GeoPark Limited

Good morning and welcome to the Geopark Limited conference call following the results announcement for the first quarter ended March 31st, 2021. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at this time, press star 1 on your telephone keypad. If you would like to withdraw your question, press the pound key. 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 are 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 certain principal factors that could cause actual results to differ materially from those described in the forward-looking statements, but are not intended to represent a complete list of the company's business. All financial figures included herein were prepared in accordance with the IFRS and are here stated in U.S. dollars unless otherwise noted. Reserves figures correspond to PRMS standards. On the call today from Geopark is James F. Park, Chief Executive Officer, Augusta Zubillaga, Chief Operating Officer, Andres Ocampo, Chief Financial Officer, Martin Terado, Director of Operations, and Stacy Stemmel, Chairholder Value Director. And now I'll turn the call over to Mr. James Park. Mr. Park, you may begin.

Thank you and welcome, everyone. We are joining you this morning with our executive team spread out in Bogota, Buenos Aires, Santiago, and Houston to report on our achievements and financial results during the first quarter of this year. We have presented our specific numbers in our release yesterday, So we'd like to highlight and focus here on the bottom line, which helps capture our performance so far this year and our growing financial strength. The powerful cash generation from our exceptional low-cost asset base allowed us to successfully carry out three key initiatives during this period, all funded with our own cash flow. First, a more robust investment program. In March, we expanded our work program up to a total of $130 to $150 million to do more exploration and development with more drilling, 37 to 42 wells, more seismic to delineate more plays and prospects, and more facility and infrastructure construction on our proven producing fields and our high-impact exploration opportunities. Geopark has accumulated a land base of 7 million acres in 10 proven hydrocarbon basins across Latin America, including 1.4 million acres in our prime Llanos Basin focus area. Second, a stronger balance sheet We improved our financial muscle in a deleveraging exercise which succeeded in reducing debt by $105 million and extending maturities and reducing interest costs, as well as positioned us to do further deleveraging later at our option. This was accomplished by using our available cash to pay down debt in our 2024 bonds and opening up our 2027 bonds for an additional $150 million to absorb an approximately equal amount of the 2024 bonds. Our process was oversubscribed multiple times by top-tier investors, and we were rewarded with record low interest rates for a B-rated issuer in Latin America. giving back to shareholders. We've delivered tangible value to our shareholders by, A, improving the underlying value of our company, B, buying back Geopark shares in the market, and C, paying cash dividends. As always, the foundation for Geopark's performance is our in-house integrated value system we call speed. We continue to push forward our speed initiatives, which predates and is more comprehensive than ESG and is helping us achieve our goal of having the cleanest and kindest hydrocarbons. This also includes our continuous and successful efforts to safeguard our team, communities, and operations from a lingering COVID in the region. 2021 is well underway and we are moving ahead in all aspects of our business. We have six rigs at work and more on the way. Seismic is being run to identify new prospects and our team is fully engaged in getting every molecule of oil and gas safely, cleanly, and profitably out of the ground and to market. as well as to capture the abundant opportunities we see ahead. Thank you, and we would be pleased to answer any questions you may have.

As a reminder, ladies and gentlemen, in order to ask a question, simply press star, then the number 1 on your telephone keypad. Again, that is star 1. Our first question comes from the line of Stephanie Foquan of Actis Advisors.