6-K

Table of Contents ​

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

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For the month of May 2023

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Commission File Number: 001-36298

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GeoPark Limited

(Exact name of registrant as specified in its charter)

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Calle 94 N° 11-30 8° piso

Bogota, Colombia

(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

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Form 20-F	X	Form 40-F

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Table of Contents

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GEOPARK LIMITED

TABLE OF CONTENTS

ITEM

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1.	Interim Condensed Consolidated Financial Statements and Explanatory Notes for the three-month periods ended March 31, 2022 and 2023.

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Table of Contents

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Item 1

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GEOPARK LIMITED

INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

AND EXPLANATORY NOTES

For the three-month periods ended March 31, 2022 and 2023

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Table of Contents

GEOPARK LIMITED

MARCH 31, 2023

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CONTENTS

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Page	​
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3	Condensed Consolidated Statement of Income
4	Condensed Consolidated Statement of Comprehensive Income
5	Condensed Consolidated Statement of Financial Position
6	Condensed Consolidated Statement of Changes in Equity
7	Condensed Consolidated Statement of Cash Flow
8	Explanatory Notes to the Interim Condensed Consolidated Financial Statements

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GEOPARK LIMITED

MARCH 31, 2023

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CONDENSED CONSOLIDATED STATEMENT OF INCOME

​	​	​	​	​	​
​	​	****	Three-month	****	Three-month
​	​	****	period ended	****	period ended
​	​	​	March 31, 2023	​	March 31, 2022
Amounts in US '000	Note	****	(Unaudited)	****	(Unaudited)
REVENUE	3		182,451		249,151
Commodity risk management contracts	4		—		(78,153)
Production and operating costs	5		(52,496)		(80,603)
Geological and geophysical expenses	6		(2,517)		(2,744)
Administrative expenses	7		(9,361)		(9,946)
Selling expenses	8		(2,353)		(1,995)
Depreciation			(27,203)		(21,580)
Write-off of unsuccessful exploration efforts	10	​	(10,580)		—
Other (expenses) income			(1,356)		4,512
OPERATING PROFIT		****	76,585	****	58,642
Financial expenses	9		(10,920)		(15,452)
Financial income	9		1,092		312
Foreign exchange loss	9		(3,392)		(6,633)
PROFIT BEFORE INCOME TAX		****	63,365	****	36,869
Income tax expense			(37,108)		(5,865)
PROFIT FOR THE PERIOD		****	26,257	****	31,004
Earnings per share (in US). Basic		****	0.45	****	0.52
Earnings per share (in US). Diluted		****	0.45	****	0.51

All values are in US Dollars.

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The above condensed consolidated statement of income should be read in conjunction with the accompanying notes.

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GEOPARK LIMITED

MARCH 31, 2023

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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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​	​	​	​
​	Three-month	****	Three-month
​	period ended	****	period ended
​	March 31, 2023	****	March 31, 2022
Amounts in US '000	(Unaudited)	****	(Unaudited)
Profit for the period	26,257		31,004
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Currency translation differences	601	​	3,987
Profit (Loss) on cash flow hedges	1,142	​	(3,551)
Income tax (expense) benefit relating to cash flow hedges	(571)		1,243
Other comprehensive profit for the period	1,172	****	1,679
Total comprehensive profit for the period	27,429	****	32,683

All values are in US Dollars.

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The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

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GEOPARK LIMITED

MARCH 31, 2023

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

​	​	​	​	​	​	​
​	****	Note	****	At March 31, 2023	****	Year ended
Amounts in US$ '000	​	​	****	(Unaudited)	****	December 31, 2022
ASSETS
NON CURRENT ASSETS
Property, plant and equipment		10		673,031		666,879
Right-of-use assets				36,834		37,011
Prepayments and other receivables				127		121
Other financial assets				13,300		12,877
Deferred income tax asset				18,365		18,943
TOTAL NON CURRENT ASSETS			****	741,657	****	735,831
CURRENT ASSETS
Inventories				18,781		14,434
Trade receivables				56,672		71,794
Prepayments and other receivables				19,767		22,106
Derivative financial instrument assets		15		2,994		967
Cash and cash equivalents				145,373		128,843
TOTAL CURRENT ASSETS			****	243,587	****	238,144
TOTAL ASSETS			****	985,244	****	973,975
EQUITY			****	****	****	****
Equity attributable to owners of the Company
Share capital		11		58		58
Share premium				133,844		134,798
Reserves				55,543		61,876
Accumulated losses				(60,021)		(81,147)
TOTAL EQUITY			****	129,424	****	115,585
LIABILITIES			****	****	****	****
NON CURRENT LIABILITIES				****	****	****
Borrowings		12		485,933		485,114
Lease liabilities				23,069		22,051
Provisions and other long-term liabilities		13		54,883		51,947
Deferred income tax liability				77,336		70,123
TOTAL NON CURRENT LIABILITIES			****	641,221	****	629,235
CURRENT LIABILITIES			****	****	****	****
Borrowings		12		5,653		12,528
Lease liabilities				10,186		10,000
Derivative financial instrument liabilities		15		—		19
Current income tax liability				85,079		65,002
Trade and other payables		14		113,681		141,606
TOTAL CURRENT LIABILITIES			****	214,599	****	229,155
TOTAL LIABILITIES			****	855,820	****	858,390
TOTAL EQUITY AND LIABILITIES			****	985,244	****	973,975

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The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.

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GEOPARK LIMITED

MARCH 31, 2023

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

​	​	​	​	​	​	​	​	​	​	​	​
​	Attributable to owners of the Company
​	Share	****	Share	****	Other	****	Translation	****	Accumulated	****	​
Amount in US '000	Capital	****	Premium	****	Reserve	****	Reserve	****	losses	​	Total
Equity at January 1, 2022	60	****	169,220	****	97,261	****	(13,707)	****	(314,779)	****	(61,945)
Comprehensive income:	****	****	****	****	****	****	****	****	****	****	****
Profit for the three-month period	—		—		—		—		31,004		31,004
Other comprehensive (loss) profit for the period	—		—		(2,308)		3,987		—		1,679
Total comprehensive (loss) profit for the period ended March 31, 2022	—	****	—	****	(2,308)	****	3,987	****	31,004	****	32,683
Transactions with owners:	****	****	****	****	****	****	****	****	****	****	****
Share-based payment	—		125		—		—		901		1,026
Repurchase of shares	—		(3,123)		—		—		—		(3,123)
Cash distribution	—		—		(4,847)		—		—		(4,847)
Total transactions with owners for the period ended March 31, 2022	—	****	(2,998)	****	(4,847)	****	—	****	901	****	(6,944)
Balance at March 31, 2022 (Unaudited)	60	****	166,222	****	90,106	****	(9,720)	****	(282,874)	****	(36,206)
​	​	​	​	​	​	​	​	​	​	​	​
Balance at January 1, 2023	58	****	134,798	****	73,462	****	(11,586)	****	(81,147)	****	115,585
Comprehensive income:	****	****	****	****	****	****	****	****	****	****	****
Profit for the three-month period	—		—		—		—		26,257		26,257
Other comprehensive profit for the period	—		—		571		601		—		1,172
Total comprehensive profit for the period ended March 31, 2023	—	****	—	****	571	****	601	****	26,257	****	27,429
Transactions with owners:	****	****	****	****	****	****	****	****	****	****	****
Share-based payment	1		6,588		—		—		(5,131)		1,458
Repurchase of shares	(1)		(7,542)		—		—		—		(7,543)
Cash distribution	—		—		(7,505)		—		—		(7,505)
Total transactions with owners for the period ended March 31, 2023	—	****	(954)	****	(7,505)	****	—	****	(5,131)	****	(13,590)
Balance at March 31, 2023 (Unaudited)	58	​	133,844	****	66,528	****	(10,985)	****	(60,021)	****	129,424

All values are in US Dollars.

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The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

​	​	​	​
​	Three-month	****	Three-month
​	period ended	****	period ended
​	March 31, 2023	****	March 31, 2022
Amounts in US '000	(Unaudited)	****	(Unaudited)
Cash flows from operating activities
Profit for the period	26,257		31,004
Adjustments for:	****	****	****
Income tax expense	37,108		5,865
Depreciation	27,203		21,580
Loss on disposal of property, plant and equipment	—	​	7
Write-off of unsuccessful exploration efforts	10,580	​	—
Amortization of other long-term liabilities	(31)		(47)
Accrual of borrowing interests	7,694		10,335
Borrowings cancellation costs	—	​	819
Unwinding of long-term liabilities	1,544		1,225
Accrual of share-based payment	1,458		1,026
Foreign exchange loss	3,392		6,633
Unrealized loss on commodity risk management contracts	—		47,613
Income tax paid	(6,002)		(967)
Change in working capital	(17,280)		(35,355)
Cash flows from operating activities – net	91,923	****	89,738
Cash flows from investing activities
Purchase of property, plant and equipment	(44,959)		(39,407)
Proceeds from disposal of long-term assets	—	​	14,425
Cash flows used in investing activities – net	(44,959)	****	(24,982)
Cash flows from financing activities
Principal paid	—		(23,111)
Interest paid	(13,750)		(19,246)
Borrowings cancellation costs paid	—		(802)
Lease payments	(1,900)		(1,782)
Repurchase of shares	(7,543)		(3,123)
Cash distribution	(7,505)	​	(4,847)
Cash flows used in financing activities - net	(30,698)	****	(52,911)
Net increase in cash and cash equivalents	16,266	****	11,845
Cash and cash equivalents at January 1	128,843		100,604
Currency translation differences	264		1,690
Cash and cash equivalents at the end of the period	145,373	****	114,139
Ending Cash and cash equivalents are specified as follows:
Cash at bank and bank deposits	145,361		114,126
Cash in hand	12		13
Cash and cash equivalents	145,373	****	114,139

All values are in US Dollars.

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The above condensed consolidated statement of cash flow should be read in conjunction with the accompanying notes.

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EXPLANATORY NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1

General information

GeoPark Limited (the “Company”) is a company incorporated under the laws of Bermuda. The Registered Office address is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda.

The principal activity of the Company and its subsidiaries (the “Group” or “GeoPark”) is the exploration, development and production for oil and gas reserves in Colombia, Chile, Brazil and Ecuador.

These interim condensed consolidated financial statements were authorized for issue by the Board of Directors on May 3, 2023.

Basis of Preparation

The interim condensed consolidated financial statements of GeoPark Limited are presented in accordance with IAS 34 “Interim Financial Reporting”. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the annual consolidated financial statements as of and for the year ended December 31, 2022, which have been prepared in accordance with IFRS.

The interim condensed consolidated financial statements have been prepared in accordance with the accounting policies applied in the most recent annual consolidated financial statements. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The amendments and interpretations detailed in the annual consolidated financial statements as of and for the year ended December 31, 2022, that apply for the first time in 2023, do not have an impact on the interim condensed consolidated financial statements of the Group.

Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the current period.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

The activities of the Group are not subject to significant seasonal changes.

Estimates

The preparation of interim financial information requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. Actual results may differ from these estimates.

In preparing these interim condensed consolidated financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual consolidated financial statements as of and for the year ended December 31, 2022.

Financial risk management

The Group’s activities expose it to a variety of financial risks: currency risk, price risk, credit risk concentration, funding and liquidity risk, interest risk and capital risk. The interim condensed consolidated financial statements do not include all the financial risk management information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as of and for the year ended December 31, 2022. 8

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Note 1 (Continued)

Financial risk management (Continued)

The Group is continually reviewing its exposure to the current market conditions and adjusting the capital expenditures program which remains flexible, quickly adaptable and expandable as oil and gas prices increase. The Group also continues to add new oil hedges, increasing its price risk protection within the upcoming four quarters. GeoPark maintained a cash position of US$ 145,373,000 and has available US$ 87,900,000 in uncommitted credit lines as of March 31, 2023.

Subsidiary undertakings

The following chart illustrates the main companies of the Group structure as of March 31, 2023:

(1)	GeoPark Ecuador S.A. holds 50% working interest in the consortiums that operate the Espejo and Perico Blocks.

Details of the subsidiaries and joint operations of the Group are set out in Note 21 to the annual consolidated financial statements as of and for the year ended December 31, 2022.

During the three-month period ended March 31, 2023, the following change took place:

●	The merger process between GeoPark Colombia S.A.S., GeoPark Colombia E&P S.A. and Petrodorado South America S.A., with GeoPark Colombia S.A.S. being the surviving company, was approved by the relevant Colombian authorities and the merger became effective as of its registration in the Public Registry of the Chamber of Commerce of Bogota on January 27, 2023.

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Note 2

Segment Information

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee. This committee is integrated by the Chief Executive Officer, Chief Financial Officer, Chief Technical Officer, Chief Operating Officer, Chief Strategy, Sustainability and Legal Officer and Chief People Officer. This committee reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The committee considers the business from a geographic perspective.

The Executive Committee assesses the performance of the operating segments based on a measure of Adjusted EBITDA. Adjusted EBITDA is defined 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. Other information provided to the Executive Committee is measured in a manner consistent with that in the consolidated financial statements.

Three-month period ended March 31, 2023:

​	​	​	​	​	​	​	​	​	​	​	​	​	​
Amounts in US '000	Total	****	Colombia	****	Chile	****	Brazil	****	Argentina	****	Ecuador	****	Corporate
Revenue	182,451	****	170,900	****	4,461	****	3,254	****	—	****	3,044	****	792
Sale of crude oil	175,114		170,717		1,241		112		—		3,044		—
Sale of purchased crude oil	792	​	—		—		—		—		—		792
Sale of gas	6,545		183		3,220		3,142		—		—		—
Production and operating costs	(52,496)	****	(47,389)	****	(2,101)	****	(985)	****	—	****	(1,342)	****	(679)
Royalties	(7,180)		(6,762)		(159)		(259)		—		—		—
Economic rights	(16,112)	​	(16,112)		—		—		—		—		—
Share-based payment	(25)		(25)		—		—		—		—		—
Operating costs	(29,179)		(24,490)		(1,942)		(726)		—		(1,342)		(679)
Depreciation	(27,203)	****	(22,527)	****	(2,784)	****	(551)	****	(6)	****	(1,334)	****	(1)
Adjusted EBITDA	114,923	****	113,537	****	1,474	****	1,572	****	(653)	****	958	****	(1,965)

All values are in US Dollars.

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Three-month period ended March 31, 2022:

​	​	​	​	​	​	​	​	​	​	​	​	​	​
Amounts in US '000	Total	****	Colombia	****	Chile	****	Brazil	****	Argentina	****	Ecuador	****	Corporate
Revenue	249,151	****	234,493	****	6,721	****	5,975	****	1,962	****	—	****	—
Sale of crude oil	238,996		233,974		3,124		234		1,664		—		—
Sale of gas	10,155		519		3,597		5,741		298		—		—
Production and operating costs	(80,603)	****	(73,364)	****	(3,958)	****	(1,702)	****	(1,579)	****	—	****	—
Royalties	(14,792)		(13,774)		(264)		(481)		(273)		—		—
Economic rights	(43,248)	​	(43,248)		—		—		—		—		—
Share-based payment	(118)		(104)		(15)		—		1		—		—
Operating costs	(22,445)		(16,238)		(3,679)		(1,221)		(1,307)		—		—
Depreciation	(21,580)	****	(17,403)	****	(3,312)	****	(754)	****	(101)	****	(9)	****	(1)
Adjusted EBITDA	122,567	****	121,776	****	2,123	****	3,594	****	(1,701)	****	(451)	****	(2,774)

All values are in US Dollars.

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Total Assets	****	Total	****	Colombia	****	Chile	****	Brazil	****	Argentina	****	Ecuador	****	Corporate
March 31, 2023		985,244		840,958		61,205		31,811		1,187		36,232		13,851
December 31, 2022		973,975		797,390	​	63,379	​	34,329	​	1,296	​	35,690	​	41,891

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Note 2 (Continued)

Segment Information (Continued)

A reconciliation of total Adjusted EBITDA to total Profit before income tax is provided as follows:

​	​	​	​	​
​	****	Three-month	****	Three-month
​	****	period ended	****	period ended
​	​	March 31, 2023	****	March 31, 2022
Adjusted EBITDA	****	114,923	****	122,567
Unrealized loss on commodity risk management contracts		—		(47,613)
Depreciation ^(a)^		(27,203)		(21,580)
Write-off of unsuccessful exploration efforts	​	(10,580)		—
Share-based payment		(1,458)		(1,026)
Lease accounting - IFRS 16		1,900		1,782
Others^(b)^		(997)		4,512
Operating profit	****	76,585	****	58,642
Financial expenses		(10,920)		(15,452)
Financial income		1,092		312
Foreign exchange loss		(3,392)		(6,633)
Profit before tax	****	63,365	****	36,869

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(a)	Net of capitalized costs for oil stock included in Inventories. Depreciation for the three-month period ended March 31, 2023, includes US$ 486,000 (US$ 539,000 in 2022) generated by assets not related to production activities.
(b)	Includes allocation to capitalized projects. In 2022, it also includes the gain from the sale of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina.
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Note 3

Revenue

​	​	​	​	​
​	​	Three-month	****	Three-month
​	​	period ended	​	period ended
Amounts in US$ '000	​	March 31, 2023	​	March 31, 2022
Sale of crude oil	​	175,114	​	238,996
Sale of purchased crude oil	​	792	​	—
Sale of gas	​	6,545	​	10,155
​	​	182,451	​	249,151

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Note 4

Commodity risk management contracts

The Group has entered into derivative financial instruments to manage its exposure to oil price risk. These derivatives are zero-premium collars and were placed with major financial institutions and commodity traders. The Group entered into the derivatives under ISDA Master Agreements and Credit Support Annexes, which provide credit lines for collateral posting thus alleviating possible liquidity needs under the instruments and protect the Group from potential non-performance risk by its counterparties.

The Group’s derivatives that hedge cash flows from the sales of crude oil for periods through December 31, 2022, are accounted for as non-hedge derivatives and therefore all changes in the fair values of these derivative contracts are recognized immediately as gains or losses in the results of the periods in which they occur.

The Group’s derivatives that hedge cash flows from the sales of crude oil for periods from January 1, 2023 onwards, are designated and qualify as cash flow hedges. The effective portion of changes in the fair values of these derivative contracts are recognized in Other Reserve within Equity. The gain or loss relating to the ineffective portion, if any, is recognized immediately as gains or losses in the results of the periods in which they occur. The amount accumulated in Other Reserves is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss.

The following table summarizes the Group’s production hedged during the three-month period ended March 31, 2023, and for the following periods as a consequence of the derivative contracts in force as of March 31, 2023:

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​	​	​	​	​	​	​	​	​
​	****	​	****	​	****	Volume	****	Average
Period	​	Reference	​	Type	​	bbl/d	​	price US$/bbl
January 1, 2023 - March 31, 2023	​	ICE BRENT	​	Zero Premium Collars	​	9,500	​	66.05 Put 112.59 Call
April 1, 2023 - June 30, 2023	​	ICE BRENT	​	Zero Premium Collars	​	10,000	​	69.25 Put 110.56 Call
July 1, 2023 - September 30, 2023	​	ICE BRENT	​	Zero Premium Collars	​	5,000	​	70.00 Put 98.68 Call
October 1, 2023 - December 31, 2023	​	ICE BRENT	​	Zero Premium Collars	​	2,500	​	70.00 Put 90.70 Call

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The table below summarizes the loss on the commodity risk management contracts:

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​	​	​	​	​
​	​	Three-month	****	Three-month
​	​	period ended	​	period ended
Amounts in US$ '000	​	March 31, 2023	​	March 31, 2022
Realized loss on commodity risk management contracts	​	—	​	(30,540)
Unrealized loss on commodity risk management contracts	​	—	​	(47,613)
Total	​	—	​	(78,153)

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Note 5

Production and operating costs

​	​	​	​	​
​	​	Three-month	****	Three-month
​	​	period ended	​	period ended
Amounts in US$ '000	​	March 31, 2023	​	March 31, 2022
Staff costs	​	3,111	​	3,497
Share-based payment	​	25	​	118
Royalties	​	7,180	​	14,792
Economic rights	​	16,112	​	43,248
Well and facilities maintenance	​	5,373	​	4,787
Operation and maintenance	​	1,632	​	1,785
Consumables	​	7,645	​	5,313
Equipment rental	​	1,215	​	2,387
Transportation costs	​	1,542	​	981
Field camp	​	1,205	​	995
Safety and insurance costs	​	727	​	1,088
Personnel transportation	​	760	​	601
Consultant fees	​	486	​	322
Gas plant costs	​	549	​	682
Non-operated blocks costs	​	4,501	​	1,262
Crude oil stock variation	​	(1,159)	​	(2,332)
Purchased crude oil	​	679	​	—
Other costs	​	913	​	1,077
​	​	52,496	​	80,603

​

​

Note 6

Geological and geophysical expenses

​	​	​	​	​
​	​	Three-month	****	Three-month
​	​	period ended	​	period ended
Amounts in US$ '000	​	March 31, 2023	​	March 31, 2022
Staff costs	​	1,987	​	1,972
Share-based payment	​	80	​	(137)
Communication and IT costs	​	477	​	662
Consultant fees	​	203	​	102
Allocation to capitalized project	​	(359)	​	—
Other services	​	129	​	145
​	​	2,517	​	2,744

​

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​

Note 7

Administrative expenses

​	​	​	​	​
​	****	Three-month	****	Three-month
​	​	period ended	****	period ended
Amounts in US$ '000	​	March 31, 2023	​	March 31, 2022
Staff costs		5,696		6,076
Share-based payment		1,353		1,045
Consultant fees		1,955		1,657
Safety and insurance costs	​	1,124		930
Travel expenses		491		173
Non-operated blocks expenses	​	326		213
Director fees and allowance		200		693
Communication and IT costs		567		701
Allocation to joint operations		(3,142)		(2,269)
Other administrative expenses		791		727
​	​	9,361	****	9,946

​

​

Note 8

Selling expenses

​	​	​	​	​
​	****	Three-month	****	Three-month
​	****	period ended	****	period ended
Amounts in US$ '000	​	March 31, 2023	​	March 31, 2022
Transportation		1,435		1,378
Selling taxes and other		918		617
​	​	2,353	****	1,995

​

​

Note 9

Financial results

​	​	​	​	​
​	****	Three-month	****	Three-month
​	****	period ended	****	period ended
Amounts in US$ '000	​	March 31, 2023	​	March 31, 2022
Financial expenses	****	****	****	****
Bank charges and other financial costs		(1,682)		(3,037)
Borrowings cancellation costs	​	—		(819)
Interest and amortization of debt issue costs		(7,694)		(10,371)
Unwinding of long-term liabilities		(1,544)		(1,225)
​	​	(10,920)	****	(15,452)
Financial income	****	****	****	****
Interest received		1,092		312
​	​	1,092	****	312
Foreign exchange gains and losses	****	****	****	****
Foreign exchange loss		(4,277)		(6,633)
Unrealized result on currency risk management contracts	​	885	​	—
​	​	(3,392)	****	(6,633)
Total financial results	****	(13,220)	****	(21,773)

​

​ 14

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​

Note 10

Property, plant and equipment

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	****	​	****	Furniture,	****	​	****	​	****	​	****	Exploration	****	​
​	​	​	​	equipment	​	Production	​	Buildings	​	​	​	and	​	​
​	​	Oil & gas	​	and	​	facilities and	​	and	​	Construction	​	evaluation	​	​
Amounts in US$ '000	​	properties	****	vehicles	​	machinery	​	improvements	​	in progress	****	assets	​	Total
Cost at January 1, 2022	****	957,932	****	18,421	****	201,177	****	11,662	****	27,204	****	100,470	****	1,316,866
Additions		(2,647)	^(a)^​	186	​	—	​	5	​	29,761	​	9,455	​	36,760
Transfers		30,058	​	14	​	1,547	​	—	​	(25,017)	​	(6,602)	​	—
Currency translation differences		7,472	​	98	​	593	​	17	​	45	​	48	​	8,273
Disposals	​	—	​	(7)	​	(26)	​	—	​	—	​	—	​	(33)
Cost at March 31, 2022	****	992,815	​	18,712	​	203,291	​	11,684	​	31,993	​	103,371	​	1,361,866
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost at January 1, 2023	****	1,079,257	****	19,093	****	222,727	****	11,027	****	16,480	****	113,041	****	1,461,625
Additions		1,340	^(a)^​	225	​	12	​	3	​	25,434	​	15,466	​	42,480
Transfers		24,034	​	—	​	2,943	​	5	​	(24,361)	​	(2,621)	​	—
Currency translation differences		1,208	​	16	​	96	​	3	​	7	​	8	​	1,338
Disposals	​	—	​	(44)	​	—	​	—	​	—	​	—	​	(44)
Write-offs	​	—	​	—	​	—	​	—	​	—	​	(10,580)	^(b)^​	(10,580)
Cost at March 31, 2023	****	1,105,839	​	19,290	​	225,778	​	11,038	​	17,560	​	115,314	​	1,494,819
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and write-down at January 1, 2022	****	(563,157)	****	(16,377)	****	(116,617)	****	(6,668)	****	—	****	—	****	(702,819)
Depreciation		(16,384)	​	(367)	​	(2,914)	​	(172)	​	—	​	—		(19,837)
Currency translation differences		(6,334)	​	(85)	​	(593)	​	(17)	​	—	​	—		(7,029)
Disposals	​	—	​	6	​	20	​	—	​	—	​	—	​	26
Depreciation and write-down at March 31, 2022	****	(585,875)	****	(16,823)	****	(120,104)	****	(6,857)	****	—	****	—	****	(729,659)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and write-down at January 1, 2023	****	(642,280)	​	(16,799)	​	(129,073)	​	(6,594)	​	—	​	—	****	(794,746)
Depreciation		(22,175)	​	(339)	​	(3,251)	​	(147)	​	—	​	—	​	(25,912)
Currency translation differences		(1,061)	​	(14)	​	(96)	​	(3)	​	—	​	—	​	(1,174)
Disposals	​	—	​	44	​	—	​	—	​	—	​	—	​	44
Depreciation and write-down at March 31, 2023	****	(665,516)	****	(17,108)	****	(132,420)	****	(6,744)	****	—	****	—	****	(821,788)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Carrying amount at March 31, 2022	****	406,940	****	1,889	****	83,187	****	4,827	****	31,993	****	103,371	****	632,207
Carrying amount at March 31, 2023	****	440,323	****	2,182	****	93,358	****	4,294	****	17,560	****	115,314	****	673,031

​

(a)	Corresponds to the effect of the change in the estimate of assets retirement obligations.
(b)	Corresponds to two unsuccessful exploratory wells drilled in the Llanos 87 Block (Colombia) and other exploration costs incurred in the Llanos 94 Block (Colombia) for which no additional work was performed.
---	---

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​

Note 11

Equity

Share capital

​	​	​	​
​	At	****	Year ended
Issued share capital	March 31, 2023	****	December 31, 2022
Common stock (US '000)	58	****	58
The share capital is distributed as follows:			​
Common shares, of nominal US 0.001	57,596,400		57,621,998
Total common shares in issue	57,596,400	****	57,621,998
​	​	​	​
Authorized share capital
US per share	0.001		0.001
​	​	​	​
Number of common shares (US 0.001 each)	5,171,949,000		5,171,949,000
Amount in US	5,171,949		5,171,949

All values are in US Dollars.

​

GeoPark’s share capital only consists of common shares. The authorized share capital consists of 5,171,949,000 common shares, par value US$ 0.001 per share. All of the Company issued and outstanding common shares are fully paid and nonassessable.

Cash distributions

On March 8, 2023, the Company’s Board of Directors declared a cash dividend of US$ 0.13 per share which was paid on March 31, 2023.

Buyback program

On November 9, 2022, the Company’s Board of Directors approved the renewal of the program to repurchase up to 10% of its shares outstanding or approximately 5,854,285 shares until December 31, 2023. During the three-month period ended March 31, 2023, the Company purchased 642,048 common shares for a total amount of US$ 7,543,000. These transactions have no impact on the Group’s results.

Other reserves

Beginning in 2022, GeoPark applies hedge accounting for the derivative financial instruments entered to manage its exposure to oil price risk. Consequently, the Group’s derivatives that hedge cash flows from the sales of crude oil for periods from January 1, 2023 onwards, are designated and qualify as cash flow hedges and therefore the effective portion of changes in the fair values of these derivative contracts and the income tax relating to those results are recognized in Other Reserve within Equity. The amount accumulated in Other Reserves is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss.

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​

Note 12

Borrowings

The outstanding amounts are as follows:

​	​	​	​
​	At	****	Year ended
Amounts in US '000	March 31, 2023	****	December 31, 2022
2027 Notes	491,586		497,642
​	491,586	****	497,642

All values are in US Dollars.

​

Classified as follows:

​	​	​	​	​
Current		5,653		12,528
Non-Current		485,933		485,114

​

​

​

Note 13

Provisions and other long-term liabilities

The outstanding amounts are as follows:

​	​	​	​
​	At	****	Year ended
Amounts in US '000	March 31, 2023	****	December 31, 2022
Assets retirement obligation	42,708		40,903
Deferred income	756		757
Other	11,419		10,287
​	54,883	****	51,947

All values are in US Dollars.

​

​

​

Note 14

Trade and other payables

The outstanding amounts are as follows:

​	​	​	​
​	At	****	Year ended
Amounts in US '000	March 31, 2023	****	December 31, 2022
Trade payables	88,496		102,125
To be paid to co-venturers	2,524		2,815
Customer advance payments	350		481
Staff costs to be paid	10,420		9,306
Royalties to be paid	3,142		9,403
V.A.T.	2,184		8,513
Taxes and other debts to be paid	6,565		8,963
​	113,681	****	141,606

All values are in US Dollars.

​

Classified as follows:

​	​	​	​	​
Current		113,681		141,606
Non-Current		—		—

​

​

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​

Note 15

Fair value measurement of financial instruments

Fair value hierarchy

The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value at March 31, 2023, and December 31, 2022, on a recurring basis:

​	​	​	​	​	​	​
​	****	​	****	​	****	As of
Amounts in US$ '000	​	Level 1	​	Level 2	****	March 31, 2023
Assets
Cash and cash equivalents						​
Money market funds		5,285		—		5,285
Derivative financial instrument assets	​	​	​	​	​	​
Commodity risk management contracts	​	—	​	2,109	​	2,109
Currency risk management contracts	​	—	​	885	​	885
Total Assets	​	5,285	​	2,994	​	8,279

​

​	​	​	​	​	​	​
​	****	​	****	​	****	As of
Amounts in US$ '000	​	Level 1	​	Level 2	****	December 31, 2022
Assets
Cash and cash equivalents
Money market funds		242		—		242
Derivative financial instrument assets
Commodity risk management contracts		—		967		967
Total Assets	****	242	****	967	****	1,209
Liabilities
Derivative financial instrument liabilities
Commodity risk management contracts		—		19		19
Total Liabilities	****	—	****	19	****	19

​

There were no transfers between Level 2 and 3 during the period. The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as of March 31, 2023.

Fair values of other financial instruments (unrecognized)

The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For the majority of these instruments, the fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature.

Borrowings are comprised of fixed rate debt and are measured at their amortized cost. The Group estimates that the fair value of its financial liabilities is approximately 85% of its carrying amount, including interests accrued as of March 31, 2023. Fair value was calculated based on market price for the Notes and is within Level 1 of the fair value hierarchy.

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​

Note 16

Capital commitments

Capital commitments are detailed in Note 33.2 to the audited Consolidated Financial Statements as of December 31, 2022. The following updates have taken place during the three-month period ended March 31, 2023:

The Group incurred investments of US$ 9,934,000 to fulfil its commitments, at GeoPark’s working interest.

Colombia

The Colombian National Hydrocarbons Agency (“ANH”) approved GeoPark’s request to extend the exploratory phase in the Llanos 87 Block until May 14, 2023. As of the date of these interim condensed consolidated financial statements, the investments needed to fullfil the commitments in the block have already been incurred and the ANH approval is pending.

Brazil

The Brazilian National Petroleum, Natural Gas and Biofuels Agency (“ANP”) approved GeoPark’s request to extend the exploratory phase in the POT-T-785 until April 29, 2025.

​

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​

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

​

​	​	​
​	GeoPark Limited
​	​
​	​<br><br>​
​	​
​	By:	/s/ Verónica Dávila
​	​	Name:   Verónica Dávila
​	​	Title:      Chief Financial Officer

​

Date: May 3, 2023 20