Good morning, and welcome to the GeoPark Limited Conference Call following the results announcements for the Fourth Quarter ended December 31, 2021. After the speakers' remarks, there will be a question-and-answer session. If you do not have a copy of the press release, it is available at the Investor Support section on the company's corporate website at www.geo-park.com. A replay of today's call may be accessed through this webcast in the Investor Support section of the GeoPark corporate website. Before we continue, please note that certain statements contained in the results press release and on this conference call are forward-looking statements, rather than historical facts, and 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 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 SEC reports and public releases. Those lists are intended to identify principal factors that could cause actual results to differ materially from those described in the forward-looking statements, but are not intended to represent the complete list of the Company's businesses. All financial figures included herein were prepared in accordance with IFRS and are stated in U.S. dollars, unless otherwise noted. Reserves correspond to PRMS standards. On the call today from GeoPark is James Park, Chief Executive Officer, Augusto Zubillaga, Chief Operating Officer, Andrés Ocampo, Chief Financial Officer, Martin Terrado, Director of Operations, Veronica Davila, Commercial Director, and Stacy Steimel, Shareholder Value Director. And now I will turn the call over to Mr. James Park. Mr. Park, you may begin.

Thank you. And welcome, everyone. We're joining you this morning with our executive team in Bogota, Colombia, to report on our achievements and financial results during the last quarter and for the full-year 2021. As always, we want to begin by thanking all the hard-working women and men of GeoPark for delivering another successful year. Personally, I want to emphasize my admiration and gratitude for this unique team of people as I begin to transition out of my role as CEO. I'm very pleased to announce that this gentleman beside me, Andrés Ocampo, will become the new CEO of GeoPark. This decision is the result of a thoughtful and long-planned succession process. It is a natural and healthy progression, and change has been a continuous positive characteristic of GeoPark's history since our founding 20 years ago. It is also the right time to make this change with GeoPark stronger than ever and with so many incredible opportunities in front of us and a leadership team ready to take over. Andrés has been a key member of our executive team for more than a decade. Most of you know Andrés and share my confidence that he is the right leader to take over as CEO. He has the character, vision, and knowledge of the business to continue executing on our proven business strategy and guide GeoPark through our next promising chapter of growth and success. Andrés will be well supported by our colleagues on the executive team with backing from our exceptional technical and operations professionals. This is a proven team that has worked successfully together for over 10 years. Our Commercial Director, Veronica Davila, will now step up into the role of CFO, showing, again, the depth and strength of GeoPark's bench. Reflecting briefly not only on 2021 but also on the past couple of extraordinary years for the world and for GeoPark, we have seen an unprecedented global pandemic followed by a year of resistance and frustration in Colombia and across Latin America. These events challenged GeoPark in new ways, but as always, our team rose to the occasion. We pushed ourselves to perform and capture opportunities and completed the largest acquisition in our history and a massive acreage expansion. 2021 delivered excellent results with power forecast generation from our core low-cost asset base. Five key 2021 highlights. First, what we do best—discovering and producing oil and gas. We drilled 32 wells in the year and learned more to extend the Tigui and Jacana fields in our Llanos 34 block. Second, our oil and gas production and the recovery in oil prices produced a top-line revenue increase of 90% to almost $700 million and a strong bottom-line profit of $61 million for the year. Third, our drive to continuously improve capital and operating cost efficiencies allowed us to reduce structural costs by 16%. Our capital expenditures of $129 million generated an EBITDA of 2.3x that amount. Fourth, with our big cash generation, we were able to pay down over $100 million in debt and improve our balance sheet with more deleveraging in the works. Our net debt to EBITDA ratio closed the year under 2x, moving us towards our target range of 1x to 1.5x which we expect to hit this year. Fifth, we continue to return tangible value back to our shareholders by improving the underlying value of our company, buying back GeoPark shares, and doubling cash dividends for the second time in less than a year. Our momentum is building with our big 2022 work program already underway and yielding good results. This is the most impressive drilling program in our history, spending between $160 million and $180 million to drill 40 to 48 wells, with almost half of those being exploration wells. Ten rigs are currently working in four basins, and we have already drilled 10 successful wells, including a new discovery in Ecuador and put on production another prolific 4,000-plus barrel-per-day well in the CPO 5 Block in Colombia. We expect some more results soon from new wells being completed. At $80 to $85 Brent, and not including any expected exploration discoveries, this program will generate more than $200 million in free cash flow, a 25% to 30% free cash flow yield. Of course, prices are even higher now, providing an even stronger wind at our back. As always, the foundation for GeoPark's performance is our in-house integrated value system we call speed or ESG+. Our speed initiatives continue to advance. The electrification project is 51% complete, and the solar plant is now 80% complete. Both projects are key components of the plan announced last November, which can greatly move GeoPark on its path to lower carbon emissions. Before going to questions, I wish to thank our shareholders for your trust and the opportunity to work for you all these years. I look forward to continuing to serve as Vice Chair of the Board and mentor to the team, and I am committed to remaining one of the largest shareholders of the company. As a shareholder, I am very excited about this transition and believe that GeoPark's best days are ahead of us. Thank you, and we will be pleased to answer any questions you may have.

Thank you. Our first question comes from Alejandro Demichelis from Nau Securities. Alejandro, please go ahead.

Yes. Good morning. Congratulations, Andrés and Veronica on the appointments. A couple of questions, if I may, please? First, on the transition and the new chapter for GeoPark, how are you thinking about the company going forward in terms of the opportunities that you have, in terms of the growth, in terms of balancing that cash flow generation with the opportunities that you have, and also the focus of the company going forward in terms of the field to be by the end of the year, please?

Okay. Hi, good morning. I feel that one of the elements of this transition is that I've been with GeoPark for 12 years. For five years, the rest of the executive team is continuing to work on the duration of some things, but really focusing on what we have been doing. Obviously under James' leadership, we have the bar set very high for the company. Our plan is really to continue on the strategy. We aspire to be one of the leading independents in Latin America. We emphasize the Latin American aspect more concentrated on the part of our challenges and continue to work on that.

We want to be the lowest cost and safest operators. We want to be producing the cleanest hydrocarbons, and continue delivering consistent free cash flow and value to our shareholders and stakeholders, all embedded in one of the best, or what we call our secret weapon, which is our unique culture—the group that basically keeps us all united together as a team. That's pretty much what we see going forward, really emphasizing continuity. We think the timing is perfect. For 2022 and the next years, we have the most ambitious work program ahead of us. We have tailwinds with higher prices right now, so we have significant cash flow to fund all of the things that we want to do and more. And then on the CPO part, I'll let my colleagues answer your question.

Sure, I'll do that. Good morning, Alejandro. CPO 5, we continue to be very excited. If we recall when we acquired it, the field was producing around 8,000 barrels gross, that's 2,400 barrels net. We have doubled that production. Right now we're producing around 17,000 barrels gross, that's about 5,000 net to us. We had a very good result from the Indico 4 well that continues to produce flowing naturally with no water, and like Jim said, around 4,000 barrels of oil per day. Right now, the rig is finishing the drilling of Indico 5, which is another development well. We expect to continue increasing production, finishing the year probably with a 20% to 40% increased production. On top of that, we have the opportunities of exploration wells. As soon as we finish drilling Indico 5, we're moving into our first exploration well for the year, which is in the northwest of the field, pretty close to our Jacana Tigana field, and that rig will stay with us all year long. So we continue to be very excited about CPO 5's future.

Thank you.

The next question comes from Stephane Foucaud, from Auctus Advisors. Please go ahead.

Morning, guys. A few questions for me. The first one is, what's the current overall production in Colombia as we talk about CPO-5, but what about the rest? And then I think there's probably touching on exploration. What does the scheduling really look like? So, we have the first one, Callaway, after CPO-5? What should we do next for high-impact exploration in 2022? Lastly, could you give a word around Ecuador and how you see the ways to accelerate the developments for GENCO IA and if you see production from the well? Thank you.

Certainly, Stephane. Good morning to you. In answering your questions in order, concerning traction in Colombia, right now, we're above 34,000 barrels of oil per day compared to where we finished the year. That's about a 3% to 5% increase. We talked about CPO-5. In Platanillo, we had successful drilling, and the production has increased in that field. Internally, we have maintained the production, and we have some wells that we're about to complete. So that’s the status of where we are today on production. As we look at the high-impact wells that will be drilled, CPO-5 will be followed by Urak and Flamenco. We have more exploration wells to drill. Now, one of the strategies that we're following is that each of those locations for exploration wells have more than one cellar to drill a well. So if we're successful in the exploration well, we can immediately agree with our partner to drill an appraisal well and continue understanding that discovery. If we move out of CPO-5, in Channels 87, we’re finishing all the perforation and will spud the first well in the second half of the year. In Channels 94, we will spud the first well in the second quarter of this year. We had a very successful Jandaya Well in Oriente. We're currently doing the completion of the Tui Well, so more to come on that. In the block we operate, called Espejo, we started seismic and are on plan to start drilling the first well in the second half of the year as well. As you can hear, we are very excited. The team is focused on executing and drilling these high-impact wells. Finally, regarding Ecuador, we are discussing with our partner to accelerate the campaign by bringing a second rig to CPO-5 in the second half of the year.

Thank you very much.

Thank you, Stephane.

We now have a few webcast questions from Daniel Guardiola from BTG Pactual. Daniel's first question is, good morning. Can you provide more details on the reasons behind the increased operating costs, royalties, and buybacks and what are your expectations for 2022?

Thank you, Daniel. If you look quarterly, first to your OpEx question. The increase in OpEx in the fourth quarter was due to an inventory build in Platanillo that sometimes occurs as we sell crude. The way we sell the crude there, from time to time we build inventories, and from time to time we reduce inventories. We ship through the pipeline, and until we fill the tankers, we don’t sell. So, from quarter to quarter, sometimes that inventory builds and reduces. If you look at our OpEx in Colombia, in the first quarter it was $7.4, in the second quarter it was $7.3, more or less flat. It went down to $5 in the third quarter, and then it went up to almost $8 in the fourth quarter. The average of the year was slightly less than $7, at $6.8 OpEx in Colombia. Overall company OpEx for the year was about $8. We are estimating an overall OpEx increase of about 5% to less than 10%. So from $8 per BOE this year, we're estimating something like $8.5 to $9 for 2022. This is built into our guidance already. The fourth-quarter and third-quarter were more of a one-off event, but you can take the fourth-quarter as the highest range of OpEx we are seeing for next year basically.

Thank you. Daniel's next question is, are you considering modifying your hedging strategy? Assuming oil prices remained stable, what would be the expected realized losses related to the hedging strategy?

Okay. And sorry, I missed answering the second part of your first question about royalties. The schemes of royalties in most of the countries in the region—such as Colombia and Ecuador—increase with oil prices. So, with higher oil prices, we get higher royalties. To give a reference, at $60 Brent, our royalties per barrel are approximately $8 to $10. At a $100 per barrel, our royalties are approximately $19 to $21 per barrel, so that's more or less the order of magnitude. As a percentage of price, at $60 Brent, those royalties are about 13% to 17% of our price. At $100, the royalties are about 20% of the price. Regarding hedges, with this spike, oil companies are hurting from the hedges. We are not the exception; we are experiencing losses and are not perceiving the full upside of this sudden spike. We believe in a disciplined long-term strategy. Obviously, we will review and monitor our hedges continuously and adapt our strategy as necessary. We believe that when oil prices are high, it is one of the best opportunities to hedge. We are fully hedged for the next 12 months and have added some more hedges during the recent spikes, but not significantly. For the next 12 months, I think we're more or less covered. Regarding potential future losses, the way the forward curve is looking is in backwardation. If you look at the chart of the floors and ceilings that we disclosed in our release, we expect to have some more losses probably in the second quarter this year, and then those should go down by the third quarter. However, by the fourth quarter of this year and the first half of next year, our ceilings are all above what the Brent curve is showing today. You can do the math on that at any time.

Thank you. Daniel's last few questions are, can you provide us an update on the divestiture in Brazil? And also, assuming oil prices remained high, what would be your priorities to allocate the excess cash?

Yes. Sure. In Brazil, the transaction hasn't closed yet because all the conditions precedent for the transaction to close have not been met. These conditions should be met by the end of the month. If they do not happen, then we will not close. Other conditions precedent are beyond our control. It’s not in our hands to finish that. However, if the transaction doesn’t close, we’re still in a good shape. The field is performing very well and does not require any cash from us. Production is performing better than expected, and prices are performing better than expected. If that happens, we will have more production and cash flow this year. The update is that we need to wait until the end of the month to see if the conditions are met and whether we will close this; really, it is out of our control.

Regarding the excess cash flow priorities, as we always say, the number one priority is going to be funding potential acceleration in our organic portfolio. All teams have been working and are continuing to work with our partners to identify opportunities for us to accelerate our work program. When we gave guidance, we stated that above $80, we should expect to add roughly $30 million or more to our capex. Additionally, that could be expanded further on the back of any new discoveries that could appear. That would be our top priority for the cash flow. The second priority is always a combination of debt reduction and increasing shareholder returns. We announced this morning that we doubled our dividend, which now provides a yield of over 2%. We believe this can still improve going forward with the cash flow we are generating this year. If oil prices remain at these levels, we expect to have enough cash to fully cancel our 2024 bond, which became callable in September last year. Any excess cash beyond that will always be used for general corporate purposes and could be a combination of the previous priorities as well.

Thank you. Our next question comes from Juan Cruz from Morgan Stanley. He says, 'Hi, everyone, and thanks for the call. Just wanted to ask, what's your plan regarding the balance of the 2024 bond that became callable in September last year?'

Hi, thanks very much, Juan Cruz. Yes, as I just said, if oil prices remain at these levels or maybe even a little lower, we are confident that we can cancel those bonds in full over the year as we build up cash.

We have no further questions. I will now hand back to James Park for any closing remarks.

Thank you, everybody for your interest in GeoPark, and your continued support of our company. Our shareholder value team is available around the clock, as you know, as is our management team to answer any questions or listen to your comments. Thank you, and for most, GeoPark.

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