. Financial statements 144

Financial statements

ITEM 18. Financial statements 144

Exhibits

ITEM 19. Exhibits 144 Index to Consolidated Financial Statements F-1 ii Table of Contents GLOSSARY OF OIL AND NATURAL GAS TERMS The terms defined in this section are used throughout this annual report: "appraisal well" means a well drilled to further confirm and evaluate the presence of hydrocarbons in a reservoir that has been discovered. "API" means the American Petroleum Institute's inverted scale for denoting the "light" or "heaviness" of crude oils and other liquid hydrocarbons. "bbl" means one stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate or natural gas liquids. "bcf" means one billion cubic feet of natural gas. "bcm" means billion cubic meters. "boe" means barrels of oil equivalent, with 6,000 cubic feet of natural gas being equivalent to one barrel of oil. "boepd" means barrels of oil equivalent per day. "bopd" means barrels of oil per day. "British thermal unit" or "btu" means the heat required to raise the temperature of a one-pound mass of water from 58.5 to 59.5 degrees Fahrenheit. "basin" means a large natural depression on the earth's surface in which sediments generally brought by water accumulate. "completion" means the process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency. "developed acreage" means the number of acres that are allocated or assignable to productive wells or wells capable of production. "developed reserves" are expected quantities to be recovered from existing wells and facilities. Reserves are considered developed only after the necessary equipment has been installed or when the costs to do so are relatively minor compared to the cost of a well. Where required facilities become unavailable, it may be necessary to reclassify developed reserves as undeveloped. "development well" means a well drilled

Financial statements

Financial statements Our historical financial data presented does not include any results or other financial information of any acquisitions, prior to their incorporation into our financial statements. Our consolidated financial statements This annual report includes our audited consolidated financial statements as of December 31, 2023 and 2022 and for each of the years ended December 31, 2023, 2022 and 2021 (hereinafter "Consolidated Financial Statements"). Our Consolidated Financial Statements are presented in US$ and have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). Our Consolidated Financial Statements for the year ended December 31, 2023, have been audited by Ernst & Young Audit S.A.S. (member of Ernst & Young Global Limited), an independent registered public accounting firm, as stated in their reports included elsewhere in this annual report. Our fiscal year ends December 31. References in this annual report to a fiscal year, such as "fiscal year 2023," relate to our fiscal year ended on December 31 of that calendar year. Non IFRS financial measures Adjusted EBITDA Adjusted EBITDA is a supplemental non-IFRS financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, to assess the performance of our Company and the operating segments. We define Adjusted EBITDA as profit (loss) for the period (determined as if IFRS 16 Leases has not been adopted), 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, geological and geophysical expenses allocated to capitalized projects, and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash fl

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this annual report can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "will," "estimate" and "potential," among others. Forward-looking statements appear in a number of places in this annual report and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section "Item 3. Key Information—D. Risk factors" in this annual report. These risks and uncertainties include factors relating to: the volatility of oil and natural gas prices; operating risks, including equipment failures and the amounts and timing of revenues and expenses; termination of

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