Efficiency initiatives: shut off ~24,000 bbl/day water (5% reduction), captured 2% energy from associated gas, new water treatment plant saving ~$2/bbl, rigless interventions saving ~25% cost.
Risks: increased total fluid production, energy cost, community blockages, Colombia labor cost regulations.
Cash uses: minimum operational cash, higher CapEx (new $90M–$120M guidance), cost efficiencies; can pursue bond buybacks, dividend (just announced), and M&A if space allows.
Mgmt stance: Bullish (efficiencies driving OpEx to low end of guidance; cash allocation balanced for return and growth).
Q9 — Juan Jose Muñoz
Topic: Colombia 2026 election scenario and potential opportunities
Key points:
Current situation: oil production not increased, rig count reduced, investment down, no new exploration acreage.
Election timeline: first round May 2026, second round June 2026.
Some pre-candidates discussing sector restrengthening, more licenses, and unconventionals in Colombia.
GeoPark interested in Vaca Muerta (Argentina) for unconventionals experience; could bring expertise back to Colombia if unconventionals return.
Mgmt stance: Cautious/neutral (high uncertainty; early days; outcome depends on election).
Q10 — Stephane Guy Patrick Foucaud
Topic: Current production (excluding Ecuador), exploration results (Currucutu, Toritos Sur-3), and CPO-5 write-offs
Key points:
Production guidance: 26,000–28,000 boe/d; H1 average 28,200 boe/d; July similar to H1 average (high range).
Llanos 123: production up 16% QoQ; Toritos Sur-3 well positive; drilling next well soon.
CPO-5: workovers above average compensating for blockages; last blockage in July, none since; no write-offs in 2025 (2024 had $7M write-off for Cisne and Lark wells).
Mgmt stance: Bullish (production at high end of guidance; exploration results positive; no recent write-offs).