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As we indirectly own Colombian Assets, the indirect transfer rules would apply to transfers of our common shares provided certain conditions outside of our control are met. If such conditions were present and as a result the indirect transfer rules were to apply to sales of our common shares, such sales would be subject to indirect transfer tax on the capital gain realized in connection with such sales. For a description of the indirect transfer rules and the conditions of their application see “Item 10. Additional Information—E. Taxation—Colombian tax on transfers of shares.”

Legislation enacted in Bermuda as to Economic Substance may affect our operations.

Pursuant to the Economic Substance Act 2018 (as amended) of Bermuda (the “ES Act”) that came into force on January 1, 2019, a registered entity other than an entity which is resident for tax purposes in certain jurisdictions outside Bermuda (“non-resident entity”) that carries on as a business any one or more of the “relevant activities” referred to in the ES Act must comply with economic substance requirements. The ES Act may require in-scope Bermuda entities which are engaged in such “relevant activities” to be directed and managed in Bermuda, have an adequate of qualified employees in Bermuda, incur an adequate level of annual expenditure in Bermuda, maintain physical offices and premises in Bermuda or perform core income-generating activities in Bermuda. The list of “relevant activities” includes carrying on any one or more of: banking, insurance, fund management, financing, leasing, headquarters, shipping, distribution and service center, intellectual property and holding entities.  

The ES Act could affect the manner in which we operate our business, which could adversely affect our business, financial condition and results of operations.  Although it is presently anticipated that the ES Act will have little material impact on us or our operations, as the legislation is new and remains subject to further clarification and interpretation, it is not currently possible to ascertain the precise impact of the ES Act on us.

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integration of Amerisur’s assets in Colombia. In 2021, we drilled our first exploratory well in the Perico Block and we accepted an offer to divest non-core Argentina assets for a consideration of US$16 million, which closed on January 31, 2022.

We have built our company around three principal capabilities:

Our business model reflects our principal capabilities:

Asset Management, Performance & Quality

Effectively and profitably manage our entire asset portfolio and teams, work with partners, obtain regulatory and other permits, and carry out our work programs to explore, develop and produce our oil and gas reserves and resources.

Exploration & Subsurface

Use our brainpower, experience, creativity and discipline to find and develop new oil and gas reserves – based on the best science, solid economics and the ability to take the necessary managed risks.

Operations & Execution

Execute in a timely manner to be the safest lowest cost producer, and with the necessary know-how to profitably drill, produce, transport and sell our oil and gas with the drive and creativity to find solutions, overcome obstacles, seize opportunities and achieve results.

Nature & Neighbors

Having the cleanest and kindest hydrocarbons by minimizing the impact of our projects on the environment, making our operational footprint cleaner and smaller, and being the preferred neighbor and partner by creating a mutually beneficial exchange with the local communities where we work.

Value Delivery & Generation

Create consistent stakeholder value through disciplined capital allocation, rigorous and comprehensive risk management, self-funded and flexible work programs, capital and operating cost efficiency, maximizing the value of every barrel, expanding scale, protecting the balance sheet and returning tangible value to our shareholders.

Commitment & Culture

Build a performance-driven and trust-based culture, based on SPEED, that values and protects our communities, employees, environment and shareholders to underpin and strengthen our long-term plan for success.

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We believe that our risk and capital management policies have enabled us to compile a geographically diverse portfolio of properties that balances exploration, development and production of oil and gas. These attributes have also allowed us to raise capital and to partner with premier international companies. Most importantly, we believe we have developed a distinctive culture within our organization that promotes and rewards trust, partnership, entrepreneurship and merit. Consistent with this approach, all of our employees are eligible to participate in our long-term incentive program, which is the Performance-Based Employee Long-Term Incentive Program. See “Item 6. Directors, Senior Management and Employees—B. Compensation—Employee Performance-Based and Long-Term Incentive Programs.”

Our regional platform and risk-balanced portfolio has been built following a proactive but conservative long-term technical approach, converting projects into successful value-generating assets.

History

We were founded in 2002 by Gerald E. O’Shaughnessy and James F. Park, who have over 40 years of international oil and natural gas experience, respectively. Mr. O’Shaughnessy served as our Chairman until June 8, 2021. Mr. Park currently serves as our Chief Executive Officer and Deputy Chairman of the Board. In 2021, Sylvia Escovar Gomez was appointed as new Chair of the Board.

We are a leading independent oil and natural gas exploration and production (“E&P”), company with operations in Latin America. During 2021, we operated in Colombia, Chile, Brazil, Argentina and Ecuador.

Our History can be summarized by our growth in each country and our performance in the capital markets:

Chile

In 2006, after demonstrating our technical expertise and committing to an exploration and development plan, we obtained a 100% operating working interest in the Fell Block from the Republic of Chile. Then, in 2011, ENAP awarded us the opportunity to obtain operating working interests in each of the Isla Norte, Flamenco and Campanario Blocks in Tierra del Fuego, Chile, which we refer to collectively as the Tierra del Fuego Blocks, and in 2012, jointly with ENAP, we entered into CEOPs with Chile for the exploration and exploitation of hydrocarbons within these blocks.

Colombia

In the first quarter of 2012, we moved into Colombia by acquiring three privately held E&P companies: (i) Winchester Oil and Gas S.A., a Colombian branch of a sociedad anónima incorporated under the laws of Panama, which merged into GeoPark Colombia SAS (“Winchester”), (ii) La Luna Oil Company Limited S.A., a sociedad anónima incorporated under the laws of Panama, which merged into GeoPark Colombia SAS (“Luna”) and (iii) Hupecol Cuerva LLC, a limited liability company incorporated under the laws of the state of Delaware, which merged into GeoPark Colombia SAS (“Cuerva”). These acquisitions provided us with an attractive platform of reserves and resources in Colombia.

During 2019, jointly with Ecopetrol/Hocol, we acquired five low-cost, low-risk and high-potential exploration blocks in the Llanos Basin, surrounding the Llanos 34 Block, and we also executed an agreement with Parex to assume a 50% working interest in the Llanos 94 Block.

On January 16, 2020, we acquired the entire share capital of Amerisur, a company previously listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange. The principal activities of Amerisur were exploration, development and production of oil and gas reserves in Latin America.

Brazil

Since 2013, we have participated many times in the Brazilian ANP Bid Rounds and every time we participated we have been awarded exploratory concessions.

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As of 2014, following the Rio das Contas acquisition, we have a 10% working interest in the BCAM-40 Concession, which includes an interest in the Manati Gas Field operated by Petrobras.

On November 22, 2020, we signed an agreement to sell our 10% non-operated working interest in the Manati gas field to Gas Bridge for a total consideration of R$144.4 million (approximately US$27 million as of the date of the agreement at the exchange rate of R$5.35 to US$1.00), including a fixed payment of R$124.4 million plus an earn-out of R$20.0 million, which is subject to obtaining certain regulatory approvals. The transaction was agreed with an effective date of December 31, 2020 and is subject to certain conditions, including the acquisition by Gas Bridge of the remaining 90% working interest and operatorship of the Manati gas field. As of the date of this annual report these conditions have not been met.

Argentina

In December 2017, we agreed to purchase from Pluspetrol, a 100% working interest and operatorship of the Aguada Baguales, El Porvenir and Puesto Touquet blocks in Argentina. We entered into an asset purchase agreement with Pluspetrol, dated December 18, 2017 (the “APA”). The transaction closed on March 27, 2018.

In June 2018, we announced a partnership with YPF, the state-owned oil company of Argentina, on the Los Parlamentos block – a large high potential block in the Neuquén Basin with both conventional and unconventional prospects. The assignment of rights agreement was signed in October 2019.

During May 2021, we initiated a process to evaluate farm-out or divestment opportunities to sell our 100% working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina, including the associated gas transportation license through the Puesto Touquet pipeline.

On November 3, 2021, the sale and purchase and assignment agreement was signed for a total consideration of US$16 million, subject to working capital adjustments. Closing of the transaction took place on January 31, 2022.

Peru

In October 2014, we expanded our footprint into Peru by acquiring the Morona Block in a joint operation with Petroperu. This transaction awarded us a 75% working interest of the Morona Block. In December 2016, we obtained final regulatory approval for our acquisition of the Morona Block in Peru. The Joint Investment and Operating Agreement dated October 1, 2014 and its amendments were closed on December 1, 2016, following the issuance of Supreme Decree 031-2016-MEM.

On July 15, 2020, we notified our irrevocable decision to retire from the non-producing Morona Block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. On April 6, 2021, the final agreement with Petroperu was signed and, on May 31, 2021, the joint operation agreement was terminated. On September 28, 2021, the supreme decree approving the assignment was issued by the Peruvian Government, and the public deed corresponding to that assignment was executed by us and Petroperu on November 15, 2021. Consequently, from such date, Petroperu holds all the rights and obligations under the Morona Block license contract.

Ecuador

On May 22, 2019, we signed final participation contracts for the Espejo (GeoPark operated, 50% working interest) and Perico (GeoPark non-operated, 50% working interest) Blocks in Ecuador, which were awarded to GeoPark in the Intracampos Bid Round held in Quito, Ecuador in April 2019. We assumed a commitment of carrying out 3D seismic in the Espejo Block and drilling four exploration wells in each block, which amounts to US$39 million in capital expenditures for our working interest, until June 2025.

In December 2021 we drilled and completed the first exploration well in the Perico Block, which resulted in discovery of oil, with testing activities currently underway and we are carrying out the acquisition of 60 sq km of 3D seismic in the Espejo Block, targeting to spud the first exploration well in the second half of 2022.

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Funding

In February 2014, we commenced trading on the NYSE and raised US$98 million (before underwriting commissions and expenses), including the over-allotment option granted to and exercised by the underwriters, through the issuance of 13,999,700 common shares.

In September 2017, we issued US$425.0 million aggregate principal amount of 6.50% senior notes due 2024. The net proceeds from the Notes were used by us (i) to make a capital contribution to our wholly-owned subsidiary, Agencia, providing it with sufficient funds to fully repay senior secured notes due 2020 and to pay any related fees and expenses, including a call premium, and (ii) for general corporate purposes, including capital expenditures, such as the acquisition of Aguada Baguales, El Porvenir and Puesto Touquet blocks in the Neuquén Basin in Argentina and to repay existing indebtedness, including the Itaú loan.

In January 2020, we issued US$350.0 million aggregate principal amount of 5.5% senior notes due 2027. The net proceeds from the Notes were used by us (i) to make an intercompany loan to our wholly-owned subsidiary, GeoPark Colombia S.A.S., providing it with sufficient funds to pay the total consideration for the acquisition of Amerisur (see Note 36.1 to our Consolidated Financial Statements) and to pay related fees and expenses, and (ii) for general corporate purposes.

In April 2021, we executed a series of transactions that included a successful tender to purchase US$255.0 million of the 2024 Notes that was funded with a combination of cash in hand and a US$150.0 million new issuance from the reopening of the 2027 Notes. The new notes offering, and the tender offer closed on April 23, 2021, and April 26, 2021, respectively.

​

The tender total consideration included the tender offer consideration of US$1,000 for each US$1,000 principal amount of the 2024 Notes plus the early tender payment of US$50 for each US$1,000 principal amount of the 2024 Notes. The tender also included a consent solicitation to align the covenants of the 2024 Notes to those of the 2027 Notes.

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The reopening of the 2027 Notes was priced above par at 101.875%, representing a yield to maturity of 5.117%. The debt issuance cost for this transaction amounted to US$2.0 million. The Notes are fully and unconditionally guaranteed jointly and severally by GeoPark Chile SpA and GeoPark Colombia.

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Following these transactions, we reduced our total indebtedness nominal amount by US$105.0 million and improved our financial profile by extending our debt maturities.

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B.    Business Overview

We have grown our business through drilling, developing and producing oil and gas, winning new licenses and acquiring strategic assets and businesses. Since our inception, we have supported our growth through our prospect development efforts, drilling program, long-term strategic partnerships and alliances with key industry participants, accessing debt and equity capital markets, developing and retaining a technical team with vast experience and creating a successful track record of finding and producing oil and gas in Latin America. A key factor behind our success ratio is our experienced team of geologists, geophysicists and engineers, including professionals with specialized expertise in the geology of Colombia, Chile, Brazil, Argentina and Ecuador.

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The following map shows the countries in which we have blocks with working and/or economic interests as of December 31, 2021. For information on our working interests in each of these blocks, see “—Our assets” below.

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The following table sets forth our net proved reserves and other data as of and for the year ended December 31, 2021.

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Our commitment to growth has translated into a strong compounded annual growth rate (“CAGR”), of 8% for production in the period from 2017 to 2021, as measured by boepd in the table below.

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The following table sets forth our production of oil and natural gas in the blocks in which we have a working and/or economic interest as of December 31, 2021.

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Our assets

We have a well-balanced portfolio of assets that includes working and/or economic interests in 42 hydrocarbon blocks, 41 of which are onshore blocks, including 10 in production as of December 31, 2021. Our assets give us access to more than 6.7 million gross exploratory and productive acres.

According to the D&M Reserves Report, as of December 31, 2021, the blocks in Colombia, Chile, Brazil and Argentina in which we have a working interest had 87.8 mmboe of net proved reserves, with 90%, 5%, 3% and 3% of such net proved reserves located in Colombia, Chile, Brazil and Argentina, respectively.

We produced a net average of 37.6 mboepd during the year ended December 31, 2021, of which 83%, 6%, 6% and 5%, were in Colombia, Chile, Argentina and Brazil, respectively, and of which 86% was oil.

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Our strengths

We believe that we benefit from the following competitive strengths:

High quality and diversified asset base built through a successful track record of organic growth and acquisitions

Our assets include a diverse portfolio of oil and natural gas-producing reserves, operating infrastructure, operating licenses and valuable geological surveys in Latin America. Throughout our history, we have delivered continuous growth in our production, and our management team has been able to identify under-exploited assets and turn them into valuable, productive assets, and to allocate resources effectively based on prevailing conditions.

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Significant drilling inventory and resource potential from existing asset base

Our portfolio includes large land holdings in high-potential hydrocarbon basins and blocks with multiple drilling leads and prospects in different geological formations, which provide several attractive opportunities with varying levels of risk. Our drilling inventory and our development plans target locations that provide attractive economics and support a predictable production profile, as demonstrated by our expansions in Colombia.

Our geoscience team continues to identify new potential accumulations and expand our inventory of prospects and drilling opportunities.

Continue to grow a risk-balanced asset portfolio

We intend to continue to focus on maintaining a risk-balanced portfolio of assets, combining cash flow-generating assets with upside potential opportunities, and on increasing production and reserves through finding, developing and producing oil and gas reserves in the countries in which we operate. In general, when we enter a new country we look for a mix of three elements: (i) producing fields, or existing discoveries with near-term possibility of production, to generate cash flows; (ii) an inventory of adjacent low-risk prospects that can offer medium-term upside for steady growth; and (iii) a periphery of higher-risk projects which have a potential to generate significant upside in the long run.

For example, in Colombia, we acquired Amerisur to pursue a risk-balanced approach: one block had mainly proven production and reserves to provide us with a steady cash flow base, and the remaining blocks had highly prospective exploration licenses.

We believe this approach will allow us to sustain continuous and profitable growth and also participate in higher risk growth opportunities with upside potential. See “—Our operations.”

Platform and Funding

We are focused on continued growth utilizing a disciplined capital structure and a conservative financial philosophy. Due to the volatile nature of commodity prices, expenditure discipline and a focus on disciplined capital structure are critical to our business. Our multi-country platform and asset portfolio is managed through our capital allocation methodology, which also allows us to quickly adapt and grow. Under this methodology, each country, has a local team running the business who recommends and advocates for the projects with which they want to move forward. The corporate team then ranks all of the projects based on economic, technical, environmental, social and corporate governance and strategic criteria, for the purpose of comparing projects. This also creates opportunities for improvements in the projects that can, in turn, improve their ranking. Finally, once the production and reserve growth targets are defined, the corporate team decides the amount of capital to be invested and allocates that capital to the highest value-adding projects. As an example, for the 2022 capital allocation process, over 115 projects were selected which comprise our 2022 work program, under the base capital program. Additionally, given the inherent oil price volatility, we design our work programs to be flexible, which means that they can be increased or decreased depending on the oil price scenario.

We have historically benefited from access to debt and equity capital markets and cash flows from operations, as well as other funding sources, which have provided us with funds to finance our organic growth and the pursuit of potential new opportunities.

We generated US$216.8 million and US$168.7 million in cash from operations in the years ended December 31, 2021 and 2020, respectively, and had US$100.6 million and US$201.9 million of cash and cash equivalents as of December 31, 2021 and 2020, respectively.

As of December 31, 2021, we had US$674.1 million of total outstanding indebtedness and over 99% of our debt is scheduled to mature in 2024 (25.5%) and 2027 (74.2%).

In April 2021, we executed a series of transactions that included a successful tender to purchase US$255.0 million of the 2024 Notes that was funded with a combination of cash in hand and a US$150.0 million new issuance from the

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reopening of the 2027 Notes. The new notes offering, and the tender offer closed on April 23, 2021, and April 26, 2021, respectively.

The tender total consideration included the tender offer consideration of US$1,000 for each US$1,000 principal amount of the 2024 Notes plus the early tender payment of US$50 for each US$1,000 principal amount of the 2024 Notes. The tender also included a consent solicitation to align the covenants of the 2024 Notes to those of the 2027 Notes.

The reopening of the 2027 Notes was priced above par at 101.875%, representing a yield to maturity of 5.117%. The debt issuance cost for this transaction amounted to US$2.0 million. The Notes are fully and unconditionally guaranteed jointly and severally by GeoPark Chile SpA and GeoPark Colombia S.A.S.

​

Following these transactions, we reduced our total indebtedness nominal amount by US$105.0 million and improved our financial profile by extending our debt maturities.

​

In June 2020, we entered into an offtake and prepayment agreement with Trafigura, under which we sold and delivered a portion of our Colombian crude oil production to Trafigura. The offtake agreement also provided us with a prepayment line of up to US$75 million in the form of prepaid future oil sales. The availability period for the prepayment agreement expired on August 10, 2021. We have not withdrawn any amount from this prepayment agreement.

In January 2020, we issued US$350.0 million aggregate principal amount of 5.50% senior notes due 2027 (the “Notes due 2027”). The Notes due 2027 contain incurrence-based limitations on the amount of indebtedness we can incur. See Note 27 to our Consolidated Financial Statements.

Strong cash flow

We benefit from a strong cash flow from operating activities. For the year ended December 31, 2021, cash flows from operating activities were US$216.8 million. Our cash flows from operating activities plays a significant role in funding our capital expenditures.

Maintain financial strength

We seek to maintain a prudent and sustainable capital structure and a strong financial position to allow us to maximize the development of our assets and capitalize on business opportunities as they arise. We intend to remain financially disciplined by limiting substantially all our debt incurrence to identified projects with repayment sources. We expect to continue benefiting from diverse funding sources such as our partners and customers in addition to the international capital markets.

Our cash flow generation is complemented by our financial hedging program. Since October 2016, we have entered into derivative financial instruments to manage our exposure to oil price risk. The purpose of our hedging strategy is to establish minimum oil prices to secure a stable cash flow and the execution of our work program. For more information regarding our financial hedging program please see Note 8 to our Consolidated Financial Statements.

Since December 2018 we decided to manage our future exposure to local currency fluctuation with respect to income tax balances in Colombia. Consequently, we entered into derivative financial instruments with local banks in Colombia, for an amount equivalent to US$83.7 million in 2019 and US$92.1 million in 2018, in order to anticipate any currency fluctuation with respect to income taxes to be paid during the first half of the following year. As of December 31, 2021, and 2020, we have no currency risk management contracts in place.

In relation to the cash consideration payable for the acquisition of Amerisur, we were exposed to fluctuations of the British pound sterling as of December 31, 2019. Consequently, we decided to manage this exposure by entering into a deal-contingent forward with a British bank, in order to anticipate any currency fluctuation.

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Since 2020, we have entered into Vasconia-based derivative contracts, a new instrument within our hedging portfolio. These derivatives protect both the overall crude price exposure to ICE Brent as well as the Vasconia differential, which reflects the quality adjustment for our Llanos Basin crude production in Colombia.

We believe that by maintaining a disciplined capital structure and a conservative financial philosophy, including limiting our debt incurrence to specified projects with repayment sources and our use of financial hedges, we are positioned to maintain sufficient liquidity and remain flexible in volatile commodity price environments. Our financial flexibility also gives us the ability to pursue new opportunities through future potential acquisitions.

Pursue strategic acquisitions in Latin America

We have historically benefited from, and intend to continue to grow through, strategic acquisitions in Latin America. These acquisitions have provided us with additional attractive platforms in the region. Our Colombian acquisitions, for example, highlight our ability to identify and execute on attractive growth opportunities, as we have grown to become the second largest operator in Colombia. We acquired our interest in the Llanos 34 Block in the first quarter of 2012 for US$30 million and have achieved 1P reserve PV-10 of US$1.1 billion as of December 31, 2021. Our enhanced regional portfolio, including investment-grade countries and strong partnerships, position us as a regional consolidator. We intend to continue to grow through strategic acquisitions in other countries in Latin America, which we may consider from time to time. Our acquisition strategy is aimed at maintaining a balanced portfolio of lower-risk cash flow-generating properties and assets that have upside potential, keeping a balanced mix of oil and gas-producing assets (though we expect to remain weighted towards oil) and focusing on both assets and corporate targets.

On January 16, 2020, we acquired the entire share capital of Amerisur, a company listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange. The principal activities of Amerisur were exploration, development and production for oil and gas reserves in Latin America. Amerisur owned thirteen production, development and exploration blocks in Colombia (twelve operated blocks in the Putumayo Basin and one non-operated block in the Llanos Basin) and a cross-border oil pipeline from Colombia to Ecuador named Oleoducto Binacional Amerisur (“OBA”).

Maintain a high degree of operatorship to control production costs

As of the date of this annual report, we are and intend to continue to be the operator of a majority of the blocks and concessions in which we have working interests. Operating the majority of our blocks and concessions gives us the flexibility to allocate our capital and resources opportunistically and efficiently within a diversified asset portfolio. We believe that this strategy has allowed, and will continue to allow us, to leverage our unique culture, focused on excellence, and our talented technical, operating and management teams. For example, as commodity prices were projected to decline throughout 2020, on March 19, 2020, we announced a decision to shift our development plan primarily to our operations in the Llanos 34 Block to focus on the Llanos Basin, which had demonstrated strong returns on capital. Our operating team reacted quickly to pivot our operations that were unburdened by drilling obligations and worked with our service partners to coordinate a smooth and efficient transition to a new plan. Since then, we were able to control production costs, as exemplified by our average operating costs for the Llanos 34 Block, which were US$5.8 per boe for the year ended December 31, 2021.

Long-term strategic partnerships and strong strategic relationships provide us with additional funding flexibility to pursue further acquisitions

We benefit from a number of strong partnerships and relationships. In Chile, we believe we have strong long-term commercial relationships with Methanex and ENAP, and in Colombia, we believe we have developed a strong relationship with Ecopetrol, the Colombian state-owned oil and gas company. In Brazil, we believe we will continue to derive benefits from the long-term relationship with Petrobras.

In February 2018, we announced the formation of a new long-term strategic partnership to jointly acquire, invest in, and create value from upstream oil and gas projects with the objective of building a large-scale, economically-profitable and risk-balanced portfolio of assets and operations across Latin America with ONGC Videsh, the wholly-owned subsidiary and international arm of Oil and Natural Gas Corporation Limited, India’s national oil company.

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Maintain our commitment to environmental, safety, human rights and social responsibility

A major component of our business strategy is our focus on and commitment to our safety, environmental and social responsibilities, in line with international standards. We see this as a fundamental element of ensuring long-term business initiatives. We are committed to minimizing the impact of our projects on the environment and aim to create mutually beneficial relationships with the local communities in which we operate in order to enhance our ability to create sustainable value in our projects. These commitments are embodied in our in-house value system, which we refer to as “S.P.E.E.D.” (Safety, Prosperity, Employees, Environment and Community Development). Our S.P.E.E.D. program was developed in accordance with several international quality standards, including ISO 14001 (for environmental management issues), ISO 45001 (for occupational health and safety management issues), ISO 26000 (for social accountability and workers’ rights issues), and associations guidelines including IOGP, IPIECA, IADC and ARPEL. See “—Health, safety and environmental matters.”

During 2016, we began the ISO 14001 certifying process through programs related to the efficient use of natural resources and compliance with environmental regulation. We have also provided training to our staff and the communities in which we operate with respect to these matters.

In August 2017, we obtained the ISO 14001:2015 certification for our environmental management process for the design, construction, operation, maintenance, modernization and dismantlement of GeoPark Colombia S.A.S.’s facilities, and the performance of exploration and oil and gas production activities in the Llanos 34 and VIM-3 blocks with a commitment to continuously improve our processes. We obtained the ISO 14001:2015 re-certification in 2018 and in 2020 the certification was renewed and extended until August 2023.

Since 2017, GeoPark has certified the greenhouse gas inventory of its operations in Scopes 1 and 2 in Colombia, through the NTC-ISO 14064-3:2006 standard of the Colombian Institute of Technical Standards and Certification (ICONTEC). GeoPark was the second private company to get this certification in Colombia, allowing us to draw a roadmap to reduce our emissions of greenhouse gases and help the country meet the commitment it took on at the 2015 United Nations Climate Change Conference.

In 2018, the Colombian government granted GeoPark the “Best Social Practices in the Energy Industry” award for our good neighbor social conflict prevention program. GeoPark’s model for community engagement was chosen out of 107 different initiatives by a panel composed of representatives from the Ministry of Mines and Energy, the National Hydrocarbons Agency and the United Nations Development Program. In 2019, we won the “Best Social Practices in the Energy Industry” award for the second year in a row, along with the “Best Socio-Laboral Practices” award, for our “Juntos Sumamos” program. Once again in 2021 we won the “Best Social Practices in the Energy Industry” award through our ‘Viviendas Sostenibles’ housing program that improves the living conditions and welfare of our Casanare and Putumayo neighbors. The jury was composed of public sector members and representatives from academic and multilateral organizations. The award was determined based on the impact of each initiative, its sustainability efforts, innovation and relation to the 2030 agenda.

In spite of physical distancing due to the COVID-19 pandemic, in 2021 we kept in permanent contact with the local communities in which we operate, contributing to food security for vulnerable households and supporting local and national authorities’ efforts to halt the spread of the virus.

In 2019, we joined the Equipares gender equality certification program, an initiative of the Colombian government and the United Nations Development Program (UNDP) focused on achieving parity in the workplace. In 2020, we created a standing company-wide committee to implement action plans that encourage and sustain the values of equity, inclusion and diversity. In 2020, we reported for the first time our gender equality metrics using the Bloomberg Gender Reporting Framework. In 2021 we achieved the Equipares Silver Seal, after the Colombian Institute of Technical Standards and Certification (ICONTEC) gave a 91/100 rating to our SGIG (Gender Equality Management System).

In January 2022 GeoPark was added to the Bloomberg Gender-Equality Index, including companies with best-in-class gender-related practices and policies. In January 2021, we participated in but were not included due to our market capitalization, but we were highlighted nevertheless for our score.

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In 2021, we reported our S.P.E.E.D. and Environment, Social and Governance metrics according to the Global Reporting Initiative (GRI) standards as well as the sustainability reporting guide of the Global Oil and Gas Association for Advancing Environmental and Social Performance (IPIECA, 2020) and the Sustainability Accounting Standards Board (SASB, 2018).

Among the material sustainability topics included in our 2020 S.P.E.E.D. and ESG report are: safety and health management, supply chain management, stakeholder relations, legal compliance, employee development and training, integrated water resources management, energy efficiency, emissions management, biodiversity protection, social risk assessment, and relationship with indigenous communities.

On March 26, 2021, we received a rating of BBB (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. We progressed from B in 2018 to BBB in 2021. The improvement in ratings was principally due to governance and greenhouse gas emission plan. The 2021 upgrade was based on our improvements in Health & Safety and Carbon Emissions.

Our approach on human rights seeks to conduct business in a way that is consistent with the UN Guiding Principles on Business and Human Rights (the “UN Guiding Principles”), the ten UN Global Compact Principles and the Voluntary Principles on Security and Human Rights. Our commitment to the Voluntary Principles on Security and Human Rights is reflected in our S.P.E.E.D. program, as well as in all our policies and procedures. Human rights aspects are integrated into relevant internal management processes, tools, and trainings. On-going activities, business relationships and new business opportunities are assessed for potential human rights impacts and aspects, following a risk-based approach, with continued efforts to strengthen the diversity of our workforce, considering gender, nationality, background, ethnicity, competence, age and preferences.

In 2021, we continued the strengthening of our processes for managing human rights in our supply chain and on raising awareness. A compliance appendix, covering human rights and anti-corruption standards for suppliers, was introduced for all material contracts.

On October 13, 2021, five United Nations rapporteurships on human rights matters, coordinated by the working group on the issue of human rights and transnational corporations and other business enterprises, delivered to our Chief Executive Officer a letter under the special procedures of the United Nations Human Rights Council, to request: i) clarification on the information received from the Siona Buenavista Indigenous community, located in Puerto Asis, Putumayo, related with human rights alleged violations and, ii) information on the Human Rights Due Diligence procedures, policies, processes and actions implemented by us to prevent, mitigate and remediate human rights violations within its operations.

On December 7, 2021, we replied to the letter received from the UN Special Procedures Secretariat dated October 13, 2021, providing information on each of the matters addressed therein.

On December 14, 2021, and January 4, 2022, the chancelleries of Chile and Colombia submitted their reply to the United Nations Human Rights Council letter, respectively.

In February 2022, we met with the Latin American representative to the UN Working Group on Business and Human Rights, to establish direct contact with this group, which will enable further communication as may be required.

Transparency, ethics and anti-corruption

Transparency is a cornerstone of good governance. It is embodied in our corporate values. Transparency allows business to prosper in a predictable and competitive environment. We believe that doing business in an ethical and transparent manner is a prerequisite for sustainable business. We have zero-tolerance policy towards all forms of corruption. This policy is embedded across our Company through our corporate values, our Code of Conduct (Our Code), and our Compliance Program. They prohibit all forms of corruption and bribery and reflects our values and our commitment to high ethical standards in business activities; they apply to all our employees, board members and third parties.

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We support and engage in global transparency initiatives through our membership in the Extractive Industries Transparency Initiative (EITI). Since 2018, we have actively participated in the Colombian EITI initiative and taken part of a multi-stakeholder working group organized by Transparency International Colombia in preparation of the report.

Highly committed founding shareholder and technical and management teams with proven industry expertise and technically-driven culture

Management and operating teams have significant experience in the oil and gas industry and a proven technical and commercial performance record in onshore fields, as well as complex projects in Latin America and around the world, including expertise in identifying acquisition and expansion opportunities. Moreover, we differentiate ourselves from other E&P companies through our technically-driven culture, which fosters innovation, creativity and timely execution. Our geoscientists, geophysicists and engineers are pivotal to the success of our business strategy, and we have created an environment and supplied the resources that enable our technical team to focus its knowledge, skills and experience on finding and developing oil and gas fields.

In addition, we strive to provide a safe and motivating workplace for employees in order to attract, protect, retain and train a quality team in the competitive marketplace for capable energy professionals.

Our CEO, Mr. James F. Park, has been involved in E&P projects in Latin America since 1978. He has been closely involved in grass-roots exploration activities, drilling and production operations, surface and pipeline construction, legal and regulatory issues, crude oil marketing and transportation and capital raising for the industry. As of March 12, 2022, Mr. Park held 14.0% of our outstanding common shares.

Our management and operating team have an average experience in the energy industry of more than 25 years in companies such as Chevron, ENAP, Petrobras, Pluspetrol, San Jorge, Total and YPF, among others. Throughout our history, our management and operating team has had success in unlocking unexploited value from previously underdeveloped assets.

In addition, as of March 12, 2021, our executive directors and key management (excluding one of our founding shareholders, Mr. James F. Park) owned 2.1% of our outstanding common shares, aligning their interests with those of our shareholders and helping retain the talent we need to continue to support our business strategy. See “Item 6. Directors, Senior Management and Employees—B. Compensation.” One of our founding shareholders is also involved in our daily operations and strategy.

Technically-driven culture and capitalization of local knowledge

We intend to continue to pursue strategies that maximize value. For this purpose, we intend to continue expanding our technical teams and to foster a culture that rewards talent according to results. For example, we have been able to maintain the technical teams we inherited through our Colombian and Brazilian acquisitions. We believe local technical and professional knowledge is key to operational and long-term success and intend to continue to secure local talent as we grow our business in different locations.

Innovation

We are continuously looking for opportunities to innovate driving efficiency, employee productivity, engagement, collaboration, communication, and decision-making leveraging technology in all areas of our organization. We believe we have successfully incorporated new digital capabilities like artificial intelligence, machine learning, internet of things, big data, automation and cloud computing. During 2021, we implemented more than 40 innovative initiatives with top partners like Microsoft, Google, Halliburton, Cisco, SAP, among others. The following are some of the projects that have been part of or innovation culture:  

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Other innovation projects such as the optimization and implementation of water disposal, oil data capture, electrical reliability, artificial intelligence for geologists, automation of critical processes and data portals are part of the Digital Innovation roadmap that we intend to advance going forward. We continue to look for opportunities that drive efficiency, mitigate risk, reduce costs, and increase production using internal and external talent with advanced technology.

For a more in-depth discussion of our 2021 results, liquidity and its capital resources, please see “Item 5—Operating and Financial Review and Prospects”.

2022 Strategy and Outlook

Oil prices have been volatile over the past years. In preparation for continued volatility and the prolonged effects of the COVID-19 pandemic, we have developed multiple scenarios for our 2022 capital expenditure program.

Our preliminary base capital program for 2022 considered a reference oil price assumption of US$65-70 per barrel and called for approximately US$160-180 million to fund our exploration and development which we intend to fund through cash flows from operations and cash-in-hand, to be allocated approximately as follows:

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In addition, we have developed downside and upside work program scenarios based on different oil prices and project performance. The downside scenario work program considers a reference oil price assumption below US$50 per barrel and consists of an alternative capital expenditure program of approximately US$120 million-US$150 million consisting mainly of certain low risk and quick cash flow generating projects. The upside scenario work program considers a reference oil price assumption above US$80 per barrel or higher and consists of an alternative capital expenditure program of approximately US$190 million-US$220 million to be selected from identified projects designed to increase reserves and production.

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In order to secure minimum oil prices for our 2022 production and beyond, we have commodity risk management contracts in place covering a portion of our production for 2022 and 2023 and monitor market conditions on a continuous basis to evaluate additional new commodity risk management contracts for the future.

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Additionally, we continue to monitor the potential impact of the COVID-19 pandemic and the oil price volatility as a result of the armed conflict in Ukraine on our financial condition, cash flows and results of operations.

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Our operations

We have a well-balanced portfolio of assets that includes working and/or economic interests in 42 hydrocarbon blocks, 41 of which are onshore blocks, including 10 in production as of December 31, 2021.

Our well-balanced portfolio of assets provides the ability to quickly optimize capital allocation as market conditions change. The current crisis, however, is still evolving and may become more severe and complex. For additional information about the business risks relating to the COVID-19 pandemic and related governmental actions, See “Item 3. Key Information—D. Risk factors—Risks relating to our business—The COVID-19 pandemic has and may continue to adversely impact our business, financial condition, and results of our operations, the global economy, and the demand for and prices of oil and natural gas. The unprecedented nature of the current situation makes it impossible for us to identify all potential risks related to the pandemic or estimate the ultimate adverse impact that the pandemic may have on our business”.

Operations in Colombia

As of December 31, 2021, our Colombian assets gave us access to more than 3,690,000 gross exploratory and productive acres across 23 blocks in what we believe to be one of South America’s most attractive oil and gas geographies.

Since we entered Colombia in 2012, we have achieved consistent growth and we were able to maintain our oil production and proved reserves, mainly achieved through successful exploration and development activities we made at our operated Llanos 34 Block, which as of December 31, 2021 accounts for 81% of our production and 88% of our proved reserves in Colombia.

The table below shows average production and proved oil and gas reserves (derived from D&M Reserves Report) in Colombia for the years ended December 31, 2021, 2020 and 2019:

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Highlights of the year ended December 31, 2021 related to our operations in Colombia included:

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Our interests in Colombia include working interests and economic interests. “Working interests” are direct participation interests granted to us pursuant to an E&P Contract with the ANH, whereas “economic interests” are indirect participation interests in the net revenues from a given block based on bilateral agreements with the concessionaires.

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The map below shows the location of the blocks in Colombia in which we have working and/or economic interests.

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The table summarizes information about the blocks in Colombia in which we have working interests as of and for the year ended December 31, 2021.

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The table summarizes information about the blocks in Colombia in which we have economic interests as of and for the year ended December 31, 2021

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Eastern Llanos Basin:

The Eastern Llanos Basin is a Cenozoic Foreland basin in the eastern region of Colombia. Two giant fields (Caño Limón and Castilla), three major fields (Rubiales, Apiay and Tame Complex) and approximately fifty minor fields had been discovered. The source rock for the basin is located beneath the east flank of the Eastern Cordillera, as a mixed marine-continental shale basinal facies of the Gachetá formation. The main reservoirs of the basin are represented by the Paleogene Carbonera and Mirador sandstones. Within the Cretaceous sequence, several sandstones are also considered to have good reservoirs.

Llanos 34 Block. We are the operator of, and have a 45% working interest in, the Llanos 34 Block, which covers approximately 63,529 gross acres (257 sq. km.). We acquired an interest in and took operatorship of the block in the first quarter of 2012, which at that time had no production, reserves or wells drilled on it, and with 210 sq. km. of existing 3D seismic data on which our team had mapped multiple exploration prospects. From 2012 to 2021 we engaged in exploration and development activities that resulted in 10 new oil fields discoveries and increased proved reserves and oil production year by year up to a peak oil production of 34,995 bopd. Average net production in 2021 was 25,187 bopd and net reserves of 69.6 mmboe. By the end of 2021, we have drilled more than 160 wells, with 139 producer wells that have accumulated more than 139 million barrels of oil. The Llanos 34 Block has three reservoirs: the Guadalupe Formation, which produces 88% of our oil production in the Block, Mirador, which produces 11% of our oil production in the Block and Gacheta, which produces 1% of our oil production in the Block, with an API gravity between 13° and 30.6°. During these 10 years of operation in Llanos 34 Block, we have built all the required infrastructure to produce and manage the fluids of the assets, including 10 production facilities, 24 kilometers of power grid, more than 45 kilometers of flowlines for fluid transfer, 136 kilometers of roads and a 42 kilometers oil pipeline. In December 2020, we connected the Tigana field in the Llanos 34 Block to the ODCA pipeline in, further reducing truck traffic, contributing to further reduce operational risk, costs and carbon emissions. As of the date of this annual report, outstanding investment commitments of US$17.4 million related to this block correspond to the drilling of 3 exploratory wells before November 10, 2021. Due to a private agreement with the partner in the block, the investment commitment incurred by us amounts to US$12.8 million. As of the date of this annual report, we had already drilled the three exploratory wells and are waiting for ANH’s approval to fulfill the investment commitment.

Our partner in the Llanos 34 Block is Verano Energy (a subsidiary of Parex), which has a 55% interest. See “—Our operations.” We operate in the block pursuant to an E&P Contract with the ANH. See “—Significant Agreements—Colombia—E&P Contracts—Llanos 34 Block E&P Contract.”

Llanos 32 Block. We have a 12.5% working interest in the Llanos 32 Block. The Llanos 32 Block covers approximately 50,211 gross acres (203 sq. km.). Verano Energy is the operator of this block and has an 87.5% working interest. Since 2015, the operator focused on the commissioning of a gas facility on this block to produce natural gas and light crude oil from the Une formation and to facilitate shipment of processed gas south to the adjacent Llanos 34 Block. For the year ended December 31, 2021, our average net production in the Llanos 32 Block was 456 bopd. As of the date of this annual report, outstanding investment commitments related to this block correspond to the drilling of 5 exploratory wells before February 20, 2022. Due to a private agreement with the partner in the block, the investment commitment incurred by us amounts to US$9.2 million. As of the date of this annual report, the five exploratory wells have already been drilled and ANH approval of the fulfillment of the investment commitment is pending.

Abanico Block. In October 1996, Ecopetrol and Explotaciones CMS Nomeco Inc. entered into the Abanico Block association contract. Pacific Rubiales Energy is the operator of, and has a 100% working interest in, the Abanico Block, which covers an area of approximately 25,658 gross acres (103 sq. km.). We do not maintain a direct working interest in the Abanico Block, but rather have a 10% economic interest in the net revenues from the block pursuant to a joint operating agreement initially entered into with Kappa Resources Colombia Limited (now Pacific, who subsequently assigned its participation interest to Cespa de Colombia S.A., who then assigned the interest to Explotaciones CMS Oil & Gas), Maral Finance Corporation and Getionar S.A.

Llanos 86 and Llanos 104 Blocks. We and Hocol (a subsidiary of Ecopetrol), each with fifty percent (50%) working interest executed an E&P contract over these blocks on July 11, 2019, as a result of the Permanent Competitive Process launched by ANH in 2019. We are the operator of these contracts that are in its exploratory phase 1 as of the date of this

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annual report and cover approximately 530,309 gross acres (2,146 sq. km.). We have requested the Ministry of Interior to certify if there are indigenous communities present in the area and the Ministry confirmed the presence of such communities. Therefore, we conducted the due prior consultation process with the communities. On March 15, 2022 the prior consultation process concluded, and the contract entered into exploratory phase 1 in which the commitments are: acquisition of 3D seismic, reprocessing of 2D seismic and drilling of two exploratory wells for an estimated amount of US$9.5 million for Llanos 86 Block and US$8.4 million for Llanos 104 Block as of the date of this annual report.

Llanos 87 Block. GeoPark and Hocol, each with fifty percent (50%) working interest executed an E&P contract over this block on July 11, 2019, as a result of the Permanent Competitive Process launched by ANH in 2019. The Ministry of Interior certified the absence of indigenous communities in the area. We are the operator of this contract that is currently in exploratory phase 1 and covers approximately 107,624 gross acres (435 sq. km.). Phase 1 commitments are reprocessing of 3D seismic, drilling of four exploratory wells and acquisition of aero geophysics before January 18, 2023, with an estimated amount of US$13.2 million as of the date of this annual report.  

Llanos 123 and Llanos 124 Blocks: GeoPark and Hocol, each with fifty percent (50%) working interest executed an E&P contract over these blocks on December 20, 2019, as a result of the Permanent Competitive Process launched by ANH in 2019. We are the operator of these contracts that covers approximately 115,956 gross acres (469 sq. km.). As of the date of this annual report, outstanding investment commitments of US$16.8 million related to these blocks correspond to (i) reprocessing 3D seismic, acquiring geochemistry and drilling of two exploratory wells for Llanos 123 Block with an estimated amount of US$6.8 million before January 14, 2024, and; (ii) the acquisition of 3D seismic, reprocessing of 3D seismic, acquisition of geochemistry and drilling of three exploratory wells for Llanos 124 Block with an estimated amount of US$10.0 million before January 14, 2024.

Llanos 94 Block. On July 24, 2019, the E&P contract was awarded to Parex Energy as a result of the Permanent Competitive Process launched by ANH in 2019. This contract is in its exploratory phase 1 and covers approximately 89,175 gross acres (360.8 sq. km.). We acquired a 50% working interest from Parex and obtained ANH’s approval to such transfer in May, 2020. As of the date of this annual report, outstanding investment commitments of US$10.9 million related to this block correspond to the acquisition of 3D seismic, reprocessing of 3D seismic and drilling of 3 exploratory wells before October 1, 2023.

CPO-5 Block. On December 26, 2008, the E&P Contract was executed between ONGC Videsh, as operator and the ANH as a result of the Competitive Process “Ronda Colombia 2008”. This contract covers approximately 490,825 gross acres (1,986 sq. km.). We hold a 30% working interest since the acquisition of Amerisur. As of the date of this annual report this contract is in exploratory phase 2 in which the pending commitment correspond to the acquisition, processing and interpretation of 230 sq. km. of 3D seismic for an amount of US$2.8 million before July 8, 2024. There are two commercial fields called Mariposa and Indico. Average net production in 2021 was 3,722 bopd and net reserves were 5.1 mmboe.

Magdalena Basin:

VIM-3 Block. On July 23, 2014, we were awarded an exploratory license during the 2014 Colombia Bidding Round, carried out by the ANH. The VIM-3 Block is located in the Lower Magdalena Basin. In 2018, we filed a request before the ANH to terminate the E&P Contract due to environmental restrictions in the block. These restrictions became apparent once the National Authority of Environmental Licenses issued the environmental license. As of the date of this annual report, the termination was approved by the ANH with a remaining commitment for an amount of US$9.3 million, which were transferred to CPO-5 Block in Colombia. As of the date of this annual report, the relinquishment of the Block is still pending.

Putumayo Basin:

Andaquies Block. We are the operator of and have a 100% working interest in the Andaquies Block, which covers approximately 114,879 gross acres (465 sq. km.). As of the date of this annual report the contract is in phase 3 of the exploration period. On February 14, 2020, we presented our withdrawal from the E&P Contract and requested the ANH

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to approve the transfer of the pending commitments to the Llanos 32 Block. On February 20, 2020, the ANH approved the request. We and the ANH already began the process of relinquishment of the E&P Contract and its subsequent liquidation.  

Coati Block. We are the operator of and have a 100% working interest in the Coati Block, which covers approximately 61,843 gross acres (250 sq. km.). As of the date of this annual report the contract is in phase 3 of the exploration period, which exploration commitment consists of the acquisition of 57 sq. km. of 3D seismic and 30 km. of 2D seismic, for an estimated amount of US$4.5 million. Furthermore, on September 2006, the former operator declared an Evaluation Area and presented an Evaluation Program in the southern part of the Block for the Temblon wells (Temblon Evaluation Program), which includes the completion and evaluation of the Coatí-1 well. Both, the phase 3 and the Temblon Evaluation Program, are currently suspended due to force majeure events (relating to prior consultations).

Mecaya Block. We are the operator of and have a 50% working interest in the Mecaya Block, which covers approximately 74,128 gross acres (300 sq. km.). Sierracol Energy is the owner of the remaining 50% working interest. As of the date of this annual report, the contract is in unified phases 1 and 2 of the exploration period, which remaining exploration commitment consists of the acquisition of 52.2 sq. km. of 3D seismic for an amount of US$0.6 million. On December 2010, the former operator declared an evaluation area and presented an evaluation program for the Mecaya-1 well (Mecaya Evaluation Program). Both the unified phases 1 and 2 and the evaluation program are currently suspended due to force majeure events (relating to prior consultations).

Platanillo Block. We are the operator of and have a 100% working interest in the Platanillo Block, which covers approximately 27,300 gross acres (110 sq. km.). On September 11, 2009, we began the commercial exploitation of the Platanillo Block (Alea 1 and Platanillo 2 wells, began). Average net production in 2021 was 1,766 bopd and net reserves of 1.9 mmboe.

Putumayo 8 Block. We are the operator of and have a 50% working interest in the Putumayo 8 Block, which covers approximately 102,800 gross acres (416 sq. km.). Sierracol Energy is the owner of the remaining 50% working interest. The contract is in unified phases 1 and 2 of the exploration period. As of the date of this annual report, outstanding investment commitments of US$13.1 million related to this block correspond to the drilling of 3 exploratory wells and the acquisition of 112 sq. km. of 3D seismic before July 5, 2023.

Putumayo 9 Block. We are the operator of and have a 50% working interest in the Putumayo 9 Block, which covers approximately 121,453 gross acres (492 sq. km.). Sierracol Energy is the owner of the remaining 50% working interest. As of the date of this annual report, the contract is in phase 1 of the exploration period and outstanding investment commitments of US$4.4 million related to this block correspond to drilling of two exploratory wells before October 14, 2020, and the acquisition of 126.25 sq. km. of 3D seismic. Phase 1 was suspended on June 25, 2019, due to the occurrence of a force majeure event consisting of the issuance of the Municipal Agreement No. 007 of Puerto Guzmán, which prohibits the hydrocarbon exploration and production activities in such municipality.  

Putumayo 12 Block. We are the operator of and have a 60% working interest in the Putumayo 12 Block, which covers approximately 134,534 gross acres (544 sq. km.). Pluspetrol Colombia Corporation (“Pluspetrol”) is the owner of the remaining 40% working interest. As of the date of this annual report, the contract is in phase 1 of the exploration period, and outstanding investment commitments of US$14.4 million related to this block consist of the drilling of one exploratory well, the acquisition of 131 km. of 2D seismic, and the acquisition of geochemistry before November 29, 2021. On February 23, 2021, we requested the termination of the contract due to the occurrence of force majeure events related with judicial procedures initiated by ethnic communities.

Putumayo 14 Block. We are the operator of and have a 100% working interest in the Putumayo 14 Block, which covers approximately 114,560 gross acres (464 sq. km.). The contract is in phase 0, as the applicable prior consultation process must be completed. The Ministry of Interior certified the presence of two indigenous communities for the execution of the seismic commitment for phase 1. Prior consultations with the two ethnic communities are ongoing. Phase 1 commitments consist of the acquisition of 98 km. of 2D seismic and the drilling of one exploratory well for an estimated net amount of US$16.1 million as of the date of this annual report.

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Putumayo 30 Block. We are the operator of and have a 100% working interest in the Putumayo 30 Block, which covers approximately 95,172 gross acres (385 sq. km.). On February 23, 2021, we submitted to the ANH our request to withdraw from to the E&P contract and transfer the remaining commitments to other E&P contracts. The ANH approved the request. The remaining investment was transferred to Llanos 34 Block and Platanillo Block. The contract is in process of termination as of the date of this annual report.

Putumayo 36 Block. We are the operator of and have a 50% working interest in the Putumayo 36 Block, which covers approximately 148,021 gross acres (599 sq. km.). Sierracol is the owner of the remaining 50% working interest. The contract is in preliminary phase, whereby applicable prior consultation processes must be completed. The Ministry of Interior certified the presence of one indigenous community for the execution of the seismic commitment for phase 1. As of the date of this annual report, the contract is in phase 0 as the applicable prior consultation process must be completed, and outstanding investment commitments of US$9.5 million related to this block consist of the acquisition of 105.6 sq. km. of 3D seismic and the drilling of two exploratory wells. Prior consultation has not been initiated with the ethnic community due to the restrictions that derive from the issuance of Municipal Agreement 007 of Puerto Guzmán. Preliminary phase is suspended due to the occurrence of force majeure events from April 1, 2020, to June 20, 2022.

Tacacho Block. We are the operator of and have a 50% working interest in the Tacacho Block, which covers approximately 589,009 gross acres (2,384 sq. km.). Sierracol Energy is the owner of the remaining 50% working interest. As of the date of this annual report, the contract is in phase 1 of the exploration period, and outstanding investment commitments of US$1.2 million related to this block consist of the acquisition, processing and interpretation of 480 km. of 2D seismic. Phase 1 is suspended due to the occurrence of force majeure events related with social and public order conditions of the area as of the date of this annual report.

Terecay Block. We are the operator of and have a 50% working interest in the Terecay Block, which covers approximately 586,625 gross acres (2,374 sq. km.).  Sierracol Energy is the owner of the remaining 50% working interest. As of the date of this annual report, the contract is in phase 1 of the exploration period, and outstanding investment commitments of US$2.9 million related to this block consist of the acquisition, processing and interpretation of 476 km. of 2D seismic. Phase 1 is suspended due to the occurrence of force majeure events related with social and public order conditions of the area as of the date of this annual report.

As per farm-out agreement executed on November 21, 2018, Sierracol Energy shall carry us in certain exploration activities for the Mecaya, PUT-9, Tacacho and Terecay Contracts.

Operations in Chile

Our Chilean assets currently give us access to 716,000 of gross exploratory and productive acres across 4 blocks in a large fully-operated land base across the Magallanes Basin, with existing reserves, production and cash flows.

Our Chilean blocks are located in the provinces of Última Esperanza, Magallanes and Tierra del Fuego in the Magallanes Basin, a proven oil and gas-producing area. As of December 31, 2021, the Magallanes Basin accounted for all of Chile’s oil and gas production.

Substantial technical data (seismic, geological, drilling and production information), developed by us and by ENAP, provides an informed base for new hydrocarbon exploration and development. Shut-in and abandoned fields may also have the potential to be put back in production by constructing new pipelines and plants. Our geophysical analyses suggest additional development potential in known fields and exploration potential in undrilled prospects and plays, including opportunities in the Springhill, Tertiary, Tobífera and Estratos con Favrella formations. The Springhill formation has historically been the source of production in the Fell Block, though the Estratos con Favrella shale formation is the principal source rock of the Magallanes Basin, and we believe it contains unconventional resource potential.

Highlights of the year ended December 31, 2021, related to our operations in Chile included:

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The map below shows the location of the blocks in Chile in which we have working interests.

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The table below summarizes information about the blocks in Chile in which we have working interests as of and for the year ended December 31, 2021.

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Fell Block

In 2006, we became the operator and 100% interest owner of the Fell Block. When we first acquired an interest in the Fell Block in 2002, it had no material oil and gas production. Since then, we have completed more than 1,100 sq. km. of 3D seismic surveys and drilled 140 exploration and development wells. In the year ended December 31, 2021, we produced an average of 2,397 boepd, in the Fell Block, consisting of 87% gas.

The Fell Block has an area of 367,800 gross acres (1,488 sq. km.) and its center is located approximately 140 km. northeast of the city of Punta Arenas. It is bordered on the north by the international border between Argentina and Chile and on the south by the Magellan Strait.

From 2006 through August 2011, we successfully explored and developed the Fell Block, which allowed us to transition approximately 84% of the Fell Block’s area from an exploration phase into an exploitation phase, which we expect will last through 2032. There are no minimum work and investment commitments under the Fell Block CEOP associated with the exploitation phase.

The Fell Block is located in the north-eastern part of the Magallanes Basin. The principal producing reservoir is composed of sandstones in the Springhill formation, at depths of 2,200 to 3,500 meters. Additional reservoirs have been discovered and put into production in the Fell Block—namely, Tobífera formation volcanoclastic rocks at depths of 2,900 to 3,600 meters, and Upper Tertiary and Upper Cretaceous sandstones, at depths of 700 to 2,000 meters.

The Fell Block also contains the Estratos con Favrella shale reservoir as a broad area within Fell Block (1,000 sq. km.) which appears to be in the oil window for this play.

Tierra del Fuego Blocks (Isla Norte, Campanario and Flamenco Blocks)

In the first and second quarters of 2012, we entered into three CEOPs with ENAP and Chile granting us working interests in the Isla Norte, Campanario and Flamenco Blocks, located in the center-north of the Tierra del Fuego Province of Chile. We are the operator of all three of these blocks, with working interests of 60%, 50% and 50%, respectively. We believe that these three blocks, which collectively cover 347,700 gross acres (1,407 sq. km.) and are geologically contiguous to the Fell Block.

Flamenco Block. We are the operator of, and have a 50% working interest in, the Flamenco Block, in partnership with ENAP. The block covers approximately 105,900 gross acres (428 sq. km.). In June 2013, we discovered a new oil and gas field in the block following the successful testing of the Chercán 1 well, the first well drilled by us in Tierra del Fuego.

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We have completed all the committed activities for the first and second exploration periods under the CEOP governing the Flamenco Block. We opted out of the third exploration period, and as of the date of this annual report, the exploration phase in the Flamenco Block has been concluded.

Isla Norte Block. We are the operator of and have a 60% working interest in partnership with ENAP in the Isla Norte Block, which covers approximately 97,650 gross acres (395 sq. km.). As of the date of this annual report, we had completed 100% of the commitments of the first exploratory period and outstanding investment commitments of US$0.9 million related to this block correspond to one exploratory well of the second exploratory period.

Campanario Block. We are the operator of, and have a 50% working interest in, the Campanario Block, in partnership with ENAP. The block covers approximately 144,150 gross acres (583 sq. km.). As of the date of this annual report, we had completed 100% of the commitments of the first exploratory period and outstanding investment commitments of US$5.0 million related to this block correspond to two exploratory wells of the second exploratory period. The drilling campaign relating to the committed wells of Isla Norte and Campanario Blocks started in February 2020 but due to the COVID-19 pandemic, the execution of the 2020 work plan was interrupted.

Therefore, in April 2020, January 2021, and July 2021, we presented to the Ministry of Energy notifications of declaration of force majeure, which were approved and we obtained an extension of the second exploratory period to fulfill the commitments of the Campanario and Isla Norte Blocks until the first quarter of 2023.

During 2020 we fulfilled all the committed activities for the second exploration period under the CEOP governing the Flamenco Block, and we have outstanding investment commitment of US$5.9 million as of the date of this annual report, consisting of two exploratory wells before April 20, 2023, on the Campanario Block, and one exploratory well before February 19, 2023, on the Isla Norte Block.

Operations in Brazil

Our Brazilian assets currently give us access to 61,400 of gross exploratory and productive acres across 6 blocks (5 exploratory blocks and the BCAM-40 Concession, which is in production phase) in an attractive oil and gas geography.

Highlights of the year ended December 31, 2021 related to our operations in Brazil included:

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The map below shows the location of our concessions in Brazil in which we have a current or future working interest:

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The following table sets forth information as of December 31, 2021 on our concessions in Brazil in which we have a current or future working interest:

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Manati Field

We have a 10% working interest in the BCAM-40 Concession, which originally included an interest in the Manati Field, which is located in the Camamu-Almada Basin. Petrobras is the operator of, and has a 35% working interest in, the BCAM-40 Concession, which covers approximately 22,784 gross acres (92.2 sq. km.). In addition to us, Petrobras’ partners in the block are PetroRio S.A. and Enauta Energia S.A. (Enauta), with 10% and 45% working interests, respectively. Petrobras operates the BCAM-40 Concession pursuant to a concession agreement with the ANP, executed on August 6, 1998. See “—Significant Agreements—Brazil—Overview of concession agreements—BCAM-40 Concession Agreement.” In September 2009, Petrobras announced the relinquishment of BCAM-40’s exploration area within the concession to the ANP, except for the Manati Field.

The Manati Field is located 65 km. south of Salvador, offshore at a water depth of 35 meters. The field was discovered in October 2000, and, in 2002, Petrobras declared the field commercially viable. Production began in January 2007. As of December 31, 2021, 11 wells had been drilled in the Manati Field, 6 of which are productive and connected to a fixed production platform installed at a depth of 35 meters, located 9 km. from the coast of the State of Bahia. From the platform, the gas flows by sea and land through a 125 km. pipeline to the Estação Vandemir Ferreira or EVF gas treatment plant. The gas is sold to Petrobras up to a maximum volume as determined in the existing Petrobras Gas Sales Agreement (as defined below).

In 2020 we executed the 15^th Amendment to the Petrobras Gas Sales Agreement in order to reflect the negotiations to mitigate the effects of the COVID-19 pandemic on the natural gas agents. Additionally, and in parallel a Term of Settlement of Outstanding Issues was executed to reflect the negotiations related to the take or pay agreement.

On November 22, 2020, we signed an agreement to sell our 10% non-operated working interest in the Manati gas field to Gas Bridge for a total consideration of R$144.4 million (approximately $27 million as of the date of the agreement at the exchange rate of R$5.35 to US$1.00), including a fixed payment of R$124.4 million plus an earn-out of R$20.0 million, which is subject to obtaining certain regulatory approvals. The transaction was agreed with an effective date of December 31, 2020 and is subject to certain conditions, including the acquisition by Gas Bridge of the remaining 90% working interest and operatorship of the Manati gas field. As of the date of this annual report, these conditions have not been met.

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REC-T-128 Concession

The block REC-T-128 was bid for in partnership with Geosol with a 70% working interest for us and 30% working interest for Geosol. The total commitment to the ANP was R$10.7 million (approximately US$1.9 million at the December 31, 2021, exchange rate of R$5.60 to US$1.00) during the first exploratory period and consisted of acquisition of 9 sq. km. of 3D seismic, drilling of one well and performing geochemical analysis at two geological levels.

In July 2020, we initiated a farm-out process to sell our 70% interest. On March 1, 2021, the farm-out agreement was signed and closing of the transaction took place in May 2021, after receipt of the corresponding customary regulatory approvals. The total consideration of US$1.1 million was paid in 2021 and the contingent payment of up to US$0.7 million is still subject to the occurrence of certain conditions to happen until August 2022.

POT-T-785 Concession

The POT-T-785 block covers an area of 7,875 acres in the Potiguar Basin, surrounded by producing fields operated by Petrobras. Total commitment to the ANP was R$1.2 million (US$0.2 million, at the December 31, 2021, exchange rate of R$5.60 to US$1.00) during the first exploratory period and is equivalent to acquiring 4 sq. km. of 3D seismic and performing geochemical analysis before January 29, 2023. As of December 31, 2021, the estimated remaining commitment in the POT-T-785 block amounts to US$0.1 million.

ANP’s First Open Acreage Bid Round

During ANP’s First Open Acreage Bid Round held in September 2019, we were awarded four exploratory blocks, one in the Potiguar Basin (Block POT-T-834) and three on the Recôncavo Basin (Blocks REC-T-58, REC-T-67 and REC-T-77). The Concession Agreements were executed on February 2020. As of December 31, 2021, the estimated commitment in the blocks amounted to US$0.6 million to be executed before February 14, 2025.

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Operations in Argentina

The map below shows the location of the blocks in Argentina in which we have working interests as of December 31, 2021.

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Highlights of the year ended December 31, 2021 related to our operations in Argentina included:

Neuquén blocks

On March 27, 2018, we acquired a 100% working interest and operatorship of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks, which are located in the Neuquén Basin, for a total consideration of US$52 million, less a working capital adjustment of US$3.1 million. The blocks include production facilities, such as hydrocarbons treatment, storage, and delivery infrastructure. Average net production in 2021 was 2,136 bopd and net reserves of 2.3 mmboe.

On January 31, 2022, we assigned to Oilstone Energía S.A. our 100% working interest and operatorship in Neuquén Blocks.

Los Parlamentos Block Farm-in Agreement

In June 2018, we announced the acquisition of a 50% working interest in the Los Parlamentos exploratory block in partnership with YPF, the largest oil and gas producer in Argentina. In accordance with the partnership agreement, YPF assumed the operationship of the block and we assumed a commitment which includes two exploratory wells and additional 3D seismic, that amounts to US$6 million at our working interest, for the first exploratory period. Due to

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COVID-19 pandemic, in April 2020, YPF submitted to the Ministry of Economy and Energy of Mendoza Province a request of 12 month suspension of the first exploratory period. This request was approved by the Province, then the first exploratory period will end on October 30, 2022.

2014 Mendoza Bidding Round

On August 20, 2014, the consortium of Pluspetrol and us was awarded two exploration licenses in the Sierra del Nevado and Puelen Blocks, as part of the 2014 Mendoza Bidding Round in Argentina, carried out by Empresa Mendocina de Energía S.A. (“EMESA”).

The consortium consists of Pluspetrol (operator with a 72% working interest), EMESA (non-operator with a 10% working interest) and us (non-operator with an 18% working interest). In accordance with the terms of the bidding, all of the expenditures related to EMESA’s working interest will be carried by Pluspetrol and us proportionately to our respective working interests and will be recovered through EMESA’s participation in future potential production.

We have committed to a minimum aggregate investment of US$6.2 million for our working interest, which included the work program commitment on both blocks during the first three years of the exploratory period. As of December 31, 2021, we fulfilled the commitments in the Puelen and Sierra del Nevado Blocks and we are in process of relinquishing the Puelen Block. Final approval for the relinquishment of Sierra del Nevado Block was obtained on February 16, 2022.

CN-V Block Farm-in Agreement

On July 22, 2015, we signed a farm-in agreement with Wintershall for the CN-V Block in Argentina. Wintershall is Germany’s largest oil and gas producer and a subsidiary of BASF Group. Under the agreement, we committed to operate during the exploratory phase and receive a 50% working interest in the CN-V Block in exchange for having to drill and fully fund two exploratory wells for a total of US$10 million.

The CN-V Block covers an area of approximately 57.2 thousand gross acres and is located in the Neuquén Basin in southern Argentina. The block has 3D seismic coverage of 180 sq. km. and is adjacent to the producing Loma Alta Sur oil field, a region and play-type well known to our team. The block includes upside potential in the developing Vaca Muerta unconventional play. As of December 31, 2021, we fulfilled the commitments in the CN-V Block. Final approval for the relinquishment of CN-V Block was obtained on March 8, 2022.

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Highlights of the year ended December 31, 2021 related to our operations in Ecuador include:

Espejo and Perico blocks

On May 22, 2019, we signed final participation contracts for the Espejo and Perico Blocks which were awarded to us in the Intracampos Bid Round held in Quito, Ecuador in April 2019. We are the operator of the Espejo Block with a 50% working interest and Frontera is the operator of the Perico Block with 50% working interest. We assumed a commitment of carrying out 3D seismic and drilling four exploration wells in the Espejo Block for an estimated amount of US$20.9 million during the first exploratory period ending June 17, 2025 and drilling four exploratory wells in the Perico Block for an estimated amount of US$18.1 million during the first exploratory period ending June 16, 2025. As of the date of this annual report, we had drilled the first exploratory well in the Perico Block.

Oil and natural gas reserves and production

Our reserves

The following table sets forth our oil and natural gas net proved reserves as of December 31, 2021, which is based on the D&M Reserves Report.

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We had net proved reserves of 87.8 mmboe at December 31, 2021, compared to net proved reserves of 100.6 mmboe as of December 31, 2020.

The 13% decrease in net proved reserves in 2021, not including annual production, is mainly attributable to:

This was partially offset by:

During the year ended December 31, 2021, we had 16.2 mmboe of our proved undeveloped reserves from December 31, 2020, converted to proved developed reserves due to development drilling in the Jacana and Tigana oil fields in the Llanos 34 Block. For further information relating to the reconciliation of our net proved reserves for the years ended December 31, 2021, 2020 and 2019, please see Table 5 included in Note 38 (unaudited) to our Consolidated Financial Statements.

Internal controls over reserves estimation process

We maintain an internal staff of petroleum engineers and geosciences professionals who work closely with our independent reserves engineers to ensure the integrity, accuracy and timeliness of data furnished to our independent reserves engineers in their estimating process and who have knowledge of the specific properties under evaluation. Our Director of Operations, Rodolfo Martín Terrado, is primarily responsible for overseeing the preparation of our reserves estimates and for the internal control over our reserves estimation. He has over 20 years of experience in asset development and operations See “Item 6. Directors, Senior Management and Employees—A. Directors and senior management.”

In order to ensure the quality and consistency of our reserves estimates and reserves disclosures, we maintain and comply with a reserves process that satisfies the following key control objectives:

Throughout each fiscal year, our technical team meets with Independent Qualified Reserves Engineers, who are provided with full access to complete and accurate information pertaining to the properties to be evaluated and all applicable personnel. This independent assessment of the internally-generated reserves estimates is beneficial in ensuring that interpretations and judgments are reasonable and that the estimates are free of preparer and management bias.

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Recognizing that reserves estimates are based on interpretations and judgments, differences between the proved reserves estimates prepared by us and those prepared by an Independent Qualified Reserves Engineer of 10% or less, in aggregate, are considered to be within the range of reasonable differences. Differences greater than 10% must be resolved in the technical meetings. Once differences are resolved, the independent Qualified Reserves Engineer sends a preliminary copy of the reserves report to be reviewed by Corporate Reserves team and the Executive Committee, integrated by the CEO, COO, CFO, Director of Operations and managers in charge of the Geoscience, Operations, and Finance departments A final copy of the Reserves Report is sent by the Independent Qualified Reserve Engineer to be approved and signed by the Executive Committee. See “Item 6. Directors, Senior Management and Employees—C. Board Practices—Committees of our board of directors.”

Independent reserves engineers

Reserves estimates as of December 31, 2021, for Colombia, Chile, Brazil and Argentina included elsewhere in this annual report are based on the D&M Reserves Report, dated February 11, 2022, and effective as of December 31, 2021. The D&M Reserves Report, a copy of which has been filed as an exhibit to this annual report, was prepared in accordance with SEC rules, regulations, definitions and guidelines at our request in order to estimate reserves and for the areas and period indicated therein.

DeGolyer and MacNaughton, a Delaware corporation with offices in Dallas, Houston, Moscow, Algiers, Astana and Buenos Aires has been providing consulting services to the oil and gas industry since 1936. The firm has more than 200 professionals, including engineers, geologists, geophysicists, petrophysicists and economists that are engaged in the appraisal of oil and gas properties, the evaluation of hydrocarbon and other mineral prospects, basin evaluations, comprehensive field studies and equity studies related to the domestic and international energy industry. DeGolyer and MacNaughton restricts its activities exclusively to consultation and does not accept contingency fees, nor does it own operating interests in any oil, gas or mineral properties, or securities or notes of its clients. The firm subscribes to a code of professional conduct, and its employees actively support their related technical and professional societies. The firm is a Texas Registered Engineering Firm.

The D&M Reserves Report covered 100% of our total reserves. In connection with the preparation of the D&M Reserves Report, DeGolyer and MacNaughton prepared its own estimates of our proved reserves. In the process of the reserves evaluation, DeGolyer and MacNaughton did not independently verify the accuracy and completeness of information and data furnished by us with respect to ownership interests, oil and gas production, well test data, historical costs of operation and development, product prices, or any agreements relating to current and future operations of the fields and sales of production. However, if in the course of the examination something came to the attention of DeGolyer and MacNaughton that brought into question the validity or sufficiency of any such information or data, DeGolyer and MacNaughton did not rely on such information or data until it had satisfactorily resolved its questions relating thereto or had independently verified such information or data. DeGolyer and MacNaughton independently prepared reserves estimates to conform to the guidelines of the SEC, including the criteria of “reasonable certainty,” as it pertains to expectations about the recoverability of reserves in future years, under existing economic and operating conditions, consistent with the definition in Rule 4 10(a)(1)-(32) of Regulation S-X. DeGolyer and MacNaughton issued the D&M Reserves Report based upon its evaluation. D&M’s primary economic assumptions in estimates included oil and gas sales prices determined according to SEC guidelines, future expenditures and other economic assumptions (including interests, royalties and taxes) as provided by us. The assumptions, data, methods and procedures used, including the percentage of our total reserves reviewed in connection with the preparation of the D&M Reserves Report were appropriate for the purpose served by such report, and DeGolyer and MacNaughton used all methods and procedures as it considered necessary under the circumstances to prepare such reports.

However, uncertainties are inherent in estimating quantities of reserves, including many factors beyond our and our independent reserves engineers’ control. Reserves engineering is a subjective process of estimating subsurface accumulations of oil and natural gas that cannot be measured in an exact manner, and the accuracy of any reserves estimate is a function of the quality of available data and its interpretation. As a result, estimates by different engineers often vary, sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date of an estimate, economic factors such as changes in product prices or development and production expenses, and regulatory factors, such as royalties, development and environmental permitting and concession terms, may require revision of such estimates. Our operations may also be affected by unanticipated changes in regulations concerning the oil

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and gas industry in the countries in which we operate, which may impact our ability to recover the estimated reserves. Accordingly, oil and natural gas quantities ultimately recovered will vary from reserves estimates.

Technology used in reserves estimation

According to SEC guidelines, proved reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with “reasonable certainty” to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.

The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. The term “reasonable certainty” implies a high degree of confidence that the quantities of oil and/or natural gas actually recovered will equal or exceed the estimate. Reasonable certainty can be established using techniques that have been proved effective by actual production from projects in the same reservoir or an analogous reservoir or by other evidence using reliable technology that establishes reasonable certainty. Reliable technology is a grouping of one or more technologies (including computational methods) that have been field tested and have been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.

There are various generally accepted methodologies for estimating reserves including volumetrics, decline analysis, material balance, simulation models and analogies. Estimates may be prepared using either deterministic (single estimate) or probabilistic (range of possible outcomes and probability of occurrence) methods. The particular method chosen should be based on the evaluator’s professional judgment as being the most appropriate, given the geological nature of the property, the extent of its operating history and the quality of available information. It may be appropriate to employ several methods in reaching an estimate for the property.

Estimates must be prepared using all available information (open and cased hole logs, core analyses, geologic maps, seismic interpretation, production/injection data and pressure test analysis). Supporting data, such as working interest, royalties and operating costs, must be maintained and updated when such information materially changes.

Proved undeveloped reserves

As of December 31, 2021, we had 32.5 mmboe in proved undeveloped reserves, a decrease of 15.1 mmboe, or 32%, over our December 31, 2020, proved undeveloped reserves of 47.6 mmboe. Changes for the year ended December 31 2021, include:

Of our 32.5 mmboe of net proved undeveloped reserves, 31.0 mmboe (95.4%), 0.9 mmboe (2.8%), 0.6 mmboe (1.8%) were located in Colombia, Chile and Argentina, respectively.

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During 2021, we incurred approximately US$43.6 million in capital expenditures in Colombia to convert such proved undeveloped reserves to proved developed reserves.

No net proved undeveloped reserves were located in Brazil as of December 31, 2021.

The following table shows the evolution of total net proved undeveloped (“PUD”) reserves in the year ended December 31, 2021.

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Production, revenues and price history

The following table sets forth certain information on our production of oil and natural gas in Colombia, Chile, Brazil and Argentina for each of the years ended December 31, 2021, 2020 and 2019.

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The following table sets forth certain information on our production of oil and natural gas by final product sold in Colombia, Chile, Brazil and Argentina for each of the years ended December 31, 2021, 2020 and 2019.

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