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GEOPARK LTD filed this 20-F on Mar 31, 2022

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GEOPARK LTD - 20-F - 20220331 - AUDITORS_OPINION

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of GeoPark Limited

Opinion on the Financial Statements

We have audited the consolidated statements of income, of comprehensive income and of cash flows of GeoPark Limited and its subsidiaries (the “Company”) for the year ended December 31, 2019, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the results of operations and cash flows of the Company for the year ended December 31, 2019 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

Partner)

/s/ PRICE WATERHOUSE & CO. S.R.L.

(Partner)

/s/ Hernan Pablo Rodriguez Cancelo Araujo

Autonomous City of Buenos Aires, Argentina

March 31, 2020

We served as the Company's auditor from 2009 to 2020

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Table of Contents

CONSOLIDATED STATEMENT OF INCOME


Amounts in US$´000	Note	2021	2020	2019
REVENUE	7	688,543	393,692	628,907
Commodity risk management contracts (loss) gain	8	(109,191)	8,081	(22,523)
Production and operating costs	9	(212,790)	(125,072)	(168,964)
Geological and geophysical expenses	12	(7,891)	(14,951)	(18,593)
Administrative expenses	13	(46,828)	(50,315)	(60,818)
Selling expenses	14	(8,730)	(5,844)	(14,113)
Depreciation		(88,969)	(118,073)	(105,532)
Write-off of unsuccessful exploration efforts	20	(12,262)	(52,652)	(18,290)
Impairment loss for non-financial assets, net	20‑37	(4,334)	(133,864)	(7,559)
Other expenses		(11,739)	(11,665)	(1,840)
OPERATING PROFIT (LOSS)		185,809	(110,663)	210,675
Financial expenses	15	(64,112)	(64,582)	(41,070)
Financial income	15	1,652	3,166	2,360
Foreign exchange gain (loss)	15	5,049	(13,008)	(2,446)
PROFIT (LOSS) BEFORE INCOME TAX		128,398	(185,087)	169,519
Income tax expense	17	(67,271)	(47,863)	(111,762)
PROFIT (LOSS) FOR THE YEAR		61,127	(232,950)	57,757
Earnings (Losses) per share (in US$). Basic	19	1.00	(3.84)	0.96
Earnings (Losses) per share (in US$). Diluted	19	0.99	(3.84)	0.92

The notes on pages F-12 to F-76 are an integral part of these Consolidated Financial Statements.

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