GeoPark profits triple in 2012

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Wednesday, April 10, 2013

London-listed GeoPark (AIM: GPK) reported net profits of US$18mn in 2012, up from US$5mn in 2011, according to the company's earnings release.

The growth is mainly due to improved operating results, which reached US$41mn in 2012, despite higher write-off charges.

The company's revenues jumped 124% to US$250mn, from US$112mn in 2011, due to higher oil production in Chile and the incorporation of Winchester and Hupecol in Colombia for US$105mn, partially offset by lower gas revenues.

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Oil revenues from Chilean operations grew 68% to US$121mn in 2012 and Colombian operations incorporated an additional US$99mn in oil revenues. Oil revenues accounted for 88% of total revenues.

Total production rose 49% last year, averaging 11,276boe/d.

Proved and probable reserves increased 15% to 56.9Mboe.

The company's 2012 capex program was US$195mn including the drilling of 44 wells. Operations commenced in GeoPark's Tierra del Fuego, Chile on the Isla Norte, Flamenco and Campanario blocks last year.

OUTLOOK

The company's 2013 capex program is US$200-230mn including the drilling of 35-45 new wells. GeoPark expects production to increase 20-25% over 2012 average production.

The company has work programs on 19 blocks in Chile, Argentina and Colombia.