GEOPARK LIMITED

INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

For the nine-months period ended 30 September 2013 and 2014

GEOPARK LIMITED

30 SEPTEMBER 2014

CONTENTS

Page

3	Consolidated Statement of Income and Statement of Comprehensive Income
4	Consolidated Statement of Financial Position
5	Consolidated Statement of Changes in Equity
6	Consolidated Statement of Cash Flow
7	Selected explanatory notes

GEOPARK LIMITED

30 SEPTEMBER 2014

CONSOLIDATED STATEMENT OF INCOME

Amounts in US$ ´000	Note		Three-months period ended 30 September 2014 (Unaudited)			Three-months period ended 30 September 2013 (Unaudited)			Nine-months period ended 30 September 2014 (Unaudited)			Nine-months period ended 30 September 2013 (Unaudited)
NET REVENUE		2		131,803			89,724			347,983			250,530
Production costs		4		(67,478	)		(48,687	)		(169,479	)		(129,834	)
GROSS PROFIT				64,325			41,037			178,504			120,696
Selling expenses				(9,330	)		(4,868	)		(21,647	)		(12,526	)
Exploration costs		5		(3,426	)		(2,425	)		(17,669	)		(16,012	)
Administrative costs		6		(13,682	)		(11,320	)		(36,644	)		(32,050	)
Other operating income				782			350			1,754			4,555
OPERATING PROFIT				38,669			22,774			104,298			64,663
Financial income		7		1,720			958			4,725			1,562
Financial expenses		8		(22,270	)		(7,596	)		(36,404	)		(28,762	)
PROFIT BEFORE TAX				18,119			16,136			72,619			37,463
Income tax				(6,190	)		(5,168	)		(23,022	)		(12,260	)
PROFIT FOR THE PERIOD				11,929			10,968			49,597			25,203
Attributable to:
Owners of the parent				8,476			7,151			36,934			15,767
Non-controlling interest				3,453			3,817			12,663			9,436
Earnings per share (in US$) for profit attributable to owners of the Company. Basic				0.14			0.16			0.66			0.36
Earnings per share (in US$) for profit attributable to owners of the Company. Diluted				0.14			0.15			0.59			0.34

STATEMENT OF COMPREHENSIVE INCOME

Amounts in US$ ´000	Three-months period ended 30 September 2014 (Unaudited)			Three-months period ended 30 September 2013 (Unaudited)			Nine-months period ended 30 September 2014 (Unaudited)			Nine-months period ended 30 September 2013 (Unaudited)
Profit for the period		11,929			10,968			49,597			25,203
Other comprehensive income
Currency translation differences		(2,985	)		(210	)		(641	)		(573	)
Total comprehensive Income for the period		8,944			10,758			48,956			24,630
Attributable to:
Owners of the parent		5,491			6,941			36,293			15,194
Non-controlling interest		3,453			3,817			12,663			9,436

GEOPARK LIMITED

30 SEPTEMBER 2014

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Amounts in US$ ´000	Note		At 30 September 2014 (Unaudited)		Year ended 31 December 2013
ASSETS
NON CURRENT ASSETS
Property, plant and equipment		9		795,353		595,446
Prepaid taxes				4,916		11,454
Other financial assets				8,162		5,168
Deferred income tax				24,358		13,358
Prepayments and other receivables				359		6,361
TOTAL NON CURRENT ASSETS				833,148		631,787
CURRENT ASSETS
Inventories				10,118		8,122
Trade receivables				71,349		42,628
Prepayments and other receivables				41,109		35,764
Prepaid taxes				11,775		6,979
Cash at bank and in hand				128,802		121,135
TOTAL CURRENT ASSETS				263,153		214,628

TOTAL ASSETS				1,096,301		846,415
EQUITY
Equity attributable to owners of the Company
Share capital		10		58		44
Share premium				211,274		120,426
Reserves				125,824		126,465
Retained earnings				67,693		23,906
Attributable to owners of the Company				404,849		270,841
Non-controlling interest				107,779		95,116
TOTAL EQUITY				512,628		365,957
LIABILITIES
NON CURRENT LIABILITIES
Borrowings		11		342,256		290,457
Provisions for other long-term liabilities		12		43,741		33,076
Deferred income tax				35,897		23,087
Trade and other payables		13		16,563		8,344
TOTAL NON CURRENT LIABILITIES				438,457		354,964
CURRENT LIABILITIES
Borrowings		11		20,595		26,630
Current income tax				12,945		7,231
Trade and other payables		13		111,676		91,633
TOTAL CURRENT LIABILITIES				145,216		125,494
TOTAL LIABILITIES				583,673		480,458

TOTAL EQUITY AND LIABILITIES				1,096,301		846,415

GEOPARK LIMITED

30 SEPTEMBER 2014

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Attributable to owners of the Company
Amount in US$ '000	Share Capital		Share Premium		Other Reserve		Translation Reserve			Retained earnings (accumulated losees)			Non - controlling Interest		Total
Equity at 1 January 2013		43		116,817		127,527		894			(5,860	)		72,665		312,086
Profit for the nine-months period		-		-		-		-			15,767			9,436		25,203
Currency translation differences		-		-		-		(573	)		-			-		(573	)
Total comprehensive income for the period ended 30 September 2013		-		-		-		(573	)		15,767			9,436		24,630
Proceeds from transaction with Non-controlling interest		-		-		-		-			-			6,439		6,439
Share-based payments		-		3,521		-		-			5,686			-		9,207
		-		3,521		-		-			5,686			6,439		15,646
Balance at 30 September 2013 (Unaudited)		43		120,338		127,527		321			15,593			88,540		352,362

Balance at 31 December 2013		44		120,426		127,527		(1,062	)		23,906			95,116		365,957
Profit for the nine-months period		-		-		-		-			36,934			12,663		49,597
Currency translation differences		-		-		-		(641	)		-			-		(641	)
Total comprehensive income for the period ended 30 September 2014		-		-		-		(641	)		36,934			12,663		48,956
Proceeds from issuance of shares		14		90,848		-		-			-			-		90,862
Share-based payments		-		-		-		-			6,853			-		6,853
		14		90,848		-		-			6,853			-		97,715
Balance at 30 September 2014 (Unaudited)		58		211,274		127,527		(1,703	)		67,693			107,779		512,628

GEOPARK LIMITED

30 SEPTEMBER 2014

CONSOLIDATED STATEMENT OF CASH FLOW

Amounts in US$ ’000	Nine-months period ended 30 September 2014 (Unaudited)			Nine-months period ended 30 September 2013 (Unaudited)
Cash flows from operating activities
Profit for the period		49,597			25,203
Adjustments for:
Income tax		23,022			12,260
Depreciation		74,636			49,546
Loss on disposal of property, plant and equipment		583			568
Write-off of unsuccessful exploration and evaluation assets		8,645			11,955
Amortisation of other long-term liabilities		(381	)		(1,359	)
Accrual of borrowing’s interests		19,495			17,913
Unwinding of long-term liabilities		1,167			1,049
Accrual of share-based payment		7,988			5,946
Income tax paid		(1,306	)		(4,040	)
Changes in operating assets and liabilities		(19,256	)		(39,760	)
Cash flows from operating activities – net		164,190			79,281
Cash flows from investing activities
Purchase of property, plant and equipment		(169,154	)		(168,190	)
Acquisitions of companies, net of cash acquired		(114,967	)		-
Collections related to financial assets		-			3,839
Collections related to financial leases		4,460			6,734
Cash flows used in investing activities – net		(279,661	)		(157,617	)
Cash flows from financing activities
Proceeds from issuance of shares		90,862			3,521
Proceeds from borrowings		67,155			292,259
Proceeds from transaction with non-controlling interest		-			37,577
Proceeds from loans from related parties (Note 13)		8,107			8,344
Principal paid to third parties		(16,965	)		(179,359	)
Interest paid to third parties		(23,972	)		(17,511	)
Cash flows from financing activities - net		125,187			144,831
Net increase in cash and cash equivalents		9,716			66,495
Cash and cash equivalents at 1 January		121,105			38,292
Currency translation differences		(2,100	)		-
Cash and cash equivalents at the end of the period		128,721			104,787
Ending Cash and cash equivalents are specified as follows:
Cash at bank		128,780			104,774
Cash in hand		22			23
Bank overdrafts		(81	)		(10	)
Cash and cash equivalents		128,721			104,787

GEOPARK LIMITED

30 SEPTEMBER 2014

SELECTED EXPLANATORY NOTES

Note 1

General information

GeoPark Limited (the Company) is a company incorporated under the law of Bermuda. The Registered Office address is Cumberland House, 9th Floor, 1 Victoria Street, Hamilton HM11, Bermuda.

The principal activity of the Company and its subsidiaries (“the Group”) are exploration, development and production for oil and gas reserves in Chile, Colombia, Brazil and Argentina. The Group has working interests and/or economic interests in 29 hydrocarbon blocks.

On 7 February 2014, the Securities and Exchange Commission (“SEC”) declared effective the Company’s registration statement upon which 13,999,700 shares were issued, including over-allotment option, at a price of US$ 7 per share. Gross proceeds from the offering totalled US$ 98 million. As a result, the Company commenced trading on the New York Stock Exchange (“NYSE”) under the ticker symbol GPRK. Also its shares are authorized for trading on the Santiago Off-Shore Stock Exchange.

Subsequently, the Company listing cancellation on the AIM London Stock Exchange became effective on 19 February 2014.

This consolidated interim financial report was authorised for issue by the Board of Directors on

18 November, 2014.

Basis of Preparation

The consolidated interim financial report of GeoPark Limited is presented in accordance with IAS 34 “Interim Financial Reporting”. It does not include all of the information required for full annual financial statements, and should be read in conjunction with the annual financial statements as at and for the years ended 31 December 2012 and 2013, which have been prepared in accordance with IFRS.

The consolidated interim financial report has been prepared in accordance with the accounting policies applied in the most recent annual financial statements. For further information please refer to GeoPark Limited's consolidated financial statements for the year ended 31 December 2013.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

The activities of the Company are not subject to significant seasonal changes.

Non-controlling interest refers to LG International (“LGI”) as partner of GeoPark in the Colombian and Chilean business, through interest in different subsidiaries (see below the Group’s chart of subsidiaries).

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 1 (Continued)

Estimates

The preparation of interim financial information requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2013.

Financial risk management

The Company’s activities expose it to a variety of financial risks: currency risk, price risk, credit risk- concentration, funding and liquidity risk, interest risk and capital risk. The interim condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements as at 31 December 2013.

There have been no changes in the risk management since year end or in any risk management policies.

Subsidiary undertakings

The following chart illustrates the Group structure as of 30 September 2014 (*):

(*) LGI is not a subsidiary, it is Non-controlling interest.

During 2013 and 2014, with the purpose of conducting its multilocation activities and for allowing future business structures, the Company has incorporated certain wholly owned subsidiaries, that are dormant companies at the date of the issuance of these interim financial statements. These subsidiaries include new Peruvian entities (see Note 16).

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 1 (Continued)

Subsidiary undertakings (Continued)

Details of the subsidiaries and joint operations of the Company are set out below:

	Name and registered office	Ownership interest
Subsidiaries	GeoPark Argentina Ltd. – Bermuda	100%
	GeoPark Argentina Ltd. – Argentinean Branch	100% (a) (k)
	GeoPark Latin America Limited	100% (g)
	GeoPark Latin America Limited – Agencia en Chile	100% (a) (g)
	GeoPark S.A. (Chile)	100% (a) (b)
	GeoPark Brazil Exploração y Produção de Petróleo e Gas Ltda. (Brazil)	100% (a)
	Rio das Contas Produtora de Petróleo Ltda (Brazil)	100% (a) (j)
	GeoPark Chile S.A. (Chile)	80% (a) (c)
	GeoPark Fell S.p.A. (Chile)	80% (a) (c)
	GeoPark Magallanes Limitada (Chile)	80% (a) (c)
	GeoPark TdF S.A. (Chile)	68.8% (a) (d)
	GeoPark Colombia S.A. (Chile)	80% (a)
	GeoPark Colombia SAS (Colombia)	100% (a) (h)
	GeoPark Brazil S.p.A. (Chile)	100% (a) (b)
	GeoPark Latin America Coöperatie U.A. (The Netherlands)	100%
	GeoPark Colombia Coöperatie U.A. (The Netherlands)	100% (a) (c)
	GeoPark S.A.C. (Perú)	100% (m) (a)
	GeoPark Perú S.A.C. (Perú)	100% (m) (a)
	GeoPark Operadora del Perú S.A.C. (Perú)	100% (m) (a)
	GeoPark Perú Coöperatie U.A. (The Netherlands)	100%(m)
	GeoPark Brazil Coöperatie U.A. (The Netherlands)	100%
Joint operations	Tranquilo Block (Chile)	29% (i) (f)
	Otway Block (Chile)	100% (e) (f)
	Flamenco Block (Chile)	50% (f)
	Campanario Block (Chile)	50% (f)
	Isla Norte Block (Chile)	60% (f)
	Llanos 17 Block (Colombia)	36.84%
	Yamu/Carupana Block (Colombia)	75%/54.5% (f) (l)
	Llanos 34 Block (Colombia)	45% (f)
	Llanos 32 Block (Colombia)	10%
	Manati Field (Brazil)	10% (j)

(a)

Indirectly owned.

(b)

Dormant companies.

(c)

LG International has 20% interest.

(d)

LG International has 20% interest through GeoPark Chile S.A. and a 14% direct interest, totalling 31.2%.

(e)

In September 2014, the Chilean Ministry of Energy approved that the Group will be the sole participant with a working interest of 100%.

(f)

GeoPark is the operator in all blocks.

(g)

Formerly named GeoPark Chile Limited.

(h)

During 2013, the Company has finalized a merger process by which GeoPark Colombia SAS will continue the operations related to GeoPark Luna SAS (Colombia), GeoPark Llanos SAS (Colombia), La Luna Oil Co. Ltd. (Panama), Winchester Oil and Gas S.A. (Panama), GeoPark Cuerva LLC (United States), Sucursal La Luna Oil Co. Ltd. (Colombia), Sucursal Winchester Oil and Gas S.A. (Colombia) and Sucursal GeoPark Cuerva LLC (Colombia).

(i)

At 31 December 2013, the Consortium members and interest were: GeoPark 29%, Pluspetrol 29%, Wintershall 25% and Methanex 17%. During 2014, Methanex and Wintershall announced their decision to abandon the Consortium. The new ownership is being negotiated among GeoPark and Pluspetrol.

(j)

See Note 14.

(k)

In April 2014, the Company informed the Secretary of Infrastructure and Energy of the province of Mendoza of its decision to relinquish 100% of the Cerro Doña Juana and Loma Cortaderal Concessions to the Mendoza Province.

(l)

See Note 15.

(m)

See Note 16.

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 2

Net Revenue

Amounts in US$ '000	Three-months period ended 30 September 2014		Three-months period ended 30 September 2013		Nine-months period ended 30 September 2014		Nine-months period ended 30 September 2013

Sale of crude oil		111,575		85,408		298,830		235,225
Sale of gas		20,228		4,316		49,153		15,305
		131,803		89,724		347,983		250,530

Note 3

Segment Information

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the strategic steering committee. This committee is integrated by the CEO, COO, CFO and managers in charge of the Geoscience, Drilling, Operations and SPEED departments. This committee reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports.

The committee considers the business from a geographic perspective.

The strategic steering committee assesses the performance of the operating segments based on a measure of Adjusted EBITDA. Adjusted EBITDA is defined as profit for the period before net finance cost, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards. Other information provided, except as noted below, to the strategic steering committee is measured in a manner consistent with that in the financial statements.

Nine-months period ended 30 September 2014

Amounts in US$ '000	Total			Argentina			Chile			Brazil			Colombia			Corporate
Net Revenue		347,983			1,300			124,102			27,615			194,966			-
Production costs		(169,479	)		(592	)		(59,198	)		(13,770	)		(95,919	)		-
Depreciation		(72,877	)		(71	)		(26,455	)		(8,001	)		(38,350	)		-
Royalties		(17,541	)		(179	)		(5,775	)		(1,950	)		(9,637	)		-
Transportation costs		(9,700	)		(6	)		(5,406	)		-			(4,288	)		-
Other costs		(69,361	)		(337	)		(21,562	)		(3,818	)		(43,644	)		-
Gross Profit		178,504			708			64,904			13,845			99,047			-
Operating Profit / (Loss)		104,298			(3,515	)		38,408			7,219			70,265			(8,079	)
Adjusted EBITDA		192,669			(1,050	)		73,415			15,321			109,489			(4,506	)

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 3 (Continued)

Segment Information (Continued)

Nine-months period ended 30 September 2013

Amounts in US$ '000	Total			Argentina			Chile			Brazil			Colombia			Corporate
Net Revenue		250,530			1,118			119,359			-			130,053			-
Production costs		(129,834	)		(182	)		(49,813	)		-			(79,839	)		-
Depreciation		(48,423	)		(35	)		(21,007	)		-			(27,381	)		-
Royalties		(13,010	)		(133	)		(5,669	)		-			(7,208	)		-
Transportation costs		(8,494	)		(158	)		(4,937	)		-			(3,399	)		-
Other costs		(59,907	)		144			(18,200	)		-			(41,851	)		-
Gross Profit		120,696			936			69,546			-			50,214			-
Operating Profit / (Loss)		64,663			(2,643	)		47,971			(2,323	)		29,390			(7,732	)
Adjusted EBITDA		125,894			(1,361	)		73,570			(2,278	)		60,852			(4,889	)

Total Assets	Total		Argentina		Chile		Brazil		Colombia		Corporate
30 September 2014		1,096,301		4,811		559,724		156,043		287,515		88,208
31 December 2013		846,415		7,977		477,263		29,222		259,421		72,532

A reconciliation of total Adjusted EBITDA to total profit before income tax is provided as follows:

	Three-months period ended 30 September 2014			Three-months period ended 30 September 2013			Nine-months period ended 30 September 2014			Nine-months period ended 30 September 2013
Adjusted EBITDA for reportable segments		67,889			41,880			192,669			125,894
Depreciation (a)		(27,130	)		(16,941	)		(72,808	)		(49,546	)
Share-based payment		(2,391	)		(2,460	)		(7,988	)		(5,946	)
Impairment and write-off of unsuccessful efforts		(8	)		(167	)		(8,645	)		(11,955	)
Others (b)		309			462			1,070			6,216
Operating profit		38,669			22,774			104,298			64,663
Financial results		(20,550	)		(6,638	)		(31,679	)		(27,200	)
Profit before tax		18,119			16,136			72,619			37,463

(a)

Net of capitalised costs for oil stock included in Inventories.

(b)

Includes internally capitalised costs.

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 4

Production costs

Amounts in US$ '000	Three-months period ended 30 September 2014		Three-months period ended 30 September 2013			Nine-months period ended 30 September 2014			Nine-months period ended 30 September 2013
Depreciation		25,897		16,525			72,877			48,423
Well and facilities maintenance		7,457		4,420			17,700			13,423
Royalties		6,747		4,360			17,541			13,010
Consumables		4,867		5,026			14,087			11,636
Transportation costs		2,625		3,548			9,700			8,494
Staff costs		4,612		4,677			11,478			12,195
Equipment rental		1,336		3,202			5,410			5,562
Field camp		1,287		1,227			4,143			3,071
Gas plant costs		833		773			2,472			2,360
Non operated blocks costs		4,575		1,117			7,409			3,227
Other costs		3,995		5,195			11,332			10,989
Crude oil stock variation		3,247		(1,383	)		(4,670	)		(2,556	)
		67,478		48,687			169,479			129,834

Note 5

Exploration costs

Amounts in US$ '000	Three-months period ended 30 September 2014			Three-months period ended 30 September 2013			Nine-months period ended 30 September 2014			Nine-months period ended 30 September 2013
Write-off of unsuccessful exploration and evaluation assets		8			167			8,645			11,955
Staff costs		3,383			1,597			9,104			5,681
Other services		541			1,124			1,606			1,343
Allocation to capitalised project		(506	)		(463	)		(1,686	)		(1,608	)
Amortisation of other long-term liabilities related to unsuccessful efforts		-			-			-			(600	)
Recovery of abandonments costs		-			-			-			(759	)
		3,426			2,425			17,669			16,012

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 6

Administrative costs

Amounts in US$ '000	Three-months period ended 30 September 2014		Three-months period ended 30 September 2013		Nine-months period ended 30 September 2014		Nine-months period ended 30 September 2013
Staff costs		5,777		5,275		16,586		15,251
Consultant fees		1,381		1,314		4,172		4,396
Office expenses		778		1,099		2,584		1,880
New projects		910		1,080		2,221		1,741
Depreciation		669		416		1,759		1,123
Travel expenses		828		450		1,795		1,640
Director fees and allowance		705		271		1,317		1,263
Other administrative expenses		2,634		1,415		6,210		4,756
		13,682		11,320		36,644		32,050

Note 7

Financial income

Amounts in US$ '000	Three-months period ended 30 September 2014		Three-months period ended 30 September 2013		Nine-months period ended 30 September 2014		Nine-months period ended 30 September 2013
Exchange difference		815		720		1,457		722
Interest received		905		238		3,268		840
		1,720		958		4,725		1,562

Note 8

Financial expenses

Amounts in US$ '000	Three-months period ended 30 September 2014			Three-months period ended 30 September 2013			Nine-months period ended 30 September 2014			Nine-months period ended 30 September 2013
Bank charges and other financial costs		1,133			1,206			2,147			2,774
Bond GeoPark Fell SpA cancellation costs		-			-			-			8,603
Exchange difference		13,854			(613	)		13,105			870
Unwinding of long-term liabilities		461			544			1,167			1,049
Interest and amortisation of debt issue costs		7,423			6,843			21,803			16,774
Less: amounts capitalised on qualifying assets		(601	)		(384	)		(1,818	)		(1,308	)
		22,270			7,596			36,404			28,762

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 9

Property, plant and equipment

Amounts in US$'000	Oil & gas properties			Furniture, equipment and vehicles			Production facilities and machinery			Buildings and improve-ments			Construction in progress			Exploration and evaluation assets			TOTAL
Cost at 1 January 2013		344,371			3,576			86,949			3,198			54,025			93,106			585,225
Additions		3,313			1,456			273			-			75,167			111,287			191,496
Disposals		(546	)		(22	)		(15,870	)		-			-			-			(16,438	)
Write-off and impairment (1)		-			-			-			-			-			(11,955	)		(11,955	)
Transfers		97,140			117			16,889			4,019			(69,807	)		(48,358	)		-
Cost At 30 September 2013		444,278			5,127			88,241			7,217			59,385			144,080			748,328

Cost at 1 January 2014		493,260			5,731			98,837			7,018			40,429			147,759			793,034
Additions		3,370			2,010			12			-			93,520			79,978			178,890
Acquisition of subsidiaries		112,646			273			-			-			-			-			112,919
Currency translation differences		(7,837	)		(8	)		-			-			-			(193	)		(8,038	)
Disposals		-			(319	)		(666	)		-			-			-			(985	)
Write-off and impairment (1)		-			-			-			-			-			(8,645	)		(8,645	)
Transfers		140,325			886			10,483			1,890			(82,062	)		(71,522	)		-
Cost at 30 September 2014		741,764			8,573			108,666			8,908			51,887			147,377			1,067,175

Depreciation and write-down at 1 January 2013		(98,156	)		(1,836	)		(26,336	)		(1,060	)		-			-			(127,388	)
Depreciation		(42,016	)		(660	)		(6,404	)		(466	)		-			-			(49,546	)
Depreciation and write-down At 30 September 2013		(140,172	)		(2,496	)		(32,740	)		(1,526	)		-			-			(176,934	)

Depreciation and write-down at 1 January 2014		(157,390	)		(2,800	)		(35,677	)		(1,721	)		-			-			(197,588	)
Depreciation		(65,684	)		(1,163	)		(7,192	)		(597	)		-			-			(74,636	)
Disposals		-			251			151			-			-			-			402
Depreciation and write-down at 30 September 2014		(223,074	)		(3,712	)		(42,718	)		(2,318	)		-			-			(271,822	)

Carrying amount at 30 September 2013		304,106			2,631			55,501			5,691			59,385			144,080			571,394
Carrying amount at 30 September 2014		518,690			4,861			65,948			6,590			51,887			147,377			795,353

(1)

Corresponds to write-off of Exploration and evaluation assets in Chile for US$ 7,049,000 (US$ 8,711,000 in 2013) and US$ 1,596,000 in Colombia (US$ 3,244,000 in 2013).

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 10

Share capital

Issued share capital	Nine-months period ended 30 September 2014		Year ended 31 December 2013
Common stock (US$ ´000)		58		44
The share capital is distributed as follows:
Common shares, of nominal US$ 0.001		57,863,615		43,861,614
Total common shares in issue		57,863,615		43,861,614

Authorised share capital
US$ per share		0.001		0.001

Number of common shares (US$ 0.001 each)		5,171,949,000		5,171,949,000
Amount in US$		5,171,949		5,171,949

GeoPark’s share capital only consists of common shares. The authorized share capital consists of 5,171,949,000 common shares of par value US$0.001 per share. As of the date of this interim condensed consolidated report, there are 57,863,615 common shares outstanding (see Note 1). All of the Company issued and outstanding common shares are fully paid and nonassessable. The Company also has an employee incentive program, pursuant to which it has granted share awards to its senior management and certain key employees (see Notes 25 and 29 to the audited Consolidated Financial Statements as of 31 December 2013).

Note 11

Borrowings

The outstanding amounts are as follows:

Amounts in US$ '000	At 30 September 2014		Year ended 31 December 2013
Bond GeoPark Latin America Agencia en Chile (a)		295,067		299,912
Banco de Chile (b)		-		15,002
Banco de Crédito e Inversiones (c)		116		2,143
Banco Itaú (d)		67,587		-
Overdrafts (e)		81		30
		362,851		317,087

Classified as follows:

Current			20,595				26,630
Non-Current			342,256				290,457

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 11 (Continued)

Borrowings (Continued)

(a) During February 2013, the Company successfully placed US$ 300 million notes which were offered under Rule 144A and Regulation S exemptions of the United States Securities laws.

The Notes, issued by the Company's wholly-owned subsidiary GeoPark Latin America Limited Agencia en Chile ("the Issuer"), were priced at 99.332% and carry a coupon of 7.50% per annum (yield 7.625% per annum). Final maturity of the notes will be 11 February 2020. The Notes are guaranteed by GeoPark Limited and GeoPark Latin America Coöperatie U.A. and are secured with a pledge of all of the equity interests of the Issuer in GeoPark Chile S.A. and GeoPark Colombia Coöperatie U.A. and a pledge of certain intercompany loans. Notes were rated single B by both Standard & Poor's and Fitch Ratings. The debt issuance cost for this transaction amounted to US$ 7,637,000. The Notes include covenants restricting dividend payments and new indebtedness. As of the date of these interim condensed consolidated financial statements, the Company has complied with these covenants.

(b) Short term financing obtained in December 2013 and fully repaid in January 2014. The interest rate applicable to this loan was 0.71% per annum.

(c) Facility to establish the operational base in the Fell Block. This facility was acquired through a mortgage loan granted by the Banco de Crédito e Inversiones (BCI), a Chilean private bank. The loan was granted in Chilean pesos and is repayable over a period of 8 years. The interest rate applicable to this loan is 6.6%. The outstanding amount at 30 September 2014 is US$ 116,000 (US$ 212,000 in 2013).

In addition, during 2011, GeoPark TdF obtained financing from BCI to start the operations in the newly acquired blocks. The outstanding amount at 31 December 2013 was US$ 1,931,000. This financing was structured as letter of credit and was fully repaid in February 2014.

(d) During March 2014, GeoPark executed a loan agreement with Itaú BBA International for

US$ 70,450,000 to finance the acquisition of a 10% working interest in the Manatí field in Brazil (see Note 14). The interest rate applicable to this loan is LIBOR plus 3.9% per annum. The interest will be paid semi-annually; principal will be cancelled semi-annually with a year grace period. The debt issuance cost for this transaction amounted to US$ 3,295,000. This loan includes covenants restricting dividend payments and new indebtedness. As of the date of these interim condensed consolidated financial statements, the Company has complied with these covenants.

(e) The Group has been granted with credit lines for over US$ 85,000,000.

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 12

Provision for other long-term liabilities

The outstanding amounts are as follows:

Amounts in US$ '000	At 30 September 2014		Year ended 31 December 2013
Assets retirement obligation and other environmental liabilities		33,174		24,166
Deferred income		5,822		6,204
Other		4,745		2,706
		43,741		33,076

Note 13

Trade and other payables

The outstanding amounts are as follows:

Amounts in US$ '000	At 30 September 2014		Year ended 31 December 2013
Trade payables		67,853		61,130
V.A.T.		1,553		8,074
Taxes and other debts to be paid		14,595		9,190
Staff costs to be paid		7,842		8,551
Payables to related parties (1)		16,563		8,456
To be paid to co-venturers		13,320		1,201
Royalties to be paid		6,513		3,375
		128,239		99,977

Classified as follows:

Current			111,676				91,633
Non-Current			16,563				8,344

(1)

Corresponds to related parties loans granted by LGI. The maturity of these loans is December 2015 and the applicable interest rate is 8% per annum.

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 14

Entry in Brazil

Acquisition in Brazil

GeoPark entered into Brazil with the acquisition of a 10% working interest in the offshore Manati gas field ("Manati Field"), the largest natural gas producing field in Brazil. On 14 May, 2013, GeoPark executed a stock purchase agreement ("SPA") with Panoro Energy do Brazil Ltda., the subsidiary of Panoro Energy ASA, ("Panoro"), a Norwegian listed company with assets in Brazil and Africa, to acquire all of the issued and outstanding shares of its wholly-owned Brazilian subsidiary, Rio das Contas Produtora de Petróleo Ltda ("Rio das Contas"), the direct owner of 10% of the BCAM-40 Block (the "Block"), which includes the shallow-depth offshore Manati Field in the Camamu-Almada basin.

GeoPark has paid a cash consideration of US$ 140 million at 31 March 2014 or the closing date, which was adjusted for working capital with an effective date of 30 April 2013. The agreement also provides for possible future contingent payments by GeoPark over the next five years, depending on the economic performance and cash generation of the Block (see Note 34 to the audited Consolidated Financial Statements as of 31 December 2013).

The Manati Field is a strategically important, profitable upstream asset in Brazil and currently provides approximately 50% of the gas supplied to the northeastern region of Brazil and more than 75% of the gas supplied to Salvador, the largest city and capital of the northeastern state of Bahia. The field is largely developed with existing producing wells and an extensive pipeline, treatment and delivery infrastructure and is not expected to require significant future capital expenditures to meet current production estimates. Additional reserve development may be possible.

The Manati Field is operated by Petrobras (35% working interest), the Brazilian national company, largest oil and gas operator in Brazil and internationally-respected offshore operator. Other partners in the Block include Queiroz Galvao Exploração e Produção (45% working interest) and Brasoil Manati Exploração Petrolífera S.A. (10% working interest).

In accordance with the acquisition method of accounting, the acquisition cost was allocated to the underlying assets acquired and liabilities assumed based primarily upon their estimated fair values at the date of acquisition. An income approach (being the net present value of expected future cash flows) was adopted to determine the fair values of the mineral interest. Estimates of expected future cash flows reflect estimates of projected future revenues, production costs and capital expenditures based on our business model. The purchase price allocation performed is preliminary, since the valuation process is ongoing. This process will be completed during 2014.

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 14 (Continued)

Entry in Brazil (Continued)

The following table summarises the consideration paid, the preliminary fair value of assets acquired and liabilities assumed for the abovementioned transaction:

Amounts in US$ '000	Total
Cash (including working capital adjustments)		140,100
Total consideration		140,100
Cash and cash equivalents		25,133
Property, plant and equipment (including mineral interest)		112,919
Trade receivables		9,757
Prepayments and other receivables		5,873
Other financial assets		950
Deferred income tax liabilities		(3,132	)
Trade and other payables		(4,538	)
Provision for other long-term liabilities		(6,862	)
Total identifiable net assets		140,100

Round 12 in Brazil

On 28 November 2013, the ANP awarded GeoPark with two new concessions in a new international bidding round, Round 12 (see Note 34 to the audited Consolidated Financial Statements as of 31 December 2013).

In Brazil, GeoPark Brazil is currently a party to a legal proceeding related to the concession agreement of Block PN-T-597 that the ANP initially awarded to GeoPark Brazil in the 12th oil and gas bidding round. As a result of a class action filed by the Federal Prosecutor’s Office, an injunction was issued by a Brazilian Federal Court against the ANP, the Federal Government and GeoPark Brazil on 13 December 2013. Due to the injunction GeoPark Brazil could not proceed to execute the concession agreement, and cannot do so until the injunction is lifted. According to the terms of the Court’s injunction, the ANP will first need to take certain actions, such as conducting studies that prove that drilling unconventional resources will not contaminate the dams and aquifers in the region. On 21 February 2014, GeoPark Brazil requested that the board of the ANP suspend the execution of the concession agreement (which entails delivery of the financial guarantee and performance guarantee and payment of the signing bonus) for six months with a possible extension of an additional six months, or until a firm court decision is reached that does not prevent GeoPark Brazil from entering into the concession agreement. On 16 April 2014, the ANP’s Board enacted a resolution stating that all proceedings related to the award of the concession of Block PN-T-597 to GeoPark Brazil were suspended.

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 15

Business agreements in Colombia

New exploratory license

GeoPark continued its expansion in Colombia through the award of a new exploratory license during the 2014 Colombia Bidding Round, carried out by the Agencia Nacional de Hidrocarburos (“ANH”) on 23 July 2014 in Cartagena, Colombia.

GeoPark was awarded the VIM-3 Block in the Lower Magdalena Basin, covering an area of approximately 225,000 acres. The block has an attractive oil and gas exploration potential in a large area within a proven hydrocarbon system, surrounded by existing oil and gas fields and with sparse exploration activity carried out to date.

GeoPark’s winning bid consisted of committing to a minimum investment program of 200 sq km of 2D seismic and drilling one exploration well, with a total estimated investment of US$ 22.2 million during the initial three year exploratory period and a Royalty X Factor of 3%. GeoPark will operate and have a 100% working interest in the block. The winning bid was subject to final signature of the contracts with the ANH, which occurred during the third quarter of 2014.

Swap operation

On 29 July 2014, GeoPark’s Colombian subsidiary agreed to exchange its 10% non-operating economic interest in Arrendajo Block for additional interests held by the counterpart in the Yamú Block (GeoPark operated) that includes a 15% economic interest in all of the Yamú fields except for the Carupana field, where the seller had a 25% economic interest. According to the terms of the exchange, GeoPark received US$ 3.2 million in cash from the exchange, adjusted by working capital. Following this transaction, GeoPark will continue to be the operator and have a 79.5% interest in the Carupana Field and 90% in Yamú and Potrillo Fields, all fields located in the Yamú Block. This transaction had no impact on the results of the Company.

Note 16

Subsequent events

Entry in Peru

The Company has executed a Joint Investment Agreement and Joint Operating Agreement with Petróleos del Perú S.A. (“Petroperu”) to acquire an interest in and operate the Morona Block located in northern Peru. GeoPark will assume a 75% working interest (“WI”) of the Morona Block, with Petroperu retaining a 25% WI. The transaction has been approved by the Board of Directors of both Petroperu and GeoPark.

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 16 (Continued)

Entry in Peru (Continued)

The Morona Block, also known as Lote 64, covers an area of 1.9 million acres on the western side of the Marañón Basin, one of the most prolific hydrocarbon basins in Peru.

The Morona Block contains the Situche Central oil field, which has been delineated by two wells (with short term tests of approximately 2,400 and 5,200 bopd of 35-36° API oil each) and by 3D seismic. The independent reservoir engineering firm, Ryder Scott, has certified proven and probable (2P) reserves of 55 million barrels of oil (mmbo) and 3P reserves of 85 mmbo for the Situche Central field for Petroperu. GeoPark used a 2P reserve estimate of 30-40 mmbo for its internal evaluation of this project. In addition to the Situche Central field, the Morona Block has a large exploration potential with several high impact prospects and plays – with exploration resources currently estimated to range from 200 to 600 mmbo.

The Morona Block includes geophysical surveys of 2,783 km (2D seismic) and 465 sq km (3D seismic), and an operating field camp and logistics infrastructure. The expected work program and development plan for the Situche Central oil field is to be completed in three stages.

The goal of the initial stage will be to put the field into production through a long term test to help determine the most effective overall development plan and to begin to generate cash flow. This initial stage requires an investment of approximately US$ 140 million to US$ 160 million and is expected to be completed within 18 to 24 months after closing. GeoPark has committed to carry Petroperu during this initial phase and has the funds and cash flow to support this program. The subsequent work program stages, which will be initiated once production has been established, are focused on carrying out the full development of the Situche Central field, including transportation infrastructure, and new exploration drilling of the block. Petroperu will also have the right to increase its WI in the block up to 50%, subject to GeoPark recovering its investments in the block by certain agreed factors.

The transaction is subject to customary conditions, which include the qualification of GeoPark as an operator by PeruPetro, the Peruvian petroleum licensing agency, certain license modifications and a presidential decree. The transaction is expected to close by the first quarter of 2015.

Expansion in Colombia

On 4 November, the Company expanded its operations in Colombia with the addition of the CPO-4 Block to its portfolio through a partnership agreement with SK Innovation (subsidiary of SK Group, the Korean integrated energy and petrochemical company).

GEOPARK LIMITED

30 SEPTEMBER 2014

Note 16 (Continued)

Subsequent events (Continued)

Expansion in Colombia (Continued)

The CPO-4 Block is an attractive high potential block on trend with GeoPark’s successful Llanos 34 Block in the Llanos Basin (approximately 60 km away). The CPO-4 Block covers an area of approximately 345,600 acres (1,398 sq km) with 3D seismic coverage of approximately 880 sq km and sparse drilling activity (with only 4 wells drilled to date). SK and GeoPark have jointly identified new prospects in CPO-4 similar to prospects and leads in GeoPark’s Llanos 34 Block where GeoPark has successfully discovered oil.

In accordance with the farm-in agreement, and subject to the approval of Agencia Nacional de Hidrocarburos (ANH) in Colombia, GeoPark will operate and receive a 50% working interest (WI) in the CPO-4 Block in exchange for its commitment to drill and fund its 50% WI (with no carry) of one exploration well. The well is targeted for 1H2015 and GeoPark’s total financial commitment is approximately $6.0 million. There is an option to move to an additional exploration phase following the drilling of a successful well.

GeoPark Limited
By:	/s/ Andrés Ocampo
	Name:	Andrés Ocampo
	Title:	Chief Financial Officer

ITEM
1.	Interim Condensed Consolidated Financial Statements for the nine-months period ended 30 September 2013 and 2014