GeoPark : 2023 SPEED/Sustainability Report

SPEED/ SUSTAINABILITY REPORT

2023

CONTENTS

01		A MESSAGE FROM ANDRÉS	3
P. 3
02		WE ARE GEOPARK	5
	About Us	6
P. 5		SPEED Integrated Value System	7
		Main Results	8
		Milestones and Awards	9
		About this Report	10
		Our Business Model	11
		GeoPark Culture	12
		Our Structure	14
		Risk Management	15
03		Materiality and Stakeholders	18
	SUSTAINABILITY	20
	Our Integrated Environment Management Model	21
P. 20		Our Environmental Management System	22
04		GOVERNANCE	23
	Corporate Governance	24
P. 23		Ethics and Transparency	29

05

P. 36

06

P. 60

07

P. 91

08

P. 147

OUR VALUE GENERATION	36
Economic and Operational Performance	37
Responsible Management of Suppliers and Contractors	46
Energy Transition	57

OUR ENVIRONMENTAL MANAGEMENT	60
Climate Action	61
Responsible Management of Water and Biodiversity	73
OUR SOCIAL MANAGEMENT	91
Occupational Health and Safety	92
Neighbor Relations	100
Human Talent Management and Equality, Inclusion and Diversity (EID)	114
ANNEXES	147
Circular Economy and Waste Management	148
Air Emissions	152
Glossary	153
Acronyms	155
GRI Index	157
Contents of Law 11 (2018)	178
TCFD Index	185
Financial Results	186
Entities included in the Financial Statements	188
Associations and Guilds	189
Assurance Letter	190

3 | SPEED/Sustainability Report 2023			Letter from the CEO	We are GeoPark	Sustainability	Governance	Our value generation	Our environmental management	Our social management	Annexes

1. MESSAGE FROM ANDRÉS

Dear Friends:

Amid the transformation of the global energy system, advancing at different paces on different pathways, oil and gas will continue to be a reliable and affordable energy source to drive development for decades to come. Securing hydrocarbon supplies as responsibly and cleanly as possible will be crucial to meeting the basic needs of the population and enabling an orderly and equitable energy transition.

Home to the world's second-largest hydrocarbons reserves, Latin America is a significant player in the energy transition. With more than 20 years of experience and as a leading Latin American oil and gas explorer, operator, and consolidator, GeoPark sees this transformation as both a commitment and an opportunity, as reflected in our new motto: Creating

Energy for Life.

GeoPark was built to be at the forefront of independent exploration and production companies in the region, with a focus on creating value and positively impacting all stakeholders. At the heart of our Company and our approach to Sustainability lies our home-grownSPEED Value System, which has consistently guided our operations across five interlinked areas - Safety, Prosperity, Employees, Environment and Community

Development. SPEED is so deeply ingrained in our corporate culture that performance at GeoPark has always gone beyond financial metrics, as shown by yet more sustainability achievements in 2023.

At a time of urgent climate action, we continue to deliver strong results in our decarbonization efforts. In 2023, two years after announcing our GHG emissions reduction strategy with ambitious short, medium, and long-term targets, we reduced our emissions intensity by 26% to 10.6 kg of CO2 per barrel, a figure far below the industry average. Overall, between 2020 and 2023 we reduced our annual absolute emissions by over 126,000 metric tons of CO2, equivalent to taking 27,000 vehicles off the road.

The electrification of our Llanos 34 core asset, one of Colombia's largest producing blocks, delivered a very low emissions intensity of 7 kg of CO2 per barrel last year, a 28% decrease compared to 2022. Decarbonizing all our operations is central to our business and our commitment to accelerating our progress towards net zero emissions by 2050.

We recently celebrated our 10th anniversary of listing on the New York Stock Exchange, a testament to our commitment to robust governance

(GRI2-22)

4 | SPEED/Sustainability Report 2023			Letter from the CEO	We are GeoPark	Sustainability	Governance	Our value generation	Our environmental management	Our social management	Annexes

practices. In 2023, MSCI positioned us for the first time as an ESG leader by upgrading us to AA, a significant improvement from our initial B rating in 2018. We were also upgraded, from C to B, in the Carbon Disclosure Project (CDP) - Climate Change after participating for the second consecutive year. Furthermore, KPMG's Board Leadership Center recognized the strength of our corporate governance and rated our Board of Directors as the third best in Colombia after evaluating more than 30 boards in the country.

We conducted a double materiality exercise to refine our sustainability strategy so that it reflects our Company's reality, ambitions, challenges, and opportunities. The action plans arising from this assessment will feed in to our short, medium, and long-term financial planning as well as our corporate risk management system, and further strengthen our relationship with employees, communities, authorities, and investors. Also in 2023, we concluded Human Rights risk assessments for our operations in Colombia and Ecuador, reinforcing our commitment to ensuring respect for and promotion of Human Rights.

Other key accomplishments in our work in 2023 included:

• Being included in the Bloomberg Gender-Equality Index again. Being part of the index means we excel in implementing cutting-edge gender policies.
• Joining the United Nations Global Compact, reflecting our commitment to incorporating its principles into our Company's strategy, culture, and daily activities.
• Obtaining the ISO 45001:2018 occupational health and safety management certification for the first time and maintaining the ISO 14001:2015 environmental management certification for the sixth consecutive year for our operations in Colombia, reaffirming our commitment to operating safely and sustainably.
• Receiving a Portafolio Award, Colombia's top private sector prize for Corporate Social Responsibility, from among 90 local and multinational companies.
• Being awarded the 'Hechos de Sostenibilidad' sustainability prize in the Decarbonization and Emissions Reduction category from the

Colombian Petroleum Association (ACP) for progress in our emissions reduction plan.

• Becoming part of the Business Ethics Leadership Alliance (BELA), a platform of over 390 companies in 60 industries that shares ethics and compliance best practice.

At GeoPark, our goal is to deliver more energy, more value, and more shared prosperity. This report provides an insight into our approach and the sustainability efforts of the Company and our team. We welcome your engagement and feedback as we continue to make positive impact and drive progress in the regions where we operate.

Thank you,

Andrés Ocampo

Chief Executive Officer

We are 02 GeoPark

6 | SPEED/Sustainability Report 2023			Letter from the CEO	We are GeoPark	Sustainability	Governance	Our value generation	Our environmental management	Our social management	Annexes

ABOUT US

ColombiaEcuador

Total number of operations

(GRI 2-1/6; GRI 207-4; GRI 11.21.7)

We are a leading independent oil and gas exploration and production company in Latin America, with assets and growth platforms in Colombia, Ecuador, Brazil and Chile1.

Our Company has a long-term approach and shows solid performance in sales, production, reserves and socio-environmental management indicators every year. We grow organically through oil and gas exploration, development and production, and inorganically through acquiring new assets and strategic businesses.

Most of the oil and gas we produce is sold to third parties in the countries where we operate for export, domestic consumption or hydrocarbons processing.

Our Company's main asset is its people. We have consciously and deliberately attracted and trained one of the most competent teams in the region, ensuring the development of energy resources while complying with high quality standards above and below ground.

Operated blocks:		Operated block:
Llanos 34 Block		Espejo Block
Llanos 86 Block2
Llanos 87 Block3		Non-operated block:
Llanos 104 Block4		Perico Block
Llanos 123 Block5	Chile
Llanos 124 Block6
Coati Block		Operated blocks:
Mecaya Block7		Fell Block
Platanillo Block		Campanario Block15
PUT-8 Block8		Isla Norte Block16
PUT-9 Block9		Flamenco Block17
PUT-14 Block	Brazil
PUT 36 Block10
Tacacho Block11		Operated blocks:
Terecay Block12		POT-T-785 Block
		REC-T-67 Block
Non-operated blocks:		REC-T-58 Block
Llanos 32 Block		REC-T-77 Block
Llanos 94 Block13		POT-T-834 Block
CPO-5 Block
CPO-4-1 Block14		Non-operated block:
Abanico Block		BCAM-40 Block18
	Argentina
		Non-operated block:
		Puelen Block19
		Los Parlamentos Block20

20 COLOMBIA

• ECUADOR

6 BRAZIL

• CHILE

• ARGENTINA

34

In a press release issued on May 3, 2023, we announced the implementation of a restructuring in Chile, as well as a process to evaluate divestment opportunities.

During 2023, the National Hydrocarbons Agency (ANH) accepted the termination of the PUT-12 and VIM-3 contracts.

We have administrative offices in two Latin American countries:

Colombia:

Bogotá

Calle 94 N.° 11- 30, 8th Floor [phone]

Ecuador:

Quito

Portugal N.° 34 360 y Av. 6 de Diciembre Edificio Zyra, 12th floor

1, 15-17	GeoPark completed the divestment of its assets in Chile in January 2024.	18	This block is also referenced as Manatí throughout this report.
2-10, 13, 14	GeoPark agreed to transfer its working interest to its joint operating partner.	19	In the process of liquidation.
11, 12	In the process of contract relinquishment and liquidation.	20	GeoPark has agreed to transfer its working interest to its joint operating partner.

[phone]

7 | SPEED/Sustainability Report 2023

SPEED INTEGRATED VALUE SYSTEM

Letter from the CEO	We are GeoPark	Sustainability	Governance	Our value generation	Our environmental management	Our social management	Annexes

Our Integrated Value System is called SPEED, an acronym that summarizes our commitment in five critical and interrelated areas: Safety, Prosperity, Employees, Environment and Community Development. SPEED defines our success, guides our behaviors, and has enabled us to attract the best talent, be the partner of choice and best neighbor, and to work on reducing the environmental footprint of our operations.

The commitments within the five components of SPEED are the following:

VALUE PROMISE

Since our foundation in 2002, we have defined an Integrated Value System to ensure a safe, sustainable and responsible operation. Under this system, we report on our sustainability

Health and Safety: We should all return home safely and in good health.

Employees: Create a motivating, fair

and rewarding work environment, without discrimination and with conditions and opportunities that develop all our employees, who can participate in the success of the Company and have the opportunity to contribute to its growth.

Community Development: Become the neighbor and partner of choice based on a sustainable relationship of learning, exchange and mutual benefit with the local communities where we operate.

Creating Value and Giving Back has been our mission and promise since GeoPark was established through our conviction that the only way to grow is to ensure that the environment around us grows with us. It's about creating real, tangible, far-reaching, and lasting value for our shareholders, our employees, our neighbors and our planet.

management and ensure that goals and results are everyone's responsibility rather than belonging to a particular area of the Company.

Prosperity: Act transparently and create long-term economic value to give back to our shareholders and ensure our sustainable growth.

Environment: Value our natural resources and make every effort to avoid or reduce the impact of our projects on the environment, as well as giving back to nature through using state-of-the-arttechnologies and operational methods.

This motto and purpose guides us in providing the energy that the world needs, under criteria of operational excellence and high standards of responsibility with the environment and social circumstances where we operate. These criteria guide our behavior and are aligned with the commitments of our SPEED Integrated Value System.

8 | SPEED/Sustainability Report 2023			Letter from the CEO	We are GeoPark	Sustainability	Governance	Our value generation	Our environmental management	Our social management	Annexes

MAIN RESULTS

Health and Safety

at Work

0.0 LTIR

employees*

LOST TIME INJURY RATE

0.53 LTIR

contractors*

LOST TIME INJURY RATE

0.0 TRIR

employees*

TOTAL RECORDABLE INJURY RATE

0.75 TRIR

contractors*

TOTAL RECORDABLE INJURY RATE

0.1 MVCR

MOTOR VEHICLE CRASH RATE

10.4 MILLION

HOURS WORKED BY EMPLOYEES AND CONTRACTORS

*Under guidelines from the International Association of Oil & Gas Producers - IOGP

Energy Transition

Responsible Management

of Suppliers and Contractors

US$756.6 MILLION

ANNUAL REVENUE FROM OIL AND GAS SALES

US$451.9 MILLION

ADJUSTED EBITDA

US$111.1 MILLION

NET PROFIT

49.7 MMBOE

PD RESERVES

US$1.8 BILLION

NET PRESENT VALUE OF 2P RESERVES**

115.1 MMBOE 2P RESERVES

CERTIFIED UNDER PRMS (PETROLEUM RESOURCE

MANAGEMENT SYSTEM)

9.1 YEARS

2P RESERVE LIFE INDEX (RLI)

73%

SUCCESS RATE OF WELLS DRILLED***

100%

OF SUPPLIERS WITH IDENTIFIED POTENTIAL AND ACTUAL NEGATIVE SOCIAL IMPACTS HAVE ACTION PLANS IN PLACE

**After taxes

***Based on the U.S. Securities and Exchange Commission definition of dry wells and productive wells, as established in Item 1205 of Regulation S-K

Management of Talent & Equality, Inclusion & Diversity (EID)

470

DIRECT EMPLOYEES

100%

OF EMPLOYEES OWN SHARES

33.3%

OF THE EXECUTIVE TEAM ARE WOMEN

38.94%

OF EMPLOYEES ARE WOMEN

49%

OF NEW HIRES ARE WOMEN

76.66%

EMPLOYEE PARTICIPATION IN THE APRENDAMOS CON GEOPARK LEARNING PROGRAM

US$1,244.9

AVERAGE INVESTMENT IN TRAINING PER EMPLOYEE

62

AVERAGE HOURS OF TRAINING PER EMPLOYEE

100%

OF EMPLOYEES HAVE ACCESS TO HEALTH INSURANCE, PARENTAL LEAVE, AND LIFE INSURANCE

0

CASES OF WORKPLACE DISCRIMINATION

84%

POSITIVE OPINIONS IN THE GREAT PLACE TO WORK SURVEY

Climate Action

Responsible Management

of Water and Biodiversity

10.6 KGCO2e/BOE

SCOPE 1 AND 2 GHG EMISSIONS INTENSITY INDEX, 18% LESS THAN 2022

100%

OF EMPLOYEES HAVE VARIABLE REMUNERATION LINKED TO WATER AND CLIMATE CHANGE KPIs

ZERO

ENVIRONMENTAL FINES OR PENALTIES

IN OUR OPERATIONS

ZERO

BARRELS OF CRUDE OIL SPILLED PER MILLION BARRELS PRODUCED

36.2%

LESS WATER CONSUMPTION THAN IN 2022

100%

OF OPERATING BLOCKS WITH THE POTENTIAL TO GENERATE BIODIVERSITY IMPACTS HAVE ONGOING MANAGEMENT PLANS

+40,000

TREES PLANTED/DONATED IN COLOMBIA

US$2.7 MILLION

IN ENVIRONMENTAL INVESTMENT

USD 50/TCO²e

INTERNAL CARBON PRICE FOR CLIMATE

IMPACT ANALYSIS

5.43

HECTARES RESTORED

43.7 KWH/PROUCED BOE

ENERGY INTENSITY INDEX, 22% LOWER THAN 2022

Neighbor

Relations

US$3.9 MILLION

IN SOCIAL INVESTMENT

102,563

BENEFICIARIES OF SOCIAL PROGRAMS

349

LOCAL SUPPLIERS INTEGRATED INTO THE VALUE CHAIN

3,755

JOB OPPORTUNITIES GENERATED IN OUR VALUE CHAIN

76.7%

OF EMPLOYMENT CREATED WAS LOCAL

24,662

RESIDENTS OF THE AREAS OF OPERATION PARTICIPATED IN 1,525 DIALOGUE OPPORTUNITIES

97.1%

CASES RESOLVED THROUGH CUÉNTAME

GRIEVANCE MECHANISM

GOVERNANCE	• BOARD OF DIRECTORS INDEPENDENTLY CHAIRED BY A WOMAN	ETHICS AND	• ZERO CASES OF CONFIRMED CORRUPTION	HUMAN	• 2 HUMAN RIGHTS RISK ANALYSES CARRIED OUT
• 98% PARTICIPATION IN BOARD MEETINGS BY DIRECTORS	• INDEPENDENT ETHICS HOTLINE	(IN ECUADOR AND LLANOS)
	• 66.6% OF OUR BOARD MEMBERS ARE INDEPENDENT	TRANSPARENCY	• WE LAUNCHED A SUPPLIERS' CODE OF CONDUCT	RIGHTS	• ZERO CASES OF VIOLATIONS OF OUR
	• 1 DIVERSITY POLICY FOR THE BOARD OF DIRECTORS	• MSCI UPGRADED US FROM A TO AA	STAKEHOLDERS' HUMAN RIGHTS
		• BOARD OF DIRECTORS APPROVED OUR FIRST DOUBLE MATERIALITY EXERCISE
	• 100% OF BOARD MEMBERS KNOW OUR ANTI-CORRUPTION POLICIES AND PROCEDURES
		• 2023 SPEED REPORT ALIGNED WITH THE TASK FORCE ON
			CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD)

9 | SPEED/Sustainability Report 2023			Letter from the CEO	We are GeoPark	Sustainability	Governance	Our value generation	Our environmental management	Our social management	Annexes

MILESTONES

AND AWARDS

• We obtained the Great Place to Work certification for the first time as one of the best companies to work for in Argentina, Chile and Colombia, countries in which the size of our workforce allowed us to apply for this recognition.
• MSCI upgraded our sustainability rating from 'A' to 'AA,' positioning GeoPark as a Sustainability Leader for its environmental, social and corporate governance good practices.
• Carbon Disclosure Project (CDP) - Climate Change upgraded us from 'C' to 'B'.
• We completed Human Rights risk assessments for our operations in Colombia and Ecuador, helping us to ensure that Human Rights are respected and promoted among our stakeholders.
• We carried out a double materiality exercise to strengthen our sustainability strategy. Further information on this can be found on page 19 of this Report.
• We were again included in the Bloomberg Gender- Equality Index, securing a leading position among companies that stand out for their implementation
  of gender policies. More information is available here.
• We joined the United Nations Global Compact, reflecting our commitment to making its principles

part of the Company's strategy, culture and day-today work.

• The emissions intensity of our operations was 10.6
  kg CO2e/boe, down 18% from 2022 and 26% below our 2020 baseline. Our GHG inventory was verified by ICONTEC, using the ISO 14064 Standard on organizational carbon footprints.
• We received ISO 45001:2018 certification for the first time and for the sixth consecutive year we received ISO 14001:2015 certification for our occupational health and safety and environmental management systems for operations in Colombia, reaffirming GeoPark's commitment to a safe and sustainable operation.
• We won a 2023 Portafolio Award in the Corporate Social Responsibility category for our contribution to the sustainable development of the regions we operate in.
• Our Board of Directors was chosen as the third best in Colombia by the KPMG Board Leadership Center, ratifying the strength of GeoPark's
  Corporate Governance. More information is available here.
• The Colombian Petroleum Association (ACP) awarded us its 'Hechos de Sostenibilidad' sustainability prize in the Decarbonization and

Emissions Reduction category for our work in this area.

• We joined Women in Connection (WIC), an organization that empowers women in business, government, and civil society, in line with our goal
  of strengthening gender equality best practices. More information is available here.
• We joined the Fundación Empresarios por la Educación (ExE, the Entrepreneurs for Education Foundation) network, showing our commitment to creating learning opportunities for children
  and young people in the areas of influence of our operations. More information is available here.

10 | SPEED/Sustainability Report 2023			Letter from the CEO	We are GeoPark	Sustainability	Governance	Our value generation	Our environmental management	Our social management	Annexes

ABOUT THIS

REPORT

(GRI 2-2/3/4/5)

This SPEED/Sustainability Report details our performance between January 1 and December 31, 2023, the same period for which we report our financial statements. This is the seventh SPEED/Sustainability Report that we have shared with our stakeholders. The most recent version was published in May 2023.

Scope

The information presented refers to the assets over which we have operational control in the countries we operate in. See page 6 of this Report.

Reporting Practices

and Document Structure

Our Report complies with the non-financial disclosure requirements of Law 11/2018 of the Kingdom of Spain.

We use the following reporting frameworks:

Global Reporting Initiative (GRI Standards 2021) and its oil and gas sector annex

Sustainability Accounting Standards Board (SASB)1

Sustainability Reporting Guidance of the Global Oil and Gas Association to Advance Environmental and Social Performance (IPIECA)

Task Force on Climate-Related Financial Disclosures (TCFD)

United Nations Global Compact

Sustainable Development Goals (SDGs)

DISCLOSURE INSIGHT ACTION

is the framework that we use to manage the issues prioritized in our double materiality (DM). This provides the structure of our Report, which establishes three dimensions: our Value Generation, our Environmental Management and our Social Management, through which we guide our stakeholders in understanding the reported matters.

Information updates and changes

In 2023 we carried out GeoPark's first double materiality exercise, identifying the main positive and negative impacts generated by our existence on the environment, society and the economy, as well as environmental, social and governance issues with the potential to generate positive and negative impacts on our operational and financial performance. This analysis led to the creation of an adjusted matrix of material topics that determine the Company's sustainability management focus in the short and medium term. The chapters of the SPEED/ Sustainability Report 2023 reflect this matrix.

For the methodology and results of the double materiality exercise, see page 19 of this Report.

To the extent that the Company's figures vary due to the dynamics of the business, throughout the Report we offer restatements of data, with respective explanations.

Approval of the SPEED/Sustainability Report

The first version of this Report was approved by our CEO on April 26 and was published in Spanish on May 4, 2024. This is the first English edition of the Report and is translated from the second Spanish edition, which was approved on May 30 and includes the following changes from the first edition:

• In the Main Results section, the percentage of new employees who are women and the number of job opportunities created in the value chain were edited, and the percentage of social investment made in rural areas was removed
• In the Corporate Governance chapter, the independence of the members of the Board of Directors was explained in greater depth
• In the Occupational Health and Safety chapter:
• • The medium-term goals (2 years) were relocated, and combined with the short-term goals (0-3 years)
  • The title of the Occupational Health and Safety for Contractors table was edited

1 We report some indicators associated with the oil and gas industry.