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Good morning, everyone, and welcome to the GeoPark Limited conference call following the results announcement for the first quarter ended March 31, 2026. 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 one on your telephone keypad. If you would like to withdraw your question, press star one again. If you do not have a copy of the press release, it is available at the Invest With Us 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 Invest With Us 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 stated in the US dollars unless otherwise noted.

Reserves figures correspond to PRMS standards. On the call today from GeoPark is Felipe Bayón, Chief Executive Officer, Jaime Caballero, Chief Financial Officer, Martín Terrado, Chief Operating Officer, Rodrigo Dalle Fiore, Chief Exploration and Development Officer, and María Catalina Escobar, Shareholder Value and Capital Markets Director. Now I'll turn the call over to Mr. Felipe Bayón. Mr. Bayón, you may begin.

Good morning, everyone, and thank you for joining us for our first quarter 2026 results call. We delivered a strong start to the year with results that reflect consistent operational execution, improved benchmark pricing, and the financial discipline we have been reinforcing across the businesses, all this while advancing our strategic priorities. During the quarter, we achieved average production of 27,249 barrels of oil equivalent per day from both our operations in Colombia and Argentina, performing within our 2026 guidance and higher than our fourth quarter of 2025. This performance confirms the inflection point we accomplished at the end of 2025 and reflects stable base production, solid execution, and continued progress across our portfolio.

During the quarter, our operational focus was not only on maintaining the strength of our core assets, but also on advancing our growth initiatives, particularly in Vaca Muerta, Argentina. In Vaca Muerta, we successfully initiated drilling activities in the Loma Jarillosa Este block while continuing to progress key infrastructure, marking an important step forward in the development of these assets. These milestones reflect a disciplined transition into execution as we continue to position Argentina as a key contributor to our future growth. We expect production to increase from 1,430 barrels of oil equivalent per day as of the first quarter 2026 to 5,000 barrels of oil equivalent per day-6,000 barrels of oil equivalent per day by December 2026. In Colombia, performance across the portfolio demonstrated the resilience and quality of our asset base.

In Llanos 34, secondary recovery, particularly water flooding, played a critical role in supporting production and mitigating the effects of natural decline and temporary operational factors during the quarter. CPO-5 delivered production above plan, highlighting its underlying strength despite social disruptions. In Llanos 123, production increased by 13% versus the prior quarter, supported by strong base performance and continued progress in the Bisvita water flooding project, reinforcing the positive momentum of the asset. Importantly, all operations were conducted with strong health and safety performance and with zero injuries and no major process safety events. The quarter benefit from a constructive pricing environment with Brent averaging $77.9 per barrel. This translated into a combined realized price of $60.4 per barrel compared to $54.8 per barrel in the prior quarter.

While wider differentials on our hedging program moderated the upside, we were still able to capture a meaningful improvement through disciplined commercial execution and active risk management. This operational and pricing performance translated into strong financial results. Revenues reached $128.4 million. This is up 16% compared to the fourth quarter. Supported by an 8% increase in sales volumes, including the commercialization of deferred volumes from the last year. Adjusted EBITDA was $71.3 million, representing a 56% margin and a 54% increase versus the prior quarter, reflecting both higher revenues and improved cost performance.

Operating profit increased to $58 million from $20.6 million in the fourth quarter, and net income for the period was $20.2 million, even after the impact of non-recurring items and a higher tax charge associated with the increased profitability and the oil price related surcharge in Colombia. Cost performance remained very strong, with operating costs decreasing to $14.7 per barrel from $15.8 per barrel in the fourth quarter of 2025, within our full year guidance. Structured costs have a trajectory from $5.6 per barrel in the fourth quarter of 2025 to $4 per barrel in the first quarter of this year, which also confirms the positive impact of all the interventions we initiated last year and the organizational focus on efficiency and cost control.

We invested $22 million during the quarter, primarily resulting in a 3.4 times EBITDA to CapEx ratio and a return on average capital employed of 19%, underscoring our disciplined returns-based capital allocation. Our balance sheet remains strong. We generated operating cash flows of $32.9 million, fully funding our investment program. In addition, we enhanced our liquidity position through several strategic actions, including $65 million in local debt raised to pursue the Frontera acquisition, $100.3 million from escrow recovery and breakup fee of the unconsummated Frontera deal, and a $107 million equity investment from the Grupo Gilinski, who joined as a new long-term strategic partner. As a result, we ended the quarter with a robust cash position of $274.9 million, giving us flexibility and optionality to pursue value-accretive growth opportunities.

Net debt stood at $333.1 million, with a leverage ratio of 1.3 times, reflecting a solid and flexible capital structure, with no principal debt maturities until January 2027. This positions us well to navigate volatility while maintaining the flexibility to execute our plans. In terms of risk management, we have secured oil price protection covering approximately 19,000 barrels of production per day for 2026 through three-way collars with downside protection and retained upside participation. For 2027, we have already hedged approximately 11,000 barrels per day under similar structures, reinforcing visibility and stability in our cash flows. Overall, we are delivering consistent operational execution and strengthening our financial position, supported by a high-quality asset base and disciplined capital management.

With all this in the backdrop, the board declared a quarterly dividend of $0.023 per share. Finally, the entry of Grupo Gilinski as a strategic investor represents a very significant milestone, strengthening our shareholder base and aligning the company with a long-term partner that enhances our financial flexibility to pursue growth opportunities in a disciplined way. Our strategy remains clear and unchanged. Protecting and maximizing the value of our core assets in Colombia while advancing Argentina as a key driver of transformational growth. At the same time, we remain committed to identifying and evaluating value-accretive opportunities that fit our capabilities and our disciplined approach to capital allocation. This includes opportunities both in Colombia and Argentina, and also a careful and structured effort to understand potential in other parts of the region, including Venezuela.

Before closing, I would like to recognize the continued commitment of our teams. Their focus on safety, operational excellence, and efficiency is what allows us to consistently deliver these results. Thank you again for joining us. With that, let's open the floor to your questions.

Thank you, sir. Once again, everyone, if you have a question today, please press star one on your telephone keypad. Up first is Daniel Guardiola from BTG.

Hi, good morning, Felipe. Hi, management. Thank you for the presentation. I have actually a lot of questions, but I wanna keep it down to two to three so my colleagues can actually also ask. My first one is on the development of the Argentina story. I want to ask you personally, Felipe, what concrete evidence do you think investors should be looking at over the next 6 to 12 months to really validate the Argentina equity story for you? That's my first. Perhaps we can go one by one, if that's okay with you guys.

Daniel, good morning. Hola, thanks for being here. Thanks for joining the call. Thanks for the question on Argentina. Where I'd start, Daniel, you'd recall that we've referenced this in prior calls. In September of last year, we signed a deal with Pluspetrol in the office of the governor of Neuquén. Only 21 days after signing, we took over the operation from Pluspetrol. Lot of support, lot of help, and lot of good work with people in the ecosystem of Vaca Muerta in Neuquén. We've done workovers, Martin can go into some of the details and specifics, but we've done workovers on the wells. We've started upgrading facilities.

Probably the most important thing, Daniel, we've already drilled three horizontal sections that range between 2,200, 2,300 meters to 3,000 meters, within, or, as specified with our time prognosis and budget. That's very good news. You'd recall, Daniel, that we actually took advantage of a window of opportunity of a rig that was working. Remember, this is a Nabors rig, the same company that we use to drill our wells in Colombia, so we have longstanding relationship. Those wells, those three horizontal sections, have been drilled successfully. What's coming up in the next 6-12 months, fracking the wells. There'll be these three wells, but with a couple of additional wells. That should happen in June.

We will be drilling some additional wells to manage water, for example, which is a key component. As I've mentioned, we're upgrading facilities. The other thing, Daniel, which I think it's fundamental, in the next few weeks, we will be signing the contract for the factory drilling rig that should start in December. I want to say, look, we've actually delivered on the commitments and promises we've made, and we're building on that track record going forward to ensure that we can continue to grow our operations in Argentina. We're very, very confident. We're very comfortable with the team. There's already 45 people working in the operations in Argentina, with close to four to five additional people indirectly working for us.

Probably the last thing, Daniel, that I've mentioned, as you well know, RIGI, and a very important part of what companies, not only in oil and gas, are looking to do in Argentina, we should be applying for RIGI in the next few weeks or so. Lots of things happening, but we're very thrilled with how the operations and the results are going.

Thank you, Felipe. My second question is on hedging, especially considering that you have a very significant portion of your next 12 months, actually 18 months, already hedged at lower prices when you compare against spot prices. I wanted to ask you actually two things. I mean, if oil prices were to remain around $90 per barrel, what will be the estimated hedging losses you will have to account for this year? If there is any way for you to unwind the current structure of hedging contracts that you have in place at this point?

Hello, Daniel. Thanks for your question. This is Jaime here, of course. On hedging, you know, as you know, Daniel, and as everybody who has been following us for a while knows that we've had a long-standing strategy in the company where we seek cashflow stability. That is particularly important in a context of where we're going to have increasing capital commitments associated to Vaca Muerta. The way that we think about the, you know, finance structure of the company is we need to make sure that we can support our growth agenda and that we have the cashflow predictability to do so. Prices will come and go, but it's the volumes that we can deliver, and it's the growth trajectory that we can deliver what's actually going to end up creating value for our shareholders over the long run.

In that context, we've covered 19,000 barrels a day of our production for this year on average, with ceilings that are in the $72 or $73 range. If current market conditions continue over the next months, we will indeed materialize some hedge losses if those price dynamics continue, which is uncertain, as you well know. To take your scenario, if you will, the way that I would characterize it is if we have a average Brent prices in the $80-$90 kind of band on a full year basis this year, we will indeed have losses in the derivatives, which are gonna be in the $60 million-$120 million range.

This is not a surprise, this is something that we model continuously. Obviously, the exact numbers are gonna depend in exactly what is the price trajectory that occurs on a month by month basis. The flip side of this story is that, at the same time, whilst you're seeing those losses in derivatives, we are capturing the benefit of the ceilings of the hedges, which are well above our plan, and we're also capturing improved price differentials as well associated to those Brent prices if they remain high. Our EBITDA is gonna be also in the very high end of our guidance too. There is a loss in derivative, but our EBITDA is gonna be significantly higher than the one that we projected earlier in the year.

With all that in mind, we are not contemplating unwinding our existing positions for 2026. There are, you know, all sorts of mechanisms in place to do that. As we reflected on it, our conclusion is that that would be a distraction, and that would put us in a territory of speculating on how prices are gonna evolve over the coming months. To that end, the focus of our strategy now is actually on taking advantage of the positive market outlook to secure our 2027 hedging program, and that's where we're focusing our attention now. Thanks, Daniel.

Thank you, Jaime, for the very thorough answer. Just a last one, very quick one on royalties. Can you share with us what % of royalties paid in cash, and at what price is the settlement established? The reason why I'm asking this is to try to better understand whether cash royalty payments are further limiting the company's upside in the current higher price environment. Thank you.

Sure, Daniel. The quick answer is very little. Only about 16%, 17% of our royalties are paid in cash. Everything else is paid in kind. The formula, as you know, has multiple elements to it. But if I were to simplify, essentially what you're seeing is you take the Brent headline price, and you apply to that a holistic discount from wellhead to an analog FOB export. That is about a $13 discount more or less, and on that basis, we calculate it.

Thank you, Jaime.

The next question today comes from Alejandro Demichelis from Jefferies.

Yes. Good morning, everyone. Thank you very much for taking my question. Just one quick question. Felipe, you talk about your strategy not changing. You have a stronger balance sheet. Now you have a new reference shareholder. Could you please give us a little bit more detail on what are those opportunities that you're seeing kind of, you know, in Argentina, maybe looking at Venezuela, maybe something else in Colombia or somewhere else?

Hola, Alejandro, thanks for being here. Thanks for the question. Always good talking to you. Yeah. The strategy has not changed, you know, which is what I was referring to in my remarks earlier. We've basically done a reset of the business in Colombia. We've stabilized production, and we're very happy with that. Things like water flooding, infill drilling in the fields are actually working very well, so we're pleased with that. That's point number one. You know, I've referred to this as protecting what we have and maximizing value. The second thing is around growing.

Vaca Muerta, I did share some of the highlights or milestones with Daniel earlier, in terms of some of the things we're looking at. That's great. You know, we're very pleased. We're very pleased with how Argentina is going. In terms of the growth angle, I'll refer to Venezuela, which is one of the things that we've mentioned, and I particularly mentioned in my remarks earlier today. There's the new shareholder, a reference shareholder as you've described it, which has been great for the company, you know, in terms of long-term alignment and the view of further growing GeoPark, which is great.

In that sense, it's been quite direct and open that both from the shareholder point of view and our company, we said, "Yeah, we're looking at Venezuela." This is basically a very comprehensive assessment of opportunities around different basins. There's different types of opportunities in Venezuela. These are world-class resources in Venezuela. There's been the new hydrocarbon law, which is promulgated back in January, which is very good. There's different sort of mechanisms through which one could actually enter into Venezuela in terms of CPPs or empresas mixtas. Good progress on sanctions as well. Our teams have actually visited the country now, talking to key players, stakeholders.

We will continue with that with these assessments and basically screening in detail potential opportunities at some stage. Again we wanna be always very aligned with strategy. This is an opportunity as a country entry that would eventually support this growth side of the strategy. That's how we are addressing it, Andres. Let me just finish by saying very pleased with a very strong quarter strategies and change delivering on strategy and some potential upsides that we're assessing.

Okay. Thank you.

Next, we will take questions from the web. The first question is from Andres Peltaso. Can you provide more detail on activity in Vaca Muerta for the remainder of 2026 and 2027? You already started drilling some wells left by Pluspetrol. Any other pad wells expected to be drilled for the remainder of 2026 that will deliver production this year? Can you walk me through the fracking put on production water encroachment sequence expected in 2026? Thank you.

Thanks, Andres. I'll ask Martín to take this in a lot more detail. I just wanna go back, Alejandro, and, you know, apologies, you know, as I messed up your name in the last answer. Thanks, Andres. Martín, can you take us through some of the detail, please?

Absolutely, Felipe. Andres, again, thanks for your interest in GeoPark. I'll start by saying that when we took over Vaca Muerta and in our presentation in New York, we had five swim lanes in our strategy: production optimization, environmental, facilities, evacuation, and drilling. We're making progress as planned or even better than planned in all of those fronts. I will touch on each of your questions. I do wanna recognize and again mention what Felipe was saying, what we have accomplished since October 16th. What we've done so far is, and this all has been incident-free, which is one of our values. We've done six workovers in two campaigns. The 1st campaign started the day that we were taking over the assets. The 2nd campaign happened early this year.

In the second campaign, we did it in shorter time than the first campaign. We have also brought a rig, like Felipe was saying, in our Loma Jarillosa Este. We have already finished drilling the three horizontal wells. Again, this is in a pad that has five wells two wells were fully drilled by the previous operator. Our task was to drill, like Felipe was saying, in the order of average of 2,600 meters within 10 meters of thickness, these three horizontals. We've done it in 14.7 days. When you benchmark to the two wells that were already drilled horizontal, it's a very drastic reduction in time. Very proud of our drilling and completion and logistics team. We have also awarded and started the Loma Jarillosa Este upgrade.

This is where the fluids are going today. We need that upgraded. We knew that we needed that upgraded, and it was part of our plan, so that we can manage the production for all of that pad, and also connections so that tracking of water and oil, it's not necessary. We have also optimized our OpEx, specifically around trucking. Although the production has been about the same order of when we got the block, OpEx have come down. We have also submitted the environmental permits, and we had a successful public hearing about 10 days ago. Very proud of that. When we look at, okay, what else is coming in 2026, I'll say that the first one is about fracking.

The 5 wells that are in the pad that is fully drilled, that is already awarded. The frac set will move in June. That would be around 30-45 days that we will be doing more than 200 fracs stages in all the five wells. Following the frac, as you're aware, Andres, when you start putting the wells on production, you do it in a protocol way so that you're opening the plugs and water will be coming. We expect initially about order of 2,000-3,000 barrels of water in the initial stages. When we start putting everything on production, which will be around September, we will be having 6,000-8,000 barrels of water with the production of oil that will be coming.

This is something that always happens in unconventionals, is the flash water production from the stimulation, and then the wells go to very low water cuts. What we expect is in this quarter, we're gonna be doing the fracs. While we're doing the fracs, you will see in future calls that part of the production will be temporarily coming down because we want to avoid any frac hits with existing wells that have been drilled on our own production. After that, starting in September, we will be ramping up and putting all the wells on production, to a peak, like Felipe was saying, in the order of 5,000 to 6,000 barrels of oil per day, for all of our operations in Vaca Muerta.

The other thing that we're doing is we're already doing the engineering for the central processing facility. As we ramp up from the current levels and the 6,000 by the end of the year to 20,000 by 2028, we will need that central processing facility, and that's already on the works. The other thing that we're doing right now is going back to the water production. To be efficient, instead of trucking that water, we're already drilling. The rig that drilled the horizontals is now drilling one water injection disposal well, and also an observatory well that is part of a regulation that is required for water disposal. We will have that in place by the time we start putting the pad with the five wells on production.

The other thing that we're looking at is RIGI. That's something that we're considering, and shortly, we will communicate, but it's part of our strategy. The other component to have a successful 2027, which we have been working, and we're finalizing the signature of the contract, is the factory mode drilling, which is with a company that is in country, and the rig that will be assigned to us is a rig that is in country. That eliminates any type of mobilization from overseas, and we feel very good about that. We will be signing that contract, like Felipe said, in the next coming weeks. If you think about 2027, okay, what are we gonna be doing in 2027?

The key milestones and our priorities are basically around with the factory drilling that will start in December 2027. In 2027, we will be fully drilling and completing two pads with 10 wells put on production, and we will finish 2027 starting the drilling on the 3rd pad. We will also be constructing the central processing facility, and it should be on stream by the end of 2027. High level, I think I covered most of the questions that you have, Andrés, but if there are any follow-ups, we will be glad to answer.

Thank you, Martin.

That's Martín.

Thank you, sir. He does have a follow-up. On the barrels you have not hedged, are you realizing full Brent upside or you realize them below Brent spot prices?

Yes, Andres. The barrels that are not hedged are at market conditions. They float, if you will, with market conditions, and currently they are absolutely benefiting from the Brent upside.

Thanks, Jaime.

Thank you. The next web question is from Joaquin Robinet from Balanz. Given the current Brent environment, are you considering revising 2026 CapEx guidance upward? If so, where would incremental drilling be allocated, and what production response should we expect?

Thanks, Joaquin, just to go back to the guidance, we've talked about $190 million-$220 million for the year. That's Vaca Muerta, as Martin was explaining, a lot of activity going on there and a lot of activity going on in Colombia. What are we looking at as we take into account the current market conditions is year-end activities in Colombia. I've mentioned earlier that we're very happy and we're very, I mean, enthused by the water flooding response by the infill drilling. There's opportunities that we're assessing as we speak, but these would be year-end activities. Probably the impact they'll have is more towards 2027 in terms of production.

It's something that we're working with the teams and we'll communicate when we're ready in terms of putting those down as CapEx for the year. The other thing that, even though there's a lot of things happening in Vaca Muerta, you know, the drilling, getting the factory drilling rig, upgrading the facilities and basically contracting or signing the contract for the CPF, we may consider accelerating some of the activities in Vaca Muerta. Remember that the guidance has been over the period, it's $1 billion, $600 million for 2026, 2027, 2028. Within that frame, there may be some things from 2027 that we accelerate and bring into 2026. Just a sort of a heads-up, but it's something that we are assessing.

Once we finish all the work, and we'll be ready to communicate, we'll let you guys know. Thanks, Joaquin.

Your next web question is from Vicente Falanga from Bradesco BBI. How is priority in terms of capital allocation? Is M&A still a priority? Any potential conversations?

Thanks. Thanks, Vicente. I'll give you some thoughts, then Jaime can go into more detail. The priorities for allocating CapEx have not changed. I go back to the protecting what we have, which is working in the assets in Colombia, stabilizing production, and generating more value, and again, reducing the lifting costs. You know, being very efficient and ensuring that we arrest decline and reset the businesses. That's not changed, and there will be CapEx allocated to that. Then growth, and there's CapEx allocated to that growth.

M&A is a priority for the company, but we will do it in a way that's very thoughtful, that's very disciplined, that's actually a result of being very comprehensive in terms of assessing opportunities and ensuring that these opportunities create value, and as such, fully,

Ladies and gentlemen, please remain on the line while we reconnect the speaker. Once again, ladies and gentlemen, please remain on the line while we reconnect our speaker for today's conference.

No problem. Let me halt for a second.

Okay, we can hear you now.

Okay, very good. In inorganic growth, it absolutely continues to be a priority for the company, and the context for that is a recognition, I'd say, of two fundamentals. The first one is that the energy sector continues to offer massive value creation opportunities for shareholders. The second one is that in that context, reserves growth is therefore in the long-term interest of our shareholders. We need to make sure that we expand our reserves offer, that we have a long-term inventory of opportunities that we can drill and that we can use to increase production. That's the context by which we are pursuing inorganic. The other important consideration is that we believe that the company is very well positioned to capture these opportunities.

Probably now more than ever in the recent past, given the, you know, the, the performance that we are delivering and given the financial condition in which we are in, thanks to the actions that we've taken over the last, you know, number of months. As we tested this with our shareholders, there is a broad consensus that inorganic growth is a priority and that we should pursue that. We have the balance sheet and capabilities to do so. Where are we focusing on? No surprise here. Colombia is our backyard. We will continue to monitor all opportunities that Colombia provides very selectively as we have been doing in the past. You know, we'll see where that takes us.

You know, the upcoming elections could perhaps change the landscape too and create new opportunities that are probably now more difficult to assess. That's something that we're monitoring. Argentina, our focus is in Vaca Muerta, and particularly in the oil window. We have a narrow focus to that extent. That's where we think that we can bring our capabilities, and particularly around the hub that we have already created with Loma Jarillosa Este and Puesto Silva Oeste. Anything that complements that is gonna be of interest for us.

Last but not least, as Felipe mentioned, Venezuela is an emerging priority for us, where we're actually seeing that the mix of positive political developments, regulatory environment, increasingly tells us that the sort of conditions that we can see there are competitive in the context of international benchmarks. That's what we're working on. We will continue to have a lens of capital discipline, of value accretion for shareholders. That's unchanged. Thank you. Thanks, Jaime.

We do have a follow-up from Vicente. How are you seeing the development of oil regulation in Venezuela so far? Do you like it?

Thanks, Vicente. I think I referred to some of this earlier. Clearly, there's lots of changes happening very recently, you know, in terms of the hydrocarbon law initially, all the progress that has been made around sanctions, which is very, very relevant as well. As I've mentioned, our teams have engaged with stakeholders in these very comprehensive review of opportunities, you know, and screening opportunities in different basins. Clearly it's a world-class petroleum and gas resource in terms of what Venezuela has to offer. I'd say that, yeah, the regulations do work.

You know, Jaime was saying that these are competitive and when we come to the time to assess some specifics on those, these will need to compete with some other opportunities that we have, you know, and maintain and remain very disciplined in terms of allocating CapEx. Yes, we're, I think we're very comfortable, and we're being very, very disciplined and thorough. Thanks, Vicente.

At this time, there are no further questions. I'd like to hand the call back to Felipe Bayón for any additional or closing remarks.

Thank you, Lisa, thanks for your help today. Thanks everyone for being here today, for joining the call. Thanks for your interest in the company, you know, and your questions and your feedback because it does help us in terms of what the markets are seeing with everything going on, you know, with the uncertainty, volatility, all the geopolitical changes that are almost daily in terms of what's going on. Thanks for that. We had a very strong quarter in terms of our results from a safety standpoint of view and from ensuring that all the people that work with us go back home or to the headquarters in the same condition as they arrive to their working stations. We delivered on production.

We had a very good financial delivery as well. Our shareholder base has shifted towards a longer term view shareholder base, which is very good in terms of the alignment it brings with the strategy that we had relayed and shared with the market some months ago. Very pleased with how things are going. Once again, thanks for joining today and have a great day.

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

Good morning, welcome to the GeoPark Limited Conference Call, following the results announcement for the fourth quarter ended December 31st, 2025. After the speaker's remarks, there'll be a question and answer session. If you would like to ask a question at this time, press star one on your telephone keypad. If you would like to withdraw your question, please press star two. If you do not have a copy of the press release, it is available at the Invest with Us section on the company's corporate website at www.geopark.com. A replay of today's call may be accessed through this webcast in the Invest with Us section of the GeoPark corporate website.

Before we continue, please note that certain statements contained in the results press release on this conference call are forward-looking statements rather than historical facts, 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, 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 stated in U.S. dollars, unless otherwise noted.

Reserved figures correspond to PRMS standards. On the call today from GeoPark is Felipe Bayón, Chief Executive Officer, Jaime Caballero, Chief Financial Officer, Martín Terrado, Chief Operating Officer, Rodrigo Dalle Fiore, Chief Exploration and Development Officer, and Maria Catalina Escobar, Chief Shareholder Value and Capital Markets Director. Now I'll turn the call over to Mr. Felipe Bayón. Mr. Bayón, you may begin.

Good morning, everyone, and thank you for joining GeoPark's fourth quarter and full year 2025 results call. 2025 marked a turning point for GeoPark, defined by strategic clarity, operational discipline, and a decisive portfolio reset well underway. We strengthened our foundation through an anticipated inflection point in production and continued financial discipline, repositioning the company for long-term value creation. Importantly, we delivered or exceeded our full-year guidance across all key metrics, despite a materially lower oil price environment. Production averaged 28,233 boepd for the full year 2025, above the upper end of our guidance, reflecting a platform in both Colombia and Argentina that is executing and evolving while staying grounded in operational discipline.

In Colombia, we achieved an earlier than anticipating production stabilization, supported by resilient base production in Llanos 34, sustained contribution from CPO-5, and successful drilling in Llanos 123. We also launched a polymer injection recovery project in Llanos 34 that delivered solid results. Argentina began contributing production ahead of plan. Assets were integrated safely to our operations. Fourth quarter volumes averaged 28,351 boepd, broadly in line with the prior quarter and reflecting the fresh production of our Vaca Muerta assets. Full-year financial results primarily reflect lower realized prices, which averaged $58.1 per boe in 2025, versus $65.6 per boe in 2024. Adjusted EBITDA reached $277 million within our guidance range, while margins remained resilient.

Fourth quarter Adjusted EBITDA was $46 million, reflecting lower realized prices and the impact of specific non-recurring items, including deferred sales volumes, logistics-related adjustments, and startup costs in Vaca Muerta. These are timing-related effects, some of which will be reversed in our first quarter 2026 results. Even in a lower price environment and with temporary quarterly impacts, our operational platform remained resilient and capital allocation disciplined. We invested $98 million during the year in line with our plan and delivered a 2.8x Adjusted EBITDA to CapEx ratio and achieved an 18% ROIC, underscoring disciplined, returns-based capital allocation. We delivered meaningful and structural efficiencies in 2025. Operating costs averaged $13.4 per bbl for the year, and G&A stood at an average of $4.8 per bbl, both within guidance.

We also achieved $32 million in structural cash savings, setting a lower cost base expected to generate a run rate of some $45 million in annualized savings in 2026 and beyond. Our balance sheet and risk management remain strong. Cash stood at over $100 million, net leverage closed at 1.6 times, we have no material debt maturities until 2027. During the year, we repurchased over $100 million of our 2030 notes below par, capturing a $10 million gain and a nine and a half million dollar annual interest saving. Over 84% of our 2026 production is now hedged through three-way collars, hedging has already started for our 2027 production, ensuring continued cash flow protection.

Our portfolio reset is well underway, reinforcing our Colombian foundation while establishing a new unconventional growth platform in Argentina. In October, we successfully closed the acquisition of Loma Jarillosa Este and Puesto Silva Oeste blocks in Vaca Muerta, securing full operational control of two high-quality blocks in one of the most attractive unconventional plays in the world. Production is already online, and development is underway, with a clear path towards the 20,000 boepd plateau production by 2028 that we have shared with the market. In January 2026, we announced the agreed acquisition of Frontera Energy's Colombian upstream assets, a transaction that more than doubles our reserve base and that brings an expected pro forma production of approximately 40,000 boepd net to GeoPark, which significantly expands our scale, diversification, and operating leverage.

This is a transformative deal that consolidates our position as the leading private operator in Colombia and strengthens our platform for disciplined long-term growth. On a pro forma basis, this acquisition can take production to exceed 90,000 boepd by 2028 and Adjusted EBITDA of approximately $950 million, doubling our previously communicated standalone outlook. Together, these two transactions reshape the company, materially increasing production, improving cash flow durability, and enhancing our ability to reinvest efficiently across the cycle. Our strategy remains clear: protecting and maximizing our cash-generating base in Colombia and scaling a transformational unconventional platform in Argentina.

By year 2028, we're targeting 44,000 boepd-46,000 boepd on an Adjusted EBITDA of $490 million-$520 million, with additional upsides as the Frontera acquisition is integrated. In line with this roadmap, we reached a production inflection point in Colombia earlier than expected, anticipating the time we had originally outlined to the market. Execution remains disciplined and focused as we balance financial strength with long-term growth. To support the strategy, the board declared a quarterly dividend of $0.03 per share. As previously communicated, the board will reassess shareholder distributions following the normalization of free cash flow after peak investments in Vaca Muerta. Before closing, I would like to briefly address the recent announcement by Parex regarding directors' nominations to GeoPark's board.

Our board remains fully committed to strong governance, disciplined capital allocation, and long-term value creation. All nominations will be reviewed through our established governance processes as we remain focused on executing our strategy and delivering results for all shareholders. GeoPark shareholders do not need to take any action at this time. Regarding Parex' proposal to acquire Frontera's upstream assets, GeoPark remains fully committed to our agreement, which we believe creates a leading independent E&P platform across Colombia and Argentina. We have a strong conviction in the merits of the transaction and believe that, amongst other reasons, our strong operating expertise, deep local presence, and long-standing relationships in Colombia make us the strongest strategic fit for Frontera's assets. Our agreement follows more than a year of detailed evaluation, technical diligence, and structured discussions with Frontera, supported by comprehensive operational, financial, and contractual analysis.

This depth of preparation underpins our confidence in the integration plan and value creation roadmap. We believe the transaction delivers immediate and certain value to Frontera shareholders while enhancing long-term value for GeoPark shareholders through greater scale, reserve depth, and cash flow durability. Our full-field development approach is also expected to sustain production and investment in Colombia, supporting royalties, taxes, and employment, while strengthening the country's energy platform. In summary, 2025 was a pivotal year for GeoPark. We protected and optimized what we have while continuing to deliver results with consistency and focus. In parallel, we launched a new growth engine in Argentina and secured a transformational acquisition in Colombia that will improve scale, competitiveness, long-term optionality, and value for the company and our shareholders. We have entered 2026 with momentum.

We have a stronger, more diversified portfolio that has a linear cost base and a clearer path forward to continue building long-term value for all of our shareholders. With that, let me open the floor for your questions.

Thank you. To ask a question, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two to exit the queue, and when preparing to ask your question, please ensure that your device is unmuted locally. Our first question will be from the line of Alejandro Demichelis with Jefferies. Please go ahead. Your line is now open.

Yes, good morning. Thank you very much for taking my question. I actually have a couple of questions, if I may, please. The first one is on your cost base. Obviously, we have seen, and you mentioned one-offs in the fourth quarter. Can you give us some indication of how do you expect cost for the whole of the year to develop? What kind of range we can expect? That's the first question. The second question is, you mentioned the bid, the or the offer for Frontera. There is a competing offer now on the table. How do you see that situation? Maybe you can comment on any kind of more recent discussions you have had with Frontera and how you see that situation, please.

Alejandro, good morning, and thanks for being here today. We always value your interest in the company. Let me start in terms of giving some context around the cost evolution, and then I'll hand over to both Jaime and Martín to give us a bit more color. One thing I would say, the first thing is that we met or exceeded all of the guidelines that we had given to the market, which I think it's very, very important. Remember that, and you would probably acknowledge this, I think it's only my third results call in the company. It's been eight months, intense eight months, with the reset that I mentioned in my intro words.

This sort of stabilization of the operation inflection point that we reached in 2025, we've managed to work on decline through activity and all of the technical work that has been done by the team. From that point of view, Alejandro, very excited with the performance of the company, very thrilled. Kudos to the team, to the operations and the technical teams, and the people that support those operational teams. In terms of the cost specifically, if you recall, we had given a guidance of $12-$14 per bbl in terms of lifting. We're in the midpoint of that, $13.2, with an increase in 4Q.

Those, most of those one-offs have been reversed or will not be present in 1Q, and we've managed to bring the cost back down, which is great news. Some of those had to do with some very, very specific activities that we were conducting. With that, Alejandro, I'll ask Jaime and Martín to give us a bit more color, which I think it's warranted.

Good morning, Alejandro, and thanks, Felipe. Basically, a few data points that are relevant. When we think about the one-offs, essentially we can split them in two categories, and they have an effect both on OpEx per bbl and on G&A. On one hand, we had a very particular startup cost associated to the reinitiation of the Platanillo operation in Putumayo and the Vaca Muerta operations in Argentina. When you look at them on a full basis, the impact of that is in the order of $7 million in the quarter, which are not recurrent, right? They're not recurrent. They're split broadly, two-thirds of that is seen in the OpEx, a third of that is seen in G&A, roughly.

But it's something that we don't expect to see. Obviously the important component of that is that these costs are gonna be, are gonna see production down the road, right? Platanillo, we are reactivating Platanillo in a context of production, and clearly Vaca Muerta is the same case. It's a bit of a cost, but at the same time, it's an investment that we're making to be able to mobilize production in those two areas. The other component is pure and typical seasonality, right? We had a seasonal effects in 4Q in the order of $2 million-$3 million.

These are very specific to labor-related provisions that we decided to take in the context of what we were anticipating labor effects that were retracted to 2025. There's an element of that, and there's also an element of the typical year-end projects, like, for instance, research certification, costs associated to that and that type of element. On a relative scale, they're not particularly material, but they do affect the per-bbl metrics. We're talking about $2 million-$3 million that in the context of the numbers that we're looking for, the OpEx, once normalized, would probably be at the $13 per bbl. The G&A would be at the $4.5 per bbl, which is kinda like what we signaled in our announcement.

As we look to 2026, our guidance is unchanged, Alejandro. Basically, what we're seeing is a lifting costs that are gonna be in the $13-$15 per bbl area, and a G&A that we expect to deliver in the area of $4 per bbl. Martín?

Yeah, thank you, Jaime, and good morning, Alejandro. I'll just say a few additional data points. I wanna stress again in what Felipe was mentioning. Our guideline for 2025 was $12-$14 per bbl, and we finished the year at 13.4. Very proud of the team, all the efforts that have been done. We got things that were already identified last year and we're already underway, and I'll share a little bit of that. For 2026, just to reiterate what Jaime was saying, that our guideline for OpEx 2026 is $13-$15 per bbl, and we feel confident around those values. The fact around that is we already have January and February numbers.

Like Felipe was mentioning, part of those things that hit us in the fourth quarter are gone. We feel good about that. I'll touch on a few items. I'll start with Argentina. When we took over the operation in Argentina, the OpEx were $32 per bbl. We now brought it down to the order of $22-$27 per bbl, and that's just by doing the workovers on the six wells, and working with the teams on things like transportation, optimization, activities, and others. We expect to be, by the end of the year, and that's part of our guideline, around $10-$12 per bbl. That's gonna be because we are incrementing production by bringing a rig that is about to start moving very shortly, and increase production.

The second one is like Jaime mentioned, Putumayo, we started in the last quarter of the year, that field back again. As we were starting, the OpEx were in the order of $45 per bbl. We're looking at that, now we're lower than $40 per bbl. With the recent announcement from the Ecuador government, we're looking at it since we're not transporting crude through Ecuador anymore. We will decide in the next weeks the future of Putumayo. Finally, on Llanos 34, the OpEx in Llanos 34 went up in the last quarter.

We had well interventions, and also we're always looking at reliability of the energy, so we had some activities to make sure that we were entering 2026 with as good energy reliability in the field as in the past. We confirm we're already back at the levels that we had on the third quarter. There are some things that we know are risk or challenges, especially around the exchange rate, and we're working on additional things that with the team we can implement. Some of them are around more ideas around the rigs for doing workovers and well services, so we have some pilots and some ideas that we're about to start implementing.

We're bringing a 4th rig, workover rig, in March, in Llanos 34, and we're already working in Llanos 123 to eliminate most of the rentals on facilities that we have. That's part of the plan as we move from temporary facilities to the final facilities in these blocks.

Thanks, Martín. Alejandro, I'll go back to your second question, and in terms of how the Frontera situation is evolving. First thing, and just let me step back and just highlight some of the things that I already mentioned in my remarks. In January, when we announced a month ago, the acquisition of Frontera's assets in Colombia, clearly a transformational transaction in which reserves double, brings additional production, helps us in terms of delivering more value, and actually, provides the opportunity of a long-term commitment to the country, which is fundamental, you know, in terms of ensuring that deployment of technology and activity can be done in those blocks.

All this in the context that we will always keep in mind, which is ensuring that the value, accretion, and protection of our shareholders is present in every situation and every decision that we make. In terms of where we are in the process right now, first of all, I want to acknowledge Frontera's team, you know. The work that we've done so far, it's exceptional in terms of all the integration and all the process and everything that has to do with getting us ready for closing of the deal.

You'll remember, Alejandro, that we've mentioned this is something that as part of our valuation framework, with some conservative price assumptions, a very detailed operation plan, we've been looking at this opportunity for some years now. With some more detailed conversations with Frontera over the last year, over the last 12 months or so. We are fully convinced that it's not only in terms of Frontera's capability, the people, the teams they have, but it's a very, very complimentary portfolio to the operations that we already have. In, in that sense, in terms of the process itself, we're progressing with Frontera in our conversations.

One data point that I'll share with you today in the call, a couple days back, we received approval, formal approval from SIC, Superintendencia de Industria y Comercio. It's like the antitrust body in Colombia, the antitrust agency, which is great, you know? It was a major milestone in terms of the Colombian approvals. The AGM for Frontera, they've scheduled that for April 10. We're progressing in that sense. I'll just reiterate something that with the news of the offer from Parex that came in this week, and I mentioned that in my remarks.

First of all, I'd say that, as a board, the board will continue to assess, study, analyze, and pursue any and all options that seek and are directed at creating long-term value for our shareholders. We will always evaluate the opportunities, within the frame of financial discipline and the best interest of our shareholders. We're very pleased, very, very pleased, Alejandro, these are great assets with opportunity. I mean, actually, the fact that there's a new offer from a different company demonstrates that our strategy is sound, is solid, that the deal is actually an increasingly accretive deal for us and shareholders. We're very pleased. We're very, very happy, Alejandro. Thanks for the questions.

Thank you very much for the detailed answer. Thank you.

The next question today will be from the line of Stephane Foucaud with Auctus Advisors. Please go ahead. Your line is now open.

Yes. Hi, thank you for taking my questions. I've got three. The first one, back on Frontera. What are the value steps until closing? Are there things bar increasing the offer that you could do to prevent the Frontera to go with Parex, probably be thinking about break fees or things like that. Second, on the nomination by Parex of director for GeoPark, I was thinking they are making an offer on the Frontera asset. They are nominating director. I was wondering whether there would not be any conflict of interest, and I would be interested in having your thought on that. Lastly, where are we on Argentina with regard to current production? Thank you.

Stephane, thanks, great to have you here on the call. I'll expand a bit in terms of Frontera. The first thing is that it's in Frontera's camp to assess the new offer that they've received. It's up to Frontera to decide what they wanna do with that offer. In the meantime, as I've mentioned, our arrangement agreement is in place. I just talked about the local approvals, one which is very, very important that we received a couple days ago, but it's down to Frontera to actually look at the offer.

One thing I would say, and I wanna be very explicit on this, in the context of GeoPark and its board and reviewing all of the options that are available to us, and there's always multiple options in terms of things that we can do, this need to create long-term value for shareholders. One of the things, Stephane, that we need to be very careful and mindful is that we don't lose that discipline in pursue of something specific. It could be a deal, it could be an operation, but that we always, as the high ground, ensure that we remind ourselves that we're here to ensure that we create value for shareholders. I think that's very important. More to come, I guess.

It's in Frontera's camp to decide if they want to fully consider and then take next steps on the new offer that came in. Again, in terms of the arrangement agreement that's in place, that we're pursuing, that we're diligently working between our team and Frontera's team, we have options going forward, and those options, as I've mentioned, will be assessed by management and our board. In terms of the nominations by Parex, and you've mentioned specifically conflict of interest. The first thing is I'd say that I do believe there's a conflict of interest. Absolutely.

If you think about the nomination, which in essence is nominating a control slate for the board, and this without any additional context or even an offer that appropriately values GeoPark, I think it only serves to benefit Parex by providing Parex with optionality at the expense of GeoPark's shareholders. In that context, and in that context, I think it just demonstrates from Parex that there's been a deliberate and hostile strategy directed at GeoPark. That's what I would comment on the nomination by Parex. In terms of Argentina, I think and Martín provided a bit of context, but I'll give you the high level one. We're extremely pleased with our entry and returning to Argentina, this time to do unconventionals in Vaca Muerta.

As you know, we received the keys to all the operation October 16th of last year. We've done already two workover campaigns, and one thing that it's very, very, I mean, it's very thrilling, Stephane, is, next week, as early as next week, we will start mobilizing a Nabors rig that has an open window from a third party operation from another company, another operator. We will mobilize the rig to start drilling a limited campaign. It's five wells, plus, some ancillary works that need to be done. That means that we will start drilling in Vaca Muerta, and we will start tracking operations in Vaca Muerta. I think that's a massive milestone for the company.

Remember that we've given the market, the signal that we will see an uplift in production by the end of the year. With these wells and some of the activities that Martín was referring to in terms of facilities and commercial agreements and operational agreements with Nabors, we will see that uplift in production by the end of the year. Very, very exciting. You know, there's additional opportunities that are being assessed in Argentina as well, and we're very pleased. The last thing, which I've mentioned in prior calls, is that there will be an opportunity, I'm convinced, to bring some of the expertise that we reinforce and further deepen in Argentina to bring that expertise back to Colombia, you know, and look at unconventionals in Colombia.

Martín, if you want to give us a bit more color around, Argentina.

Absolutely, Felipe. Good morning, Stephane. Thanks for your question. I'll reiterate that Vaca Muerta is going very well, and we're advancing on the key milestones. We think about it, 2025 was around taking over, finalizing the team, putting together contracts, and then 2026, as we've shown when we were in New York in the last quarter of last year, it's, it was about four things, and I'll go through all four of them. Before we move into those four things, 2025, also, everything we've done has been incident-free with no recordables. That's one of our values, and going into a new area, again, it shows how we operate. Again, when we went into New York, we said four things. First one, production optimization.

Like Felipe mentioned, we did two campaigns of workovers. The first one was actually starting the day that we took over. The second one we did in January. Between those two campaigns, we continued to optimize. The second campaign was 37% cheaper than the first one. Second thing that we mentioned was environmental permits. We know that there are critical environmental permits, and we have submitted those permits in middle of January, so they're way under the perm that we have. Specifically, the one that it's important is for the pipeline that we're going to construct. We do not need any environmental permit for doing the drilling activity or doing any upscale or upgrade in our existing facilities, which is part of the work that we're doing.

The third one is around facilities. I will mention that we have already awarded the contract for the Loma Jarillosa Este upgrade, actually a little bit lower than the, what we had in plan for $16 million. We have already finalized an agreement with a Nabor operator so that we can put together a pipeline and connect to the spare capacity that that operator has, and that way, we will continue to optimize, as we will not be having to track oil and water into the production that we have. The last one is around drilling. We said we were going to start drilling. Like Felipe said, we worked with the existing operators in a collaboratory way, we got a rig that is a Nabors rig, very efficient rig, hot rig.

in hot, in the sense that the crews are already working, maintenance has been done by a known operator in Argentina, we are mobilizing the rigging in the month of early March, like it's next week. The activity there will be, there's a pad that has five wells, out of which two are fully drilled, and the remaining three wells, we need to just drill the horizontal branches. It's two branches of 2,100 meters and one branch of 3,000 meters. That will take us around 45 days, then we're already locking the frac set so that we will go and frac all five wells in that pad. It's around 220 fracks in all the wells for around 60 days.

Very excited on how we finish 2025 in Vaca Muerta, and most importantly, how we're advancing on the key milestones. We have a team that is fully in place, integrated, and our exit rate for the year in Vaca Muerta is like we've been saying in the past, 5,000-6,000 boepd within our guidelines. That's again, showing how we deliver production and the value in Argentina.

Thanks, Martín. Thank you.

The next question will be from the line of Oriana Covault with Balanz Capital. Please go ahead. Your line is open.

Hi, thanks for taking my call. This is Oriana Covault with Balanz. I have one brief one regarding your 2026 work program. What is the status of the negotiations with your Llanos partner? I believe there was a discrepancy between the guidance that you had provided and your partner in the area. Should we expect any changes in activities versus the previously shared plan? Thank you.

Oriana, thanks, and thanks for being here, and thanks for the opportunity to comment. I mean with most of the partners, we already have agreement in terms of the work programs and budgets and everything else, which basically, support and underpin the guidance that we have given to the markets. Specifically with regards to Llanos 34, and probably I'll give you a bit more detail, and some data points, but, we have 21 workovers that have been approved, both technically and from a budget perspective, which is great. Some facilities, upgrades, and works, that have been approved.

In terms of the wells themselves, from a technical point of view, there's 14 wells that have been approved by both teams, by both companies, but our partner has only approved 8 of those wells. We continue to diligently work with them to ensure that they have all the data to ensure that they understand that these are value accretive operations. Remember, these are wells in Llanos 34 that provide value to not only the companies, but it's their shareholders, which is, which is great, which is very, very relevant. The one thing I'd say, Oriana, is that we'll very constructively continue with this dialogue to ensure that the partner can ensure that they have the funds to fully support the budget.

I know they have probably some other commitments as well in terms of their own operations. If we don't get into an agreement with them, we have optionality, you know? We can always put this rig into other areas and do some other things that will be beneficial for GeoPark and its shareholders. Thanks, Oriana.

Thank you.

Thank you. We will now move to text questions submitted from the webcast. First question being from Eduardo Muniz with Santander, who asks: If the Frontera deal does not close, how does that change your Colombia growth outlook? Second part, could you give us an update on the polymer injection project, which started in December, including incremental production impact, if any, and how this project could influence 2026 output and recovery factors? Thank you.

Eduardo, good morning, and thanks for being here today. We'll start with question number two, and I'll ask Rodrigo to give us an update on the polymer injection, but I'd say we're very, very satisfied. We're thrilled. Things are progressing well in terms of the different milestones and in increasing concentrations of the polymer and everything else. I'll ask Rodrigo to give us a bit more color. Go ahead, Roddy.

Thank you, Felipe. Good morning, Eduardo. Polymer flood is a important element in our development plan for Llanos 34. We started last year in December with two initial wells. The expectation that we have is incorporate another two wells next month or April. What we have seen until now is a very good performance in term of operation. We are waiting for results in the second part of this year. We are not expecting some results in these early times, but actually, operationally, and the concentration that we are incorporating in the polymer, in the water, are working very good. The plan that we have is not stay there for long. We are going to add five more wells by the rest, by the second part of the year. That's the plan that we have.

Actually, at the same time we are monitoring, we are expecting to anticipate that five wells by the half of this year. That's the intention that we have in order to be more proactive. Also, it's something that we are at least aiming, is to accelerate the expansion in the north of the block. We are seeing very good interesting results in the simulation that we are doing in the north of the block, in Tigana block. That's the next step, that's why we are not going to keep here, we are also going beyond that. That's where we are right now. The expectation that we have in term of, you asked about the recovery factor.

In the simulation that we have, is between three in the pessimistic scenario and 7% in the optimistic scenario that we expect in the areas where we are injecting. That's the expectation that we have. The results, according to our own experience in all the blocks and obviously, the neighborhoods, is about 5% as an average, the expectation that we have in term of recovery factors.

Thanks, Roddy. A lot of in terms of the outlook and the deal. First thing I'd say is that where we are, we have these the arrangement agreement in place, and as I've mentioned before, we're pursuing very diligently with Frontera and both teams, the work to closing. I think that's the first thing I would say. The second thing is obviously that, and I'll go back to the discipline, financial discipline comments that I've made. The board will assess all options, opportunities that are available to us, and always within this frame of financial discipline. I think that's very important.

We will not and should not lose sight of what's the priority for us, which is ensuring that there's a value creation, and it's always in the best interest of our shareholders. That will be the frame in which we will think about it. Again, as we've done, with guidance and updates to the market, we'll continue to keep you appraised. Thanks, Eduardo.

Thank you. The next question has been submitted by Isabella Pacheco, apologies, with Bank of America, who asks: When does the limited duration shareholders rights plan expire, and is the board discussing to renew it? Thank you.

Thanks, Isabella, and thanks for being here. It's great to have you on today's call. Yeah, the rights plan, the shareholders rights plan, has a duration of a year, and it expires on June the third. That's the date in which the rights plan will expire. The board, as with many other matters, will discuss in due time the nature, the conditions, and the specifics around the shareholders rights plan. When those discussions are final and when the company is ready to announce a decision or directionally, where we wanna go with that, we will communicate that promptly to the markets. Thanks, Isabella.

Thank you. The next question has been submitted by Vicente Falanga with Bradesco, who asks: Have you seen any impacts on your business from the formalization of the Venezuelan market? Thank you.

Thanks, Vicente. I'll ask Jaime to take on the sort of the market conditions, volumes, and how that's impacting us. Before I do that, there's at least the way in which I understand the question, there's two things. There's obviously volumes and dips, and stuff like that, but there's always or there's also a window that's opening in terms of opportunities in Venezuela. That's one of the things, as I've mentioned before, the company and the board will continue to assess optionality and opportunities going forward that we're reviewing as well, because we do believe that giving our track record as prudent, safe, efficient, reliable operator, there's always opportunities in that count.

Jaime, if you can take the one on the volumes.

Yeah, sure. Absolutely. Hi, Vicente. you know, when we think about Venezuela, I think the most immediate, impact that we've seen is of course, around the, heavy oil market, as such, and particularly as it relates to, the Vasconia and the Castilla references in Colombia. The, the Vasconia reference is relevant to us because it's probably the most relevant benchmark that we use, both for Llanos 34, and CPO-5, crudes. Generally, our crudes are not exactly the Vasconia reference. Actually, our crudes, have a improved quality and less sulfur content than Vasconia, from a purity standpoint, if you will, if you think about the specs. As a, as a benchmark of commercial differentiation, we are to some degree, connected to that.

What has happened with Vasconia, it has been a widening differential. If you look at probably 3Q or 2Q of last year, in the middle of last year, we were seeing differentials, which in other words, commercial discounts, which were in the order of $3-$4. Those commercial discounts are today probably in the $7-$8 amount, right? It's actually to a large degree, being influenced by what's been happening in Venezuela. What is happening in Venezuela? Basically, you are seeing about one million or so of new barrels from Venezuela going into the market, particularly to the U.S. market, the Gulf Coast refinery and a area.

What we're seeing there is actually a combination of two things. You have new supply from Venezuela, but at the same time, we are at that part of the season, you know, first Q of the year, typically, in the refining sector, you see relatively lowish demand. It's a quarter where typically maintenance work is going on, refinery runs are lower, typically. Therefore, you have this combination of supply coming in, new supply coming in from Venezuela and from Mexico, and a lower demand, typically from the refineries. We think this is temporary. What we believe is that the market will adapt to absorb the new Venezuelan crude, and demand generally with the refinery runs, will increase around summer.

Summer is the typical high demand season in the U.S. because there's massive consumption associated to people on vacation, traveling, you know, extended days and long hours and all of that. So we are expecting an stabilization, if you will, of that supply and demand. Particularly, what we see is that the Vasconia and the Colombian references, relatively speaking, provide better quality than that Venezuelan offer that you have currently. Having said that, we are obviously moving on all fronts to look at ways to further mitigate that. One of our strategies is around decoupling ourselves to the Vasconia reference by doing FOB exports. That's what we're doing with CPO-5.

Basically, the bulk of the CPO-5 volumes that we have, which are in the order of 6,000 bbl a day, are actually being sold in Coveñas for export, and that deal helps us reduce that effect. We're more tied to Brent rather than to Vasconia on that particular reference, and that helps. Basically, that's what you're seeing in that particular market. I think the other, of course, angle around your question of impacts on your business is, of course, that from a new business standpoint, Venezuela is opening up, right? Venezuela is opening up. We're starting to see inbound interest in that area, looking for operating capabilities that can help restart production in a number of fields, improve production in a number of fields.

As you're probably aware, the dimension and scale of the Venezuelan industry is massive, so there could be opportunities in that front, and that is something that we are actively evaluating.

Thanks, Jaime, and thanks, Vicente.

Thank you. We will now close Q&A, and I would like to hand the call back to Mr. Felipe Bayón for closing remarks.

Thanks, Harry. Thanks for the help, again, thanks everyone for being here in the call today. Very, very briefly, just a few remarks from myself. First one, 2025 closed in a very strong point. Operationally, as I've mentioned, we met or beat the guidelines that we had given the market with some specifics around the inflection point and stabilizing operations and production in Colombia and entering Vaca Muerta. As I've mentioned, very, very pleased with of those major milestones.

Strategy is in place, and we're executing and deploying capital in a very disciplined way, in terms of protecting the assets and the operations and the value that we have, and pursuing the avenue of growth, with which both Vaca Muerta and the deal with Frontera underpin very, very, very nicely and directly. We're very happy with the start of 2026, and we've shared some of the highlights as well. We will continue to work with Frontera on the arrangement agreement and working towards closing. Again, very thankful to the team in Frontera and to our team in terms of how diligent they've been in keeping us on track. Having the SIC approval, I think it's a major milestone for us as well.

We will remain disciplined in terms of our decisions and the financial framework that we use at the management level and with the board, to continue to assess all and any options that are available to the company. With that, I again, thank everyone who has been present at today's call. Thanks for the interest in GeoPark. Thanks for the great questions. I think it allowed us the opportunity to share some of our views. Please stay safe. Have a great day!

This concludes the GeoPark 4Q 2025 results conference call. You may now disconnect your lines.