On February 10, 2020, GeoPark Limited (GPRK) announced its oil and gas reserves as of end-2019, certified by DeGolyer and MacNaughton. Independently, Parex Resources Inc. (PARXF), the partner in the co-owned Llanos 34 block (LLA-34), reported its reserve update as of end-2019 last week.
Below, let's review these new data points, with an eye on updating the investment thesis on GeoPark.
Reserve growth
As of end-2019, GeoPark had 52.4 MMboe of proven developed producing (aka, PDP) reserves, 130.6 MMboe of proven (1P) reserves, and 197.3 MMboe of proven probable (2P) reserves