GeoPark Limited (GPRK) 20-F 27 Mar 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-36298
Entity Registrant Name	GEOPARK LIMITED
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Calle 94 N° 11-30, 8o floor
Entity Address, City or Town	Bogotá,
Entity Address, Country	CO
Title of 12(b) Security	Common shares, par value US$0.001 per share
Trading Symbol	GPRK
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	55,327,520
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001464591
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Ernst & Young Audit S.A.S.	Pistrelli, Henry Martin y Asociados S.R.L.	Pistrelli, Henry Martin y Asociados S.R.L.
Auditor Location	Bogota, Colombia	Buenos Aires, Argentina	Buenos Aires, Argentina
Auditor Firm ID	1522	1449	1449
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Mónica Jiménez González
Entity Address, Address Line One	Calle 94 N° 11-30, 8o floor
Entity Address, City or Town	Bogotá
Entity Address, Country	CO
City Area Code	57 1
Local Phone Number	743 2337
Other Address [Member]
Document Information [Line Items]
Contact Personnel Name	Maurice Blanco, Esq.
Entity Address, Address Line One	450 Lexington Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	450 4000

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($)		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENT OF INCOME
REVENUE		$ 756,625,000	$ 1,049,579,000	$ 688,543,000
Commodity risk management contracts loss			(70,221,000)	(109,191,000)
Production and operating costs		(232,325,000)	(359,779,000)	(212,790,000)
Geological and geophysical expenses		(11,192,000)	(10,529,000)	(7,891,000)
Administrative expenses		(43,969,000)	(50,024,000)	(46,828,000)
Selling expenses		(13,084,000)	(7,995,000)	(8,730,000)
Depreciation		(120,934,000)	(96,692,000)	(88,969,000)
Write-off of unsuccessful exploration efforts		(29,563,000)	(25,789,000)	(12,262,000)
Impairment loss for non-financial assets, net		(13,332,000)	0	(4,334,000)
Other (expenses) income	[1]	(21,319,000)	527,000	(11,739,000)
OPERATING PROFIT		270,907,000	429,077,000	185,809,000
Financial expenses		(45,815,000)	(57,073,000)	(64,112,000)
Financial income		6,237,000	3,180,000	1,652,000
Foreign exchange (loss) gain		(16,820,000)	19,725,000	5,049,000
PROFIT BEFORE INCOME TAX		214,509,000	394,909,000	128,398,000
Income tax expense		(103,441,000)	(170,474,000)	(67,271,000)
PROFIT FOR THE YEAR		$ 111,068,000	$ 224,435,000	$ 61,127,000
Earnings per share (in US$). Basic		$ 1.95	$ 3.78	$ 1
Earnings per share (in US$). Diluted		$ 1.94	$ 3.75	$ 0.99
[1] Includes results related to business transactions in Chile and Argentina. See Note 36.

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit for the year		$ 111,068	$ 224,435	$ 61,127
Items that may be subsequently reclassified to profit or loss
Currency translation differences		1,624	2,121	(1,438)
Gain on cash flow hedges	[1]	2,738	966
Income tax expense relating to cash flow hedges		(1,369)	(483)
Other comprehensive profit (loss) for the year		2,993	2,604	(1,438)
Total comprehensive profit for the year		$ 114,061	$ 227,039	$ 59,689
[1] Unrealized result on commodity risk management contracts designated as cash flow hedges. See Note 8.

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($)	Dec. 31, 2023	Dec. 31, 2022
NON-CURRENT ASSETS
Property, plant and equipment	$ 686,824,000	$ 666,879,000
Right-of-use assets	28,451,000	37,011,000
Prepayments and other receivables	3,063,000	121,000
Other financial assets	12,564,000	12,877,000
Deferred income tax asset	15,920,000	18,943,000
TOTAL NON-CURRENT ASSETS	746,822,000	735,831,000
CURRENT ASSETS
Inventories	13,552,000	14,434,000
Trade receivables	65,049,000	71,794,000
Prepayments and other receivables	25,896,000	22,106,000
Derivative financial instrument assets	3,775,000	967,000
Cash and cash equivalents	133,036,000	128,843,000
Assets held for sale	28,419,000	0
TOTAL CURRENT ASSETS	269,727,000	238,144,000
TOTAL ASSETS	1,016,549,000	973,975,000
Equity attributable to owners of the Company
Share capital	55,000	58,000
Share premium	111,281,000	134,798,000
Translation reserve	(9,962,000)	(11,586,000)
Other reserves	45,116,000	73,462,000
Retained earnings (Accumulated losses)	29,530,000	(81,147,000)
TOTAL EQUITY	176,020,000	115,585,000
NON-CURRENT LIABILITIES
Borrowings	488,453,000	485,114,000
Lease liabilities	23,387,000	22,051,000
Provisions and other long-term liabilities	34,083,000	51,947,000
Deferred income tax liability	64,063,000	70,123,000
TOTAL NON-CURRENT LIABILITIES	609,986,000	629,235,000
CURRENT LIABILITIES
Borrowings	12,528,000	12,528,000
Lease liabilities	8,911,000	10,000,000
Derivative financial instrument liabilities	70,000	19,000
Current income tax liabilities	44,269,000	65,002,000
Trade and other payables	137,817,000	141,606,000
Liabilities associated with assets held for sale	26,948,000	0
TOTAL CURRENT LIABILITIES	230,543,000	229,155,000
TOTAL LIABILITIES	840,529,000	858,390,000
TOTAL EQUITY AND LIABILITIES	$ 1,016,549,000	$ 973,975,000

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Share Capital [Member].	Share Premium [Member]	Translation Reserve [member]	Other Reserves [Member]	Retained Earnings (Accumulated Losses) [Member]	Total
Beginning Balance at Dec. 31, 2020	$ 61	$ 179,399	$ (12,269)	$ 104,485	$ (380,866)	$ (109,190)
Comprehensive income:
Profit for the year	0	0	0	0	61,127	61,127
Other comprehensive profit (loss) for the year	0	0	(1,438)	0	0	(1,438)
Total Comprehensive (loss) profit for the year	0	0	(1,438)	0	61,127	59,689
Transactions with owners:
Share-based payment (Note 31)	0	1,661	0	0	4,960	6,621
Repurchase of shares (Note 26.1.3)	(1)	(11,840)	0	0	0	(11,841)
Cash distribution (Note 26.2)	0	0	0	(7,224)	0	(7,224)
Total	(1)	(10,179)	0	(7,224)	4,960	(12,444)
Ending Balance at Dec. 31, 2021	60	169,220	(13,707)	97,261	(314,779)	(61,945)
Comprehensive income:
Profit for the year	0	0	0	0	224,435	224,435
Other comprehensive profit (loss) for the year	0	0	2,121	483	0	2,604
Total Comprehensive (loss) profit for the year	0	0	2,121	483	224,435	227,039
Transactions with owners:
Share-based payment (Note 31)	1	1,840	0	0	9,197	11,038
Repurchase of shares (Note 26.1.3)	(3)	(36,262)	0	0	0	(36,265)
Cash distribution (Note 26.2)	0	0	0	(24,282)	0	(24,282)
Total	(2)	(34,422)	0	(24,282)	9,197	(49,509)
Ending Balance at Dec. 31, 2022	58	134,798	(11,586)	73,462	(81,147)	115,585
Comprehensive income:
Profit for the year	0	0	0	0	111,068	111,068
Other comprehensive profit (loss) for the year	0	0	1,624	1,369	0	2,993
Total Comprehensive (loss) profit for the year	0	0	1,624	1,369	111,068	114,061
Transactions with owners:
Share-based payment (Note 31)	1	7,718	0	0	(391)	7,328
Repurchase of shares (Note 26.1.3)	(4)	(31,235)	0	0	0	(31,239)
Cash distribution (Note 26.2)	0	0	0	(29,715)	0	(29,715)
Total	(3)	(23,517)	0	(29,715)	(391)	(53,626)
Ending Balance at Dec. 31, 2023	$ 55	$ 111,281	$ (9,962)	$ 45,116	$ 29,530	$ 176,020

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Profit for the year		$ 111,068,000	$ 224,435,000	$ 61,127,000
Adjustments for:
Income tax expense		103,441,000	170,474,000	67,271,000
Depreciation		120,934,000	96,692,000	88,969,000
Loss on disposal of property, plant and equipment		426,000	73,000	787,000
Impairment loss for non-financial assets		13,332,000	0	4,334,000
Write-off of unsuccessful exploration efforts		29,563,000	25,789,000	12,262,000
Accrual of borrowing's interests		30,839,000	36,360,000	44,378,000
Borrowings cancellation costs		0	5,141,000	6,308,000
Amortization of other long-term liabilities		(127,000)	(2,407,000)	(223,000)
Unwinding of long-term liabilities		6,456,000	6,026,000	5,079,000
Accrual of share-based payment		7,328,000	11,038,000	6,621,000
Foreign exchange loss (gain)		19,729,000	(19,725,000)	(5,049,000)
Unrealized gain on commodity risk management contracts		0	(13,023,000)	(463,000)
Income tax paid	[1]	(115,626,000)	(33,355,000)	(65,273,000)
Changes in working capital	[2]	(26,425,000)	(40,047,000)	(9,351,000)
Cash flows from operating activities - net		300,938,000	467,471,000	216,777,000
Cash flows from investing activities
Purchase of property, plant and equipment		(199,040,000)	(168,808,000)	(129,258,000)
Proceeds from disposal of long-term assets		450,000	15,135,000	2,700,000
Cash flows used in investing activities - net		(198,590,000)	(153,673,000)	(126,558,000)
Cash flows from financing activities
Proceeds from borrowings		0	0	172,174,000
Debt issuance costs paid		0	0	(2,019,000)
Principal paid		0	(172,522,000)	(274,934,000)
Interest paid		(27,500,000)	(36,514,000)	(42,592,000)
Borrowings cancellation and other costs paid		0	(9,118,000)	(12,908,000)
Lease payments		(10,267,000)	(7,851,000)	(7,518,000)
Repurchase of shares		(31,239,000)	(36,265,000)	(11,841,000)
Cash distribution		(29,715,000)	(24,282,000)	(7,224,000)
Payments for transactions with former non-controlling interest		0	0	(3,580,000)
Cash flows used in financing activities - net		(98,721,000)	(286,552,000)	(190,442,000)
Net increase (decrease) in cash and cash equivalents		3,627,000	27,246,000	(100,223,000)
Cash and cash equivalents at January 1		128,843,000	100,604,000	201,907,000
Currency translation differences		566,000	993,000	(1,080,000)
Cash and cash equivalents at the end of the year		133,036,000	128,843,000	100,604,000
Ending Cash and cash equivalents are specified as follows:
Cash in bank and bank deposits		133,023,000	128,831,000	100,587,000
Cash in hand		13,000	12,000	17,000
Cash and cash equivalents		$ 133,036,000	$ 128,843,000	$ 100,604,000
[1] Includes self-withholding taxes for US$ 35,116,000 , US$ 20,767,000 and US$ 12,469,000 in 2023, 2022 and 2021, respectively. Includes withholding taxes from clients for US$ 27,558,000 , US$ 27,256,000 and US$ 16,361,000 in 2023, 2022 and 2021, respectively.

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENT OF CASH FLOWS
Payments Related To Tax Self Withholding	$ 35,116,000	$ 20,767,000	$ 12,469,000
Withholding taxes	$ 27,558,000	$ 27,256,000	$ 16,361,000

General Information

General Information	12 Months Ended
	Dec. 31, 2023
General Information
General Information	Note 1 General Information ​ GeoPark Limited (the “Company”) is a company incorporated under the law of Bermuda. The Registered Office address is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. ​ The principal activities of the Company and its subsidiaries (the “Group” or “GeoPark”) are exploration, development and production for oil and gas reserves in Colombia, Ecuador and Brazil. ​ These Consolidated Financial Statements were authorized for issue by the board of directors on March 6, 2024 and have been approved to be included in our 2023 annual report (Form 20-F) on March 27, 2024.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2023
Summary of significant accounting policies
Summary of significant accounting policies	Note 2 Summary of significant accounting policies ​ The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to the years presented, unless otherwise stated. ​ 2.1 Basis of preparation ​ The Consolidated Financial Statements of GeoPark Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), under the historical cost basis, except for the following: certain financial assets and liabilities (including derivative instruments) measured at fair value, and assets held for sale – measured at fair value less costs to sell. ​ The Consolidated Financial Statements are presented in thousands of United States Dollars (US$’000) and all values are rounded to the nearest thousand (US$’000), except in the footnotes and where otherwise indicated. ​ The preparation of financial statements in conformity with IFRS 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. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in this note under the title “Accounting estimates and assumptions”. ​ All the information included in these Consolidated Financial Statements corresponds to the Group, except where otherwise indicated. ​ 2.1.1 Changes in accounting policy and disclosure 2.1.1.1 New and amended standards and interpretations The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2023, as follows: IFRS 17 Insurance Contracts ​ IFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation, and disclosure. ​ This new accounting standard replaces IFRS 4 Insurance Contracts. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance, and re-insurance), regardless of the type of entity that issues them, as well as certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide a comprehensive accounting model for insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: ​ ● a specific adaptation for contracts with direct participation features (the variable fee approach), and ● a simplified approach (the premium allocation approach) mainly for short-duration contracts. ​ The new standard had no impact on the Consolidated Financial Statements of the Group. ​ Definition of Accounting Estimates - Amendments to IAS 8 ​ The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how to use measurement techniques and inputs to develop accounting estimates. ​ These amendments had no impact on the Consolidated Financial Statements of the Group. ​ Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 ​ The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance to apply materiality judgements to accounting policy disclosures. The amendments aim to provide accounting policy disclosures that are more useful by replacing the requirement to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how to apply the concept of materiality in making decisions about accounting policy disclosures. ​ These amendments had no impact on the Consolidated Financial Statements of the Group. ​ Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 ​ The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. ​ These amendments had no impact on the Consolidated Financial Statements of the Group. ​ International Tax Reform—Pillar Two Model Rules – Amendments to IAS 12 ​ The amendments to IAS 12 have been introduced in response to the OECD’s BEPS Pillar Two model rules and include: ● a mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, ● disclosure requirements to assist in better understanding the Pillar Two income taxes arising from that legislation, particularly before its effective date. ​ The mandatory temporary exception applies immediately. The disclosure requirements apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or before December 31, 2023. ​ The amendments had no impact on the Consolidated Financial Statements of the Group. ​ 2.1.1.2 Standards issued but not yet effective ​ The new and amended standards and interpretations that have been issued, but are not yet effective, as of the date of issuance of these Consolidated Financial Statements are disclosed below. The Group has not early adopted these new and amended standards and interpretations, and intends to adopt them, if applicable, when they become effective. ​ Amendments to IFRS 16: Lease Liability in a Sale and Leaseback In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted, and any earlier application must be disclosed. The amendments are not expected to have a material impact on the Consolidated Financial Statements of the Group. ​ Amendments to IAS 1: Classification of Liabilities as Current or Non-current ​ In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: ● what is meant by a right to defer settlement; ● that a right to defer must exist at the end of the reporting period; ● that classification is unaffected by the likelihood that an entity will exercise its deferral right; and ● that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 ​ In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. ​ The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. ​ The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted but would need to be disclosed. The amendments are not expected to have a material impact on the Group’s Consolidated Financial Statements. ​ The Enhancement and Standardization of Climate-Related Disclosures for Investors ​ On March 06, 2024, the Securities and Exchange Commission (SEC) issued the final rule on The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule mandates the disclosure of information regarding a registrant’s climate-related risks that have materially impacted or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. While compliance with this rule is phased in and not required for these Consolidated Financial Statements, the Group is currently assessing the impact of this rule and planification efforts ahead of initial required compliance. ​ 2.2 Going concern The Directors regularly monitor the Group’s cash position and liquidity risks throughout the year to ensure that it has sufficient funds to meet forecasted operational and investment funding requirements. Sensitivities are run to reflect latest expectations of expenditures, oil and gas prices and other factors to enable the Group to manage the risk of any funding short falls and/or potential debt covenant breaches. ​ Considering the performance of the operations, the Group’s cash position of US$ 133,036,000, the oil hedges to mitigate the price risk exposure within the next twelve to fifteen months, the deleveraging process executed in 2021 and 2022 (see Note 27), and the fact that its total indebtedness as of December 31, 2023, matures in January 2027, the Directors have formed a judgement, at the time of approving the Consolidated Financial Statements, that there is a reasonable expectation that the Group has adequate resources to meet all its obligations for the foreseeable future. For this reason, the Directors have continued to adopt the going concern basis in preparing the Consolidated Financial Statements. ​ 2.3 Consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. ​ Intercompany transactions, balances and unrealized gains on transactions between the Group and its subsidiaries are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. 2.4 Segment reporting 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 Executive Committee. This committee is integrated by the Chief Executive Officer, Chief Financial Officer, Chief Technical Officer, Chief Exploration Officer, Chief Operating Officer, Chief Strategy, Sustainability and Legal Officer and Chief People Officer. 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. 2.5 Foreign currency translation 2.5.1 Functional and presentation currency The Consolidated Financial Statements are presented in US Dollars, which is the Group’s presentation currency. Items included in the Consolidated Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Group companies incorporated in Colombia, Ecuador, Chile and Argentina is the US Dollar, meanwhile for the Group´s Brazilian company the functional currency is the local currency, which is the Brazilian Real. 2.5.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statement of Income. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities are translated at the closing rate, and income and expenses are translated at average exchange rates. All resulting exchange differences are recognized in Other comprehensive income. 2.6 Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint operations. The Group combines its share in the joint operations individual assets, liabilities, results and cash flows on a line-by-line basis with similar items in its Consolidated Financial Statements. 2.7 Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. 2.8 Revenue recognition Revenue from the sale of crude oil and gas is recognized at the point in time when control of the product is transferred to the customer, which is generally when the product is physically transferred into a pipe or other delivery mechanism and the customer accepts the product. Consequently, the Group’s performance obligations are considered to relate only to the sale of crude oil and gas, with each barrel of crude oil equivalent considered to be a separate performance obligation under the contractual arrangements in place. The Group’s sales of crude oil are priced based on market prices. The sales price is linked to US dollar denominated crude oil international benchmarks, such as Brent, adjusted for certain marketing and quality discounts based on, among other things, American Petroleum Institute (“API”) gravity, viscosity, sulphur content, delivery point and transport costs. The Group’s sales of natural gas are priced based on long-term Gas Supply contracts with customers. Revenue is shown net of VAT, discounts related to the sale and overriding royalties due to the ex-owners of oil and gas properties where the royalty arrangements represent a retained working interest in the property. See Note 33.1. 2.9 Production and operating costs Production and operating costs are recognized in the Consolidated Statement of Income on the accrual basis of accounting. These costs include wages and salaries incurred to achieve the revenue for the year. Direct and indirect costs of raw materials and consumables, rentals, and royalties and economic rights in cash are also included within this account. 2.10 Financial results Financial results include interest expenses, interest income, bank charges, the amortization of financial assets and liabilities, and foreign exchange gains and losses. The Group has capitalized the borrowing cost directly attributable to wells and facilities identified as qualifying assets, if applicable. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. The capitalization rate used to determine the amount of borrowing costs to be capitalized, if any, is the weighted average interest rate applicable to the Group’s general borrowings. 2.11 Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation and impairment charges, if applicable. Historical cost includes expenditure that is directly attributable to the acquisition of the items; including provisions for asset retirement obligation. Oil and gas exploration and production activities are accounted for in accordance with the successful efforts method on a field by field basis. The Group accounts for exploration and evaluation activities in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources, capitalizing exploration and evaluation costs until such time as the economic viability of producing the underlying resources is determined. Costs incurred prior to obtaining legal rights to explore are expensed immediately to the Consolidated Statement of Income. Exploration and evaluation costs may include: license acquisition, geological and geophysical studies (i.e., seismic), direct labor costs and drilling costs of exploratory wells. No depreciation and/or amortization are charged during the exploration and evaluation phase. Upon completion of the evaluation phase, the prospects are either transferred to oil and gas properties or charged to expense (exploration costs) in the period in which the determination is made, depending on whether they have discovered reserves or not. If not developed, exploration and evaluation assets are written off after three years, unless it can be clearly demonstrated that the carrying value of the investment is recoverable. A charge of US$ 29,563,000 has been recognized in the Consolidated Statement of Income within the ‘Write-off of unsuccessful exploration efforts’ line item (US$ 25,789,000 in 2022 and US$ 12,262,000 in 2021). See Note 20. All field development costs are considered construction in progress until they are finished and capitalized within oil and gas properties, and are subject to depreciation once completed. Such costs may include the acquisition and installation of production facilities, development drilling costs (including dry holes, service wells and seismic surveys for development purposes), project-related engineering and the acquisition costs of rights and concessions related to proved properties. Workovers of wells made to develop reserves and/or increase production are capitalized as development costs. Maintenance costs are charged to the Consolidated Statement of Income when incurred. Capitalized costs of proved oil and gas properties and production facilities and machinery are depreciated on a licensed area by the licensed area basis, using the unit of production method, based on commercial proved and probable oil and gas reserves. The calculation of the “unit of production” depreciation considers estimated future finding and development costs and is based on current year-end unescalated price levels. Changes in reserves and cost estimates are recognized prospectively. Reserves are converted to equivalent units on the basis of approximate relative energy content. Depreciation of the remaining property, plant and equipment assets (i.e., furniture and vehicles) not directly associated with oil and gas activities has been calculated by means of the straight-line method by applying such annual rates as required to write-off their value at the end of their estimated useful lives. The useful lives range between 3 years and 10 years. Depreciation is allocated in the Consolidated Statement of Income as a separate line to better follow the performance of the business. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (see Impairment of non-financial assets in Note 2.13). 2.12 Provisions and other long-term liabilities Provisions for asset retirement obligations and other environmental liabilities, deferred income, restructuring obligations and legal claims are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Restructuring provisions, if any, comprise lease termination penalties and employee services termination payments. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as financial expense. 2.12.1 Asset Retirement Obligation The Group records the fair value of the liability for asset retirement obligations in the period in which the wells are drilled. When the liability is initially recorded, the Group capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value at each reporting period, and the capitalized cost is depreciated over the estimated useful life of the related asset. According to interpretations and the application of current legislation, and on the basis of the changes in technology and the variations in the costs of restoration necessary to protect the environment, the Group has considered it appropriate to periodically re-evaluate future costs of well-capping. The effects of this recalculation are included in the Consolidated Financial Statements in the period in which this recalculation is determined and reflected as an adjustment to the provision and the corresponding property, plant and equipment asset. 2.12.2 Deferred Income Government grants and other contributions relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and they are credited to the Consolidated Statement of Income over the expected lives of the related assets. Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. 2.13 Impairment of non-financial assets Assets that are not subject to depreciation and/or amortization are tested annually for impairment. Assets that are subject to depreciation and/or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the excess of the asset’s carrying amount over its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units), generally a licensed area. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. No asset should be kept as an exploration and evaluation asset for a period of more than three years, except if it can be clearly demonstrated that the carrying value of the investment will be recoverable. Impairment losses were recognized for US$ 13,332,000 in 2023 (no impairment losses were recognized in 2022 and US$ 4,334,000 were recognized in 2021). See Note 37. The write-offs are detailed in Note 20. 2.14 Lease contracts – Group as a lessee The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2.14.1 Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, an adjusted for any measurement of lease liabilities. The cost of right-of-use assets comprise the following: ● the amount of the initial measurement of lease liability, ● any lease payments made at or before the commencement date less any lease incentives received, ● any initial direct costs, and ● restoration costs. The Group leases various offices, facilities, machinery and equipment. Lease contracts are typically made for fixed periods of 1 to 15 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. 2.14.2 Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. Lease liabilities include the net present value of the following lease payments: ● fixed payments, less any lease incentives receivable, ● variable lease payments that are based on an index or a rate, ● amounts expected to be payable by the lessee under residual value guarantees, ● the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. In calculating the present value, the lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. 2.14.3 Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of IT equipment and small items of office furniture that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. 2.15 Inventories Inventories comprise crude oil and materials. Crude oil is measured at the lower of cost and net realizable value. Materials are measured at the lower of cost and recoverable amount. The cost of materials and consumables is calculated at acquisition price with the addition of transportation and similar costs. Cost is determined using the first-in, first-out (FIFO) method. 2.16 Current and deferred income tax The tax expense for the year comprises current and deferred income tax. Income tax is recognized in the Consolidated Statement of Income. The current income tax charge is calculated on the basis of the tax laws enacted or substantially enacted at the financial statements date in the countries where the Company’s subsidiaries operate and generate taxable income. The computation of the income tax expense involves the interpretation of applicable tax laws and regulations in many jurisdictions. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted as of the financial statements date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. In addition, the Group has tax-loss carry-forwards in certain tax jurisdictions that are available to be offset against future taxable profit. However, deferred income tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. Management judgment is exercised in assessing whether this is the case. To the extent that actual outcomes differ from management’s estimates, taxation charges or credits may arise in future periods. Deferred income tax liabilities are provided on taxable temporary differences aris

Financial Instruments-risk mana

Financial Instruments-risk management	12 Months Ended
	Dec. 31, 2023
Financial Instruments-risk management
Financial Instruments-risk management	Note 3 Financial Instruments-risk management The Group is exposed through its operations to the following financial risks: ● Currency risk ● Price risk ● Credit risk– concentration ● Funding and liquidity risk ● Interest rate risk ● Capital risk The policy for managing these risks is set by the Board of Directors. Certain risks are managed centrally, while others are managed locally following guidelines communicated from the corporate department. The policy for each of the above risks is described in more detail below. Currency risk In Colombia, Ecuador, Chile and Argentina the functional currency is the US Dollar. The fluctuation of the local currencies of these countries against the US Dollar, except for Ecuador where the local currency is the US Dollar, does not impact the loans, costs and revenue held in US Dollars; but it does impact receivables or payables originated in local currency mainly corresponding to VAT and income tax. The Group minimises the local currency positions in Colombia, Chile and Argentina by seeking to balance local and foreign currency assets and liabilities. However, tax receivables (VAT) seldom match with local currency liabilities. Therefore, the Group maintains a net exposure to them, except for what it is described below. From time to time, the Group enters into derivative financial instruments in order to anticipate any currency fluctuation with respect to income taxes to be paid during the first half of the following year. No currency risk management contracts were in place as of December 31, 2023, and onwards. In January 2023, GeoPark entered into derivative financial instruments (zero-premium collars) with local banks in Colombia, for an amount equivalent to US$ 38,000,000 in order to anticipate any currency fluctuation with respect to a portion of the estimated income taxes to be paid in April and June 2023. Most of the Group's assets held in those countries are associated with oil and gas productive assets. Those assets, even in the local markets, are generally settled in US Dollar equivalents. During 2023, the Colombian Peso revalued by 21% (devalued by 21% and 16% in 2022 and 2021, respectively), the Chilean Peso devalued by 3% (1% and 19% in 2022 and 2021, respectively), and the Argentine Peso devalued by 356% (72% and 22% in 2022 and 2021, respectively), all against the US Dollar. If the Colombian Peso, the Chilean Peso, and the Argentine Peso had each devalued an additional 10% against the US dollar, with all other variables held constant, post-tax profit for the year would have been higher by US$ 13,971,000 (US$ 14,695,000 in 2022 and US$ 9,070,000 in 2021). In Brazil, the functional currency is the local currency, which is the Brazilian Real. The fluctuation of the US Dollars against the Brazilian Real does not impact the loans, costs and revenues held in Brazilian Real; but it does impact the balances denominated in US Dollars. Such is the case of the provision for asset retirement obligation and the lease liabilities. ​ During 2023, the Brazilian Real revalued by 7% against the US Dollar (revalued by 7% in 2022 and devalued by 7% 2021). If the Brazilian Real had devalued an additional 10% against the US dollar, with all other variables held constant, post-tax profit for the year would have been lower by US$ 728,000 (US$ 726,000 in 2022 and US$ 780,000 in 2021). As currency rate changes between the US Dollar and the local currencies, the Group recognizes gains and losses in the Consolidated Statement of Income. Price risk The realized oil price for the Group is linked to US dollar denominated crude oil international benchmarks. The market price of this commodity is subject to significant volatility and has historically fluctuated widely in response to relatively minor changes in the global supply and demand for oil, the geopolitical landscape, armed conflicts, the economic conditions and a variety of additional factors. The main factors affecting realized prices for gas sales vary across countries with some closely linked to international references while others are more domestically driven. In Colombia, the realized oil price is linked to either the Vasconia crude reference price, a marker broadly used in the Llanos Basin, or the Oriente crude reference price, a marker broadly used for crude sales in Esmeraldas, Ecuador, for the crude oil of the Putumayo Basin that is transported through Ecuador. In both basins, the reference price is then adjusted for certain marketing and quality discounts based on, among other things, API, viscosity, sulphur content, delivery point and transport costs. In Ecuador, the oil price is linked to Brent and adjusted by a differential that varies month to month and resembles Oriente crude reference. In Brazil, prices for gas produced in the Manati Field are based on a long-term off-take contract with Petrobras. The price of gas sold under this contract is denominated in Brazilian Real and is adjusted annually for inflation pursuant to the Brazilian General Market Price Index (Indice Geral de Preços do Mercado), or IGPM. In Chile, the oil price was linked to Dated Brent minus certain marketing and quality discounts such as, API, sulphur content and others. The gas price, under a long-term Gas Supply Contract with Methanex, was determined by a formula that considers a basket of international methanol prices, including US and European price indices. If oil and gas prices had fallen by 10% compared to actual prices during the year, with all other variables held constant, considering the impact of the derivative contracts in place, post-tax profit for the year would have been lower by US$ 42,393,000 (US$ 47,330,000 in 2022 and US$ 17,899,000 in 2021). ​ GeoPark seeks to partially mitigates its exposure to crude oil price volatility using derivatives by hedging a portion of its production for a limited period going forward. The Group uses a combination of options to manage its exposure to commodity price risk, which considers forecasted production and budget price levels, among other factors. GeoPark has also obtained credit lines from different counterparties to minimize the potential cash exposure of the derivative contracts (see Note 8). Credit risk– concentration The Group’s credit risk relates mainly to accounts receivable where the credit risks correspond to the recognized values of commodities sold or hedged. GeoPark considers that there is no significant risk associated to the Group’s major customers and hedging counterparties. In Colombia, GeoPark allocates its sales on a competitive basis to industry leading participants including traders and other producers. During 2023, the oil and gas production was sold to three clients which concentrate 96% of the Colombian subsidiaries’ revenue, accounting for 89% of the consolidated revenue (97% and 99% of the Colombian subsidiaries’ revenue, accounting for 90% and 89% of the consolidated revenue in 2022 and 2021). Delivery points include wellhead and other locations on the Colombian pipeline system for the Llanos Basin production. The Putumayo Basin production is delivered to clients FOB in Esmeraldas, Ecuador, and to the Colombian pipeline system in case of contingencies in Ecuador that affect the transport through the Ecuadorian pipeline system. The outstanding contracts for Colombian production extend through the first half of 2024. GeoPark manages its counterparty credit risk associated to sales contracts by periodic evaluation of the counterparties’ credit profile and, in certain contracts, including early payment conditions to minimize the exposure. In Ecuador, oil is transported through the Ecuadorian pipeline system, with Esmeraldas as the delivery point, and 100% of the sales are exported on a competitive basis to industry leading participants including traders and other producers. Sales of crude oil in Ecuador accounted for 3% of the consolidated revenue in 2023 (1% in 2022). In Brazil, all the gas from the Manati Block is sold to Petrobras, the State-owned company, which is also the operator of the Manati Field (2% of the consolidated revenue in 2023 and 2022, and 3% in 2021). In Chile, the oil production was sold to ENAP, the State-owned oil and gas company (1% of the consolidated revenue in 2023, 2022 and 2021), and the gas production was sold to the local subsidiary of Methanex, a Canadian public company (1% of the consolidated revenue in 2023 and 2022, and 2% in 2021). GeoPark Limited has entered into a crude purchase agreement with an oil producer in the Putumayo Basin. The volumes purchased are transported and exported alongside the Group’s Putumayo Basin production. Sales of crude oil purchased from third parties accounted for 1% of the consolidated revenue in 2023 and 2022. The forementioned companies all have a good credit standing and despite the concentration of the credit risk, the Directors do not consider there to be a significant collection risk. GeoPark executes oil prices hedges via over-the-counter derivatives. Should oil prices drop, the Group could stand to collect from its counterparties under the derivative contracts. The Group’s hedging counterparties are leading financial institutions and trading companies; therefore the Directors do not consider there to be a significant collection risk. See disclosure in Notes 8 and 25. ​ Funding and Liquidity risk In the past, the Group has been able to raise capital through different sources of funding including equity, strategic partnerships and financial debt. The Group is positioned at the end of 2023 with a cash balance of US$ 133,036,000, and has access to a US$ 80,000,000 senior unsecured credit facility with Banco BTG Pactual S.A. and Banco Latinoamericano de Comercio Exterior S.A., and to US$ 179,600,000 in uncommitted credit lines, and its total indebtedness matures in January 2027. In addition, the Group has a large portfolio of attractive and largely discretional projects - both oil and gas - in multiple countries with over 38,000 boepd in production at year end. This scale and positioning permit the Group to protect its financial condition and selectively allocate capital to the optimal projects subject to prevailing macroeconomic conditions. The Indentures governing the Company Notes 2027 include incurrence test covenants related to compliance with certain thresholds of Net Debt to Adjusted EBITDA ratio and Adjusted EBITDA to Interest ratio. Failure to comply with the incurrence test covenants does not trigger an event of default. However, this situation may limit the Group’s capacity to incur additional indebtedness, as specified in the indentures governing the Notes. As of the date of these Consolidated Financial Statements, the Group is in compliance with all the indentures’ provisions and covenants. Interest rate risk The Group’s interest rate risk could arise from long-term borrowings issued at variable rates, which would expose the Group to interest rate risk. The Group does not currently face interest rate risk on its US$ 500,000,000 Notes which carry a fixed rate coupon of 5.50% per annum and mature in January 2027. Consequently, the accruals and interest payments are not substantially affected by changes in prevailing interest rates. As of December 31, 2023, there were no outstanding borrowings affected by a variable rate. Capital risk The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group manages its capital structure and makes adjustments in light of changes in economic conditions, operating risks and working capital requirements. To maintain or adjust its capital structure, the Group may issue or buy back shares, change its dividend policy, raise or refinance debt and/or adjust its capital expenditures to manage its operating and growth objectives. Additionally, the Group utilizes a planning, budgeting and forecasting process to help determine and monitor the funds needed to maintain appropriate liquidity for operational, capital and financial needs. As of December 31, 2023 and 2022, GeoPark is in compliance with the debt covenant ratios associated with the Company´s Notes due 2027. See Note 27. The following table summarizes the Group’s capital structure balances: ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 ​ Total Equity ​ 176,020 ​ 115,585 ​ Net Debt (a) ​ 367,945 ​ 368,799 ​ Working capital (b) ​ 39,184 ​ 8,989 ​ (a) Calculated as total borrowings (including ‘current and non-current borrowings’ as shown in the Consolidated Statement of Financial Position) less cash and cash equivalents. (b) Calculated as ‘current assets’ less ‘current liabilities’.

Accounting estimates and assump

Accounting estimates and assumptions	12 Months Ended
	Dec. 31, 2023
Accounting estimates and assumptions
Accounting estimates and assumptions	Note 4 Accounting estimates and assumptions Estimates and assumptions are used in preparing financial statements. Although these estimates are based on management’s best knowledge of current events and actions, actual results may differ. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions used in these Consolidated Financial Statements are noted below: ● The process of estimating reserves is complex. It requires significant judgements and decisions based on available geological, geophysical, engineering and economic data. The estimation of economically recoverable oil and natural gas reserves and related future net cash flows was performed based on the Reserve Report as of December 31, 2023, prepared by DeGolyer and MacNaughton Corp., an independent international oil and gas consulting firm based in Dallas, Texas, in line with the principles contained in the Society of Petroleum Engineers (SPE) and the Petroleum Resources Management Reporting System (PRMS) framework. It incorporates many factors and assumptions including: o expected reservoir characteristics based on geological, geophysical and engineering assessments; o future production rates based on historical performance and expected future operating and investment activities; o future oil and gas prices and quality differentials; o assumed effects of regulation by governmental agencies; o tax rates by jurisdiction; and o future development and operating costs. Management believes these factors and assumptions are reasonable based on the information available to them at the time of preparing the estimates. However, these estimates may change substantially as additional data from ongoing development activities and production performance becomes available and as economic conditions impacting oil and gas prices and costs change. Such changes may impact the Group’s reported financial position and results, which include: (a) the carrying value of exploration and evaluation assets; oil and gas properties and other property, plant and equipment; may be affected due to changes in estimated future cash flows, (b) depreciation and amortization charges in the Consolidated Statement of Income may change where such charges are determined using the unit of production method, or where the useful life of the related assets change, (c) provisions for abandonment may require revision -where changes to reserves estimates affect expectations about when such activities will occur and the associated cost of these activities- and, (d) the recognition and carrying value of deferred income tax assets may change due to changes in the judgements regarding the existence of such assets and in estimates of the likely recovery of such assets. ● Cash flows estimates for impairment assessments of non-financial assets require assumptions about three primary elements: future prices, reserves and discount rate. Estimates of future prices require significant judgments about highly uncertain future events. Historically, oil and gas prices have exhibited significant volatility. The Group’s forecasts for oil and gas revenues are based on prices derived from future price forecasts amongst industry analysts and internal assessments. Estimates of future cash flows are generally based on assumptions of long-term prices and operating and development costs. Given the significant assumptions required and the possibility that actual conditions may differ, management considers the assessment of impairment to be a critical accounting estimate (see Note 37). ● The Group adopted the successful efforts method of accounting. The Management of the Group makes assessments and estimates regarding whether an exploration and evaluation asset should continue to be carried forward as such when insufficient information exists. This assessment is made on a quarterly basis considering the advice from qualified experts. The application of the Group’s accounting policy for exploration and evaluation expenditure requires judgement to determine whether future economic benefits are likely from future either exploitation or sale, or whether activities have not reached a stage which permits a reasonable assessment of the existence of reserves. The determination of reserves and resources is, in itself, an estimation process that involves varying degrees of uncertainty depending on how the resources are classified. These estimates directly impact when the Group defers exploration and evaluation expenditure. The deferral policy requires management to make certain estimates and assumptions about future events and circumstances, in particular, whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after expenditure is capitalized, information becomes available suggesting that the recovery of the expenditure is unlikely, the relevant capitalized amount is written-off in the Consolidated Statement of Income in the period when the new information becomes available. ● Oil and gas assets held in property plant and equipment are mainly depreciated on a unit of production (“UOP”) basis at a rate calculated by reference to proven and probable reserves and incorporating the estimated future cost of developing and extracting those reserves. Future development costs are estimated using assumptions as to the numbers of wells required to produce those reserves, the cost of the wells and future production facilities. This results in a depreciation charge proportional to the depletion of the anticipated remaining production from the block. The life of each item, which is assessed at least annually, has regard to both its physical life limitations and present assessments of economically recoverable reserves of the block at which the asset is located. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves and estimates of future capital expenditure. The calculation of the UOP rate of depreciation will be impacted to the extent that actual production in the future is different from current forecast production based on total proved and probable reserves, or future capital expenditure estimates change. Changes to proved and probable reserves could arise due to changes in the factors or assumptions used in estimating reserves, including: (a) the effect on proved and probable reserves of differences between actual commodity prices and commodity price assumptions and (b) unforeseen operational issues. ● Obligations related to the abandonment of wells once operations are terminated may result in the recognition of significant obligations. Estimating the future abandonment costs is difficult and requires management to make estimates and judgments because most of the obligations are many years in the future. Technologies and costs are constantly changing as well as political, environmental, safety and public relations considerations. The Group has adopted the following criterion for recognizing well plugging and abandonment related costs: the present value of future costs necessary for well plugging and abandonment is calculated for each area at the present value of the estimated future expenditure. The liabilities recognized are based upon estimated future abandonment costs, wells subject to abandonment, time to abandonment, and future inflation rates. The expected timing, extent and amount of expenditure may also change, for example, in response to changes in oil and gas reserves or changes in laws and regulations or their interpretation. Therefore, significant estimates and assumptions are made in determining the provision for decommissioning. As a result, there could be significant adjustments to the provisions established which would affect future financial results. The provision at reporting date represents management’s best estimate of the present value of the future abandonment costs required. ● From time to time, the Group may be subject to various lawsuits, claims and proceedings that arise in the normal course of business, including employment, commercial, tax, environmental, safety and health matters. For example, from time to time, the Group receives notice of environmental, health and safety violations. Based on what the Group’s Management currently knows, such claims are not expected to have a material impact on the Consolidated Financial Statements.

Consolidated Statement of Cas_3

Consolidated Statement of Cash Flows	12 Months Ended
	Dec. 31, 2023
CONSOLIDATED STATEMENT OF CASH FLOWS.
Consolidated Statement of Cash Flows	Note 5 Consolidated Statement of Cash Flows The Consolidated Statement of Cash Flows shows the Group’s cash flows for the year for operating, investing and financing activities and the change in cash and cash equivalents during the year. Cash flows from operating activities are computed from the results for the year adjusted for non-cash operating items, changes in net working capital and corporate tax. Income tax paid is presented as a separate item under operating activities. Cash flows from investing activities include payments in connection with the purchase and sale of property, plant and equipment and cash flows relating to the purchase and sale of enterprises to third parties, if any. Cash flows from financing activities include changes in equity and proceeds from borrowings and repayment of loans. Cash and cash equivalents include bank overdraft, if any, and liquid funds with a term of less than three months. The following chart describes non-cash transactions related to the Consolidated Statement of Cash Flows: ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 2021 Increase (Decrease) in asset retirement obligation ​ 7,374 ​ (4,942) ​ (651) Increase (Decrease) in provisions for other long-term liabilities ​ 2,370 ​ (2,616) ​ (443) Purchase of property, plant and equipment ​ (7,864) ​ 7,864 ​ — Additions / changes in estimates of right-of-use assets ​ 137 ​ 22,462 ​ 5,288 ​ Changes in working capital shown in the Consolidated Statement of Cash Flows are disclosed as follows: ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 2021 (Increase) Decrease in Inventories ​ (1,330) ​ (6,694) ​ 1,241 Decrease (Increase) in Trade receivables ​ 6,820 ​ (1,425) ​ (23,290) Increase in Prepayments and other receivables and Other assets (a) ​ (33,328) ​ (30,929) ​ (13,817) Increase (Decrease) in Trade and other payables ​ 1,413 ​ (999) ​ 26,515 ​ ​ (26,425) ​ (40,047) ​ (9,351) (a) Includes withholding taxes from clients for US$ 27,558,000 , US$ 27,256,000 and US$ 16,361,000 , in 2023, 2022 and 2021, respectively. ​ The following chart shows the movements in the borrowings and lease liabilities for each of the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease ​ Amounts in US$‘000 ​ Borrowings ​ Liabilities ​ Total As of January 1, 2021 ​ 784,586 ​ 22,347 ​ 806,933 Proceeds from borrowings ​ 172,174 ​ — ​ 172,174 Debt issuance costs paid ​ (2,019) ​ — ​ (2,019) Addition to lease liabilities ​ — ​ 5,288 ​ 5,288 Accrual of borrowing's interests ​ 44,323 ​ — ​ 44,323 Exchange difference ​ (581) ​ (365) ​ (946) Foreign currency translation ​ (265) ​ (461) ​ (726) Unwinding of discount ​ — ​ 1,453 ​ 1,453 Principal paid ​ (274,934) ​ — ​ (274,934) Interest paid ​ (42,592) ​ — ​ (42,592) Borrowings cancellation costs ​ 6,308 ​ — ​ 6,308 Borrowings cancellation and other costs paid ​ (12,908) ​ — ​ (12,908) Lease payments ​ — ​ (7,518) ​ (7,518) As of December 31, 2021 ​ 674,092 ​ 20,744 ​ 694,836 Addition to lease liabilities ​ — ​ 22,462 ​ 22,462 Accrual of borrowing's interests ​ 36,360 ​ — ​ 36,360 Exchange difference ​ — ​ (6,426) ​ (6,426) Foreign currency translation ​ 203 ​ 284 ​ 487 Unwinding of discount ​ — ​ 2,838 ​ 2,838 Principal paid ​ (172,522) ​ — ​ (172,522) Interest paid ​ (36,514) ​ — ​ (36,514) Borrowings cancellation costs ​ 5,141 ​ — ​ 5,141 Borrowings cancellation and other costs paid ​ (9,118) ​ — ​ (9,118) Lease payments ​ — ​ (7,851) ​ (7,851) As of December 31, 2022 ​ 497,642 ​ 32,051 ​ 529,693 Addition to lease liabilities ​ — ​ 137 ​ 137 Accrual of borrowing's interests ​ 30,839 ​ — ​ 30,839 Exchange difference ​ — ​ 7,061 ​ 7,061 Liabilities associated with assets held for sale (Note 36.1) ​ — ​ (26) ​ (26) Foreign currency translation ​ — ​ 174 ​ 174 Unwinding of discount ​ — ​ 3,168 ​ 3,168 Interest paid ​ (27,500) ​ — ​ (27,500) Lease payments ​ — ​ (10,267) ​ (10,267) As of December 31, 2023 ​ 500,981 ​ 32,298 ​ 533,279 ​

Segment information

Segment information	12 Months Ended
	Dec. 31, 2023
Segment information
Segment information	Note 6 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 Executive Committee. This committee is integrated by the Chief Executive Officer, Chief Financial Officer, Chief Technical Officer, Chief Exploration Officer, Chief Operating Officer, Chief Strategy, Sustainability and Legal Officer and Chief People Officer. 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 Executive Committee assesses the performance of the operating segments based on a measure of Adjusted EBITDA. Adjusted EBITDA is defined as profit (loss) for the period (determined as if IFRS 16 Leases has not been adopted), before net finance cost, income tax, depreciation, amortization, certain non-cash items such as impairments and write-offs of unsuccessful exploration efforts, accrual of share-based payment, unrealized result on commodity risk management contracts, geological and geophysical expenses allocated to capitalized projects, and other non-recurring events. Other information provided to the Executive Committee is measured in a manner consistent with that in the Consolidated Financial Statements. Segment areas (geographical segments) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 702,401 ​ 19,097 ​ 14,019 ​ 15,644 ​ — ​ 5,464 ​ 756,625 Sale of crude oil ​ 702,308 ​ 19,097 ​ 490 ​ 5,052 ​ — ​ — ​ 726,947 Sale of purchased crude oil ​ — ​ — ​ — ​ — ​ — ​ 5,464 ​ 5,464 Sale of gas ​ 903 ​ — ​ 13,529 ​ 10,592 ​ — ​ — ​ 25,024 Commodity risk management contracts designated as cash flow hedges ​ (810) ​ — ​ — ​ — ​ — ​ — ​ (810) Production and operating costs ​ (204,245) ​ (10,242) ​ (4,946) ​ (8,226) ​ — ​ (4,666) ​ (232,325) Royalties in cash ​ (11,201) ​ — ​ (1,096) ​ (548) ​ — ​ — ​ (12,845) Economic rights in cash ​ (72,032) ​ — ​ — ​ — ​ — ​ — ​ (72,032) Share-based payment ​ (671) ​ (7) ​ — ​ (72) ​ — ​ — ​ (750) Other operating costs ​ (120,341) ​ (10,235) ​ (3,850) ​ (7,606) ​ — ​ (4,666) ​ (146,698) Adjusted EBITDA ​ 446,835 ​ 5,159 ​ 6,374 ​ 4,952 ​ (2,620) ​ (8,838) ​ 451,862 Depreciation ​ (101,666) ​ (7,096) ​ (2,332) ​ (9,815) ​ (22) ​ (3) ​ (120,934) Recognition of impairment losses ​ — ​ — ​ — ​ (13,332) ​ — ​ — ​ (13,332) Write-off of unsuccessful exploration efforts ​ (29,563) ​ — ​ — ​ — ​ — ​ — ​ (29,563) Total assets ​ 895,900 ​ 40,336 ​ 27,891 ​ 36,192 ​ 357 ​ 15,873 ​ 1,016,549 Employees (average) (a) ​ 400 ​ 6 ​ 4 ​ 33 ​ 18 ​ 8 ​ 469 Employees at year end (a) ​ 412 ​ 5 ​ 4 ​ 27 ​ 15 ​ 7 ​ 470 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 978,423 ​ 10,671 ​ 19,873 ​ 29,196 ​ 1,962 ​ 9,454 ​ 1,049,579 Sale of crude oil ​ 977,184 ​ 10,671 ​ 796 ​ 14,460 ​ 1,664 ​ — ​ 1,004,775 Sale of purchased crude oil ​ — ​ — ​ — ​ — ​ — ​ 9,454 ​ 9,454 Sale of gas ​ 1,239 ​ — ​ 19,077 ​ 14,736 ​ 298 ​ — ​ 35,350 Realized loss on commodity risk management contracts ​ (83,244) ​ — ​ — ​ — ​ — ​ — ​ (83,244) Production and operating costs ​ (327,626) ​ (3,220) ​ (5,299) ​ (14,126) ​ (1,579) ​ (7,929) ​ (359,779) Royalties in cash ​ (60,314) ​ — ​ (1,546) ​ (1,165) ​ (273) ​ — ​ (63,298) Economic rights in cash ​ (188,989) ​ — ​ — ​ — ​ — ​ — ​ (188,989) Share-based payment ​ (843) ​ (10) ​ — ​ (103) ​ 1 ​ — ​ (955) Other operating costs ​ (77,480) ​ (3,210) ​ (3,753) ​ (12,858) ​ (1,307) ​ (7,929) ​ (106,537) Adjusted EBITDA ​ 525,593 ​ 4,197 ​ 11,654 ​ 11,753 ​ (3,643) ​ (8,775) ​ 540,779 Depreciation ​ (78,775) ​ (788) ​ (2,796) ​ (14,076) ​ (254) ​ (3) ​ (96,692) Write-off of unsuccessful exploration efforts ​ (21,318) ​ (4,471) ​ — ​ — ​ — ​ — ​ (25,789) Total assets ​ 797,390 ​ 35,690 ​ 34,329 ​ 63,379 ​ 1,296 ​ 41,891 ​ 973,975 Employees (average) (a) ​ 362 ​ 7 ​ 5 ​ 53 ​ 33 ​ 9 ​ 469 Employees at year end (a) ​ 388 ​ 8 ​ 4 ​ 49 ​ 24 ​ 9 ​ 482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 618,268 ​ — ​ 20,109 ​ 21,471 ​ 28,695 ​ — ​ 688,543 Sale of crude oil ​ 616,133 ​ — ​ 661 ​ 6,297 ​ 24,468 ​ — ​ 647,559 Sale of gas ​ 2,135 ​ — ​ 19,448 ​ 15,174 ​ 4,227 ​ — ​ 40,984 Realized loss on commodity risk management contracts ​ (109,654) ​ — ​ — ​ — ​ — ​ — ​ (109,654) Production and operating costs ​ (178,384) ​ — ​ (4,596) ​ (11,050) ​ (18,760) ​ — ​ (212,790) Royalties in cash ​ (33,385) ​ — ​ (1,575) ​ (770) ​ (4,270) ​ — ​ (40,000) Economic rights in cash ​ (72,956) ​ — ​ (67) ​ — ​ — ​ — ​ (73,023) Share-based payment ​ (334) ​ — ​ — ​ (31) ​ 26 ​ — ​ (339) Other operating costs ​ (71,709) ​ — ​ (2,954) ​ (10,249) ​ (14,516) ​ — ​ (99,428) Adjusted EBITDA ​ 294,847 ​ (2,071) ​ 12,569 ​ 7,639 ​ 2,124 ​ (14,308) ​ 300,800 Depreciation ​ (61,279) ​ (200) ​ (4,082) ​ (14,275) ​ (9,130) ​ (3) ​ (88,969) Recognition of impairment losses ​ — ​ — ​ — ​ (17,641) ​ 13,307 ​ — ​ (4,334) Write-off of unsuccessful exploration efforts ​ (7,827) ​ — ​ — ​ (4,435) ​ — ​ — ​ (12,262) Total assets ​ 689,401 ​ 7,782 ​ 38,846 ​ 71,515 ​ 38,111 ​ 50,086 ​ 895,741 Employees (average) (a) ​ 308 ​ 8 ​ 4 ​ 55 ​ 92 ​ 9 ​ 476 Employees at year end (a) ​ 321 ​ 3 ​ 4 ​ 52 ​ 74 ​ 9 ​ 463 (a) Unaudited. (b) Divested in January 2024. See Note 36.1. ​ In 2023, approximately 89% of capital expenditure was incurred by Colombia (82% in 2022 and 93% in 2021) and 11% was incurred by Ecuador (11% in 2022 and 4% in 2021). No capital expenditure was incurred by Chile in 2023 (7% in 2022 and 3% in 2021). ​ A reconciliation of total Adjusted EBITDA to total profit (loss) before income tax is provided as follows: ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Adjusted EBITDA ​ 451,862 ​ 540,779 ​ 300,800 Unrealized gain on commodity risk management contracts ​ — ​ 13,023 ​ 463 Depreciation (a) ​ (120,934) ​ (96,692) ​ (88,969) Share-based payment ​ (7,328) ​ (11,038) ​ (6,621) Impairment and write-off of unsuccessful exploration efforts, net ​ (42,895) ​ (25,789) ​ (16,596) Lease accounting - IFRS 16 ​ 10,267 ​ 7,851 ​ 7,518 Others (b) ​ (20,065) ​ 943 ​ (10,786) Operating profit ​ 270,907 ​ 429,077 ​ 185,809 Financial expenses ​ (45,815) ​ (57,073) ​ (64,112) Financial income ​ 6,237 ​ 3,180 ​ 1,652 Foreign exchange (loss) gain ​ (16,820) ​ 19,725 ​ 5,049 Profit before tax ​ 214,509 ​ 394,909 ​ 128,398 (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. In 2023, also includes termination and other costs incurred because of the divestment process in Chile, including a provision for investment commitments maintained by GeoPark after the transaction, for a total amount of US$ 9,742,000 (see Note 36.1), together with the amount paid for transferring the working interest in the Los Parlamentos Block in Argentina to the joint operation partner for US$ 7,023,000 (see Note 36.2), and others. In 2022, also includes gain from the sale of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina. In 2021, also includes termination costs and write-down of tax credits in Argentina.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue
Revenue	Note 7 Revenue ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Sale of crude oil ​ 726,947 ​ 1,004,775 ​ 647,559 Sale of purchased crude oil ​ 5,464 ​ 9,454 ​ — Sale of gas ​ 25,024 ​ 35,350 ​ 40,984 Commodity risk management contracts designated as cash flow hedges (a) ​ (810) ​ — ​ — ​ ​ 756,625 ​ 1,049,579 ​ 688,543 (a) Realized result on commodity risk management contracts designated as cash flow hedges. See Note 8.

Commodity risk management contr

Commodity risk management contracts	12 Months Ended
	Dec. 31, 2023
Commodity risk management contracts
Commodity risk management contracts	Note 8 Commodity risk management contracts The Group has entered into derivative financial instruments to manage its exposure to oil price risk. These derivatives are zero-premium collars and were placed with major financial institutions and commodity traders. The Group entered into the derivatives under ISDA Master Agreements and Credit Support Annexes, which provide credit lines for collateral posting thus alleviating possible liquidity needs under the instruments and protect the Group from potential non-performance risk by its counterparties. The Group’s derivatives that hedge cash flows from the sales of crude oil for periods through December 31, 2022, were accounted for as non-hedge derivatives and therefore all changes in the fair values of these derivative contracts were recognized immediately as gains or losses in the results of the periods in which they occurred as part of the ‘Commodity risk management contracts’ line item in the Consolidated Statement of Income. The table below summarizes the results on non-hedge derivative commodity risk management contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Realized loss on commodity risk management contracts ​ — ​ (83,244) ​ (109,654) Unrealized gain on commodity risk management contracts ​ — ​ 13,023 ​ 463 ​ ​ — ​ (70,221) ​ (109,191) ​ The Group’s derivatives that hedge cash flows from the sales of crude oil for periods from January 1, 2023, onwards are designated and qualify as cash flow hedges. The effective portion of changes in the fair values of these derivative contracts are recognized in ‘Other Reserves’ within ‘Equity’. The gain or loss relating to the ineffective portion, if any, is recognized immediately as gains or losses in the results of the periods in which they occur. The amount accumulated in ‘Other Reserves’ is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss as part of the ‘Revenue’ line item in the Consolidated Statement of Income. ​ The following table presents the Group’s production hedged during the year ended December 31, 2023, and for the following periods as a consequence of the derivative contracts in force as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period Reference Type Volume bbl/d Weighted average price US$/bbl January 1, 2023 - March 31, 2023 ​ ICE BRENT ​ Zero Premium Collars ​ 9,500 ​ 66.05 Put 112.59 Call April 1, 2023 - June 30, 2023 ​ ICE BRENT ​ Zero Premium Collars ​ 10,000 ​ 69.25 Put 110.56 Call July 1, 2023 - September 30, 2023 ​ ICE BRENT ​ Zero Premium Collars ​ 9,000 ​ 70.00 Put 94.69 Call October 1, 2023 - December 31, 2023 ​ ICE BRENT ​ Zero Premium Collars ​ 9,000 ​ 69.44 Put 91.82 Call January 1, 2024 - March 31, 2024 ​ ICE BRENT ​ Zero Premium Collars ​ 8,500 ​ 65.59 Put 92.04 Call April 1, 2024 - June 30, 2024 ​ ICE BRENT ​ Zero Premium Collars ​ 9,000 ​ 67.50 Put 96.99 Call July 1, 2024 - September 30, 2024 ​ ICE BRENT ​ Zero Premium Collars ​ 7,000 ​ 66.43 Put 99.32 Call October 1, 2024 - December 31, 2024 ​ ICE BRENT ​ Zero Premium Collars ​ 1,000 ​ 70.00 Put 96.00 Call ​

Production and operating costs

Production and operating costs	12 Months Ended
	Dec. 31, 2023
Production and operating costs
Production and operating costs	Note 9 Production and operating costs ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 2021 Staff costs (Note 11) ​ 13,889 ​ 13,114 ​ 16,655 Share-based payment (Note 11) ​ 750 ​ 955 ​ 339 Royalties in cash (a) ​ 12,845 ​ 63,298 ​ 40,000 Economic rights in cash (a) ​ 72,032 ​ 188,989 ​ 73,023 Well and facilities maintenance ​ 26,089 ​ 20,779 ​ 17,989 Operation and maintenance ​ 8,143 ​ 6,545 ​ 7,826 Consumables (b) ​ 37,556 ​ 21,789 ​ 19,270 Equipment rental ​ 4,314 ​ 7,580 ​ 8,127 Transportation costs ​ 5,850 ​ 4,021 ​ 3,383 Field camp ​ 6,546 ​ 4,070 ​ 4,386 Safety and insurance costs ​ 5,487 ​ 3,745 ​ 4,216 Personnel transportation ​ 3,363 ​ 2,480 ​ 2,397 Consultant fees ​ 2,291 ​ 2,133 ​ 1,732 Gas plant costs ​ 1,865 ​ 1,680 ​ 2,596 Non-operated blocks costs (c) ​ 20,421 ​ 12,650 ​ 4,941 Crude oil stock variation ​ 2,004 ​ (6,449) ​ 1,271 Purchased crude oil ​ 4,666 ​ 7,929 ​ — Other costs ​ 4,214 ​ 4,471 ​ 4,639 ​ ​ 232,325 ​ 359,779 ​ 212,790 (a) Royalties and economic rights in Colombia are payable to the National Hydrocarbons Agency (“ANH”) and are determined on a field-by-field basis depending on different variables such as crude quality and price levels, among others (see Note 33). During 2023, the mix of royalties and economic rights paid “in-kind” increased as compared to royalties and economic rights paid ‘in-cash”. These changes caused variations in the ‘royalties in cash’ and ‘economic rights in cash’ line items from year to year, which are compensated by variations in the quantities of oil sales impacting the ‘Revenue’ line item in the Consolidated Statement of Income. ​ (b) Consumables include energy costs of US$ 26,348,000 in the Llanos 34 Block in 2023 (US$ 6,086,000 in 2022) due to a drought that affected the energy matrix in Colombia as a result of decreased availability of hydroelectric power. ​ (c) Non-operated block costs show the increase in activities in the CPO-5 and Perico Blocks in Colombia and Ecuador, respectively.

Depreciation

Depreciation	12 Months Ended
	Dec. 31, 2023
Depreciation
Depreciation	Note 10 Depreciation ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Oil and gas properties ​ 95,369 ​ 76,720 ​ 66,011 Production facilities and machinery ​ 12,896 ​ 12,244 ​ 12,468 Furniture, equipment and vehicles ​ 1,304 ​ 1,344 ​ 1,960 Buildings and improvements ​ 503 ​ 672 ​ 700 Depreciation of property, plant and equipment (a) ​ 110,072 ​ 90,980 ​ 81,139 Related to: ​ ​ ​ ​ ​ ​ Productive assets ​ 108,265 ​ 88,964 ​ 78,479 Administrative assets ​ 1,807 ​ 2,016 ​ 2,660 Depreciation total (a) ​ 110,072 ​ 90,980 ​ 81,139 (a) Depreciation without considering capitalized costs for oil stock included in Inventories nor depreciation of right-of-use assets.

Staff costs and Directors Remun

Staff costs and Directors Remuneration	12 Months Ended
	Dec. 31, 2023
Staff costs and Directors' Remuneration
Staff costs and Directors' Remuneration	Note 11 Staff costs and Directors’ Remuneration ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Number of employees at year end (a) ​ 470 ​ 482 ​ 463 Amounts in US$ ‘000 ​ ​ ​ ​ ​ ​ Wages and salaries ​ 41,917 ​ 38,699 ​ 42,516 Share-based payments (Note 31) ​ 7,328 ​ 11,038 ​ 6,621 Social security charges ​ 5,992 ​ 5,593 ​ 6,901 Director’s fees and allowance ​ 896 ​ 1,172 ​ 2,853 ​ ​ 56,133 ​ 56,502 ​ 58,891 Recognized as follows: ​ ​ ​ ​ ​ ​ Production and operating costs ​ 14,639 ​ 14,069 ​ 16,994 Geological and geophysical expenses ​ 8,407 ​ 7,490 ​ 6,219 Administrative expenses ​ 32,604 ​ 34,533 ​ 35,360 Selling expenses ​ 483 ​ 410 ​ 318 ​ ​ 56,133 ​ 56,502 ​ 58,891 Board of Directors’ and key managers’ remuneration ​ ​ ​ ​ ​ ​ Salaries and fees ​ 6,081 ​ 10,317 ​ 9,069 Share-based payments ​ 4,886 ​ 8,728 ​ 5,759 Other benefits in kind ​ — ​ 171 ​ 296 ​ ​ 10,967 ​ 19,216 ​ 15,124 (a) Unaudited. ​ Directors’ Remuneration ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Executive Director Fees Cash Equivalent ​ ​ Directors’ Fees ​ Paid in Shares ​ Total Remuneration ​ ​ (in US$) ​ (No. of Shares) ​ (in US$) James F. Park (a) ​ — ​ — ​ — Andrés Ocampo (b) ​ — ​ — ​ — Robert Bedingfield (c) ​ — ​ 21,098 ​ 240,000 Constantin Papadimitriou (d) ​ 120,000 ​ 8,791 ​ 220,000 Somit Varma (e) ​ — ​ 20,219 ​ 230,000 Sylvia Escovar Gomez (f) ​ — ​ 23,109 ​ 262,500 Brian Maxted (g) ​ 120,000 ​ 8,791 ​ 220,000 Carlos Macellari (h) ​ 205,000 ​ 8,791 ​ 305,000 Marcela Vaca (i) ​ 100,000 ​ 8,791 ​ 200,000 (a) Mr. Park has a consulting agreement with the Company to act as CEO advisor and provide support and assistance in addition to his role as Vicechair, non-executive Director and Strategy and Risk Committee Chairman, and he relinquished his fees as a member of the Board. (b) Mr. Ocampo has a service contract to act as Chief Executive Officer, and he relinquished his fees as a member of the Board. (c) Audit Committee Chairman. (d) Compensation Committee Chairman. (e) Nomination and Corporate Governance Committee Chairman. (f) Independent Chair of the Board. (g) Technical Committee Chairman. (h) Mr. Macellari, as member of the Technical Committee, instructed by the Board, was awarded additional fees on strategic and technical exploration advisory. (i) SPEED Committee Chairman.

Geological and geophysical expe

Geological and geophysical expenses	12 Months Ended
	Dec. 31, 2023
Geological and geophysical expenses
Geological and geophysical expenses	Note 12 Geological and geophysical expenses ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) ​ 7,879 ​ 7,097 ​ 6,042 Share-based payment (Note 11) ​ 528 ​ 393 ​ 177 Communication and IT costs ​ 2,139 ​ 1,743 ​ 1,071 Consultant fees ​ 1,373 ​ 917 ​ 854 Allocation to capitalized project ​ (1,254) ​ (416) ​ (953) Other services ​ 527 ​ 795 ​ 700 ​ ​ 11,192 ​ 10,529 ​ 7,891 ​

Administrative expenses

Administrative expenses	12 Months Ended
	Dec. 31, 2023
Administrative expenses
Administrative expenses	Note 13 Administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) ​ 25,675 ​ 23,671 ​ 26,402 Share-based payment (Note 11) ​ 6,033 ​ 9,690 ​ 6,105 Consultant fees ​ 10,645 ​ 9,574 ​ 10,806 Safety and insurance costs ​ 3,890 ​ 3,834 ​ 3,142 Travel expenses ​ 1,730 ​ 2,336 ​ 719 Non-operated blocks expenses ​ 1,568 ​ 1,390 ​ 799 Director’s fees and allowance (Note 11) ​ 896 ​ 1,172 ​ 2,853 Communication and IT costs ​ 3,760 ​ 3,419 ​ 4,214 Allocation to joint operations ​ (13,986) ​ (9,642) ​ (8,574) Other administrative expenses ​ 3,758 ​ 4,580 ​ 362 ​ ​ 43,969 ​ 50,024 ​ 46,828 ​

Selling expenses

Selling expenses	12 Months Ended
	Dec. 31, 2023
Selling expenses
Selling expenses	Note 14 Selling expenses ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) ​ 466 ​ 410 ​ 318 Shared-based payment (Note 11) ​ 17 ​ — ​ — Transportation (a) ​ 9,022 ​ 4,881 ​ 4,233 Selling taxes and other ​ 3,579 ​ 2,704 ​ 4,179 ​ ​ 13,084 ​ 7,995 ​ 8,730 (a) The rise in transportation costs in 2023 is mainly attributed to deliveries at different sales points in the CPO-5 Block in Colombia. Sales at the wellhead incur no selling costs but yield lower revenue, while transportation expenses for sales to alternative delivery points are recognized as selling expenses .

Financial results

Financial results	12 Months Ended
	Dec. 31, 2023
Financial results
Financial results	Note 15 Financial results ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 2021 Financial expenses ​ ​ ​ ​ ​ ​ Interest and amortization of debt issue costs ​ (30,839) ​ (36,360) ​ (44,713) Borrowings cancellation costs ​ — ​ (5,141) ​ (6,308) Bank charges and other financial results ​ (8,520) ​ (9,546) ​ (8,012) Unwinding of long-term liabilities ​ (6,456) ​ (6,026) ​ (5,079) ​ ​ (45,815) ​ (57,073) ​ (64,112) Financial income ​ ​ ​ ​ ​ ​ Interest received ​ 6,237 ​ 3,180 ​ 1,652 ​ ​ 6,237 ​ 3,180 ​ 1,652 Foreign exchange gains and losses ​ ​ ​ ​ ​ ​ Foreign exchange (loss) gain, net ​ (19,729) ​ 19,725 ​ 5,049 Realized result on currency risk management contracts ​ 2,909 ​ — ​ — ​ ​ (16,820) ​ 19,725 ​ 5,049 Total Financial results ​ (56,398) ​ (34,168) ​ (57,411) ​

Tax reform in Colombia

Tax reform in Colombia	12 Months Ended
	Dec. 31, 2023
Tax reform in Colombia
Tax reform in Colombia	Note 16 Tax reform in Colombia In November 2022, the Colombian Congress approved a Tax Reform (“Law 2277”) which contemplated an increase in the effective tax rate and the government take for certain entities of the oil and gas industry. A relevant provision included in the Law 2277 establishes a permanent surtax for companies developing crude oil extractive activities, ranging between 0% and 15%. The surtax triggers when the Brent price average during the fiscal year meets percentiles 30 and upwards of the Brent price average of the last 10 years (as shown in the table below regarding fiscal year 2024) and is calculated as additional percentage points of the CIT rate that is applicable to the taxable base determined on a regular basis for CIT purposes. The applicable surtax for 2023 was 10%. Income derived from gas production is exempted of surtax. ​ ​ ​ ​ Surcharge Price Triggers applicable for fiscal year 2024 Surcharge rate < US$ 67.18 /bbl ​ 0% US$ 67.18 to US$ 76.39 /bbl ​ 5% US$ 76.39 to US$ 79.87 /bbl ​ 10% > US$ 79.87 /bbl ​ 15% ​ In addition to the aforementioned rules, the Law 2277 included other measures such as the strike off of the straight-line amortization method for new exploratory assets which will pass to be calculated under the ‘unit of production’ method, and repeals the tax credit of 50% of the industry and commerce tax paid during the year, which will no longer be treated as a tax credit but as a common deduction. The tax rate for dividends increased to 20% as well as the rate for capital gains tax that increased to 15%. These tax provisions became effective in 2023, but the surtax was considered for deferred income tax purposes from the year ended December 31, 2022.

Income tax

Income tax	12 Months Ended
	Dec. 31, 2023
Income tax
Income tax	Note 17 Income tax ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Current income tax liabilities ​ 44,269 ​ 65,002 ​ ​ 44,269 ​ 65,002 ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Current income tax charge ​ (107,740) ​ (126,269) ​ (49,291) Deferred income tax benefit (charge) (Note 18) ​ 4,299 ​ (44,205) ​ (17,980) ​ ​ (103,441) ​ (170,474) ​ (67,271) ​ The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Profit before tax ​ 214,509 ​ 394,909 ​ 128,398 Tax losses from non-taxable jurisdictions ​ 39,526 ​ 53,005 ​ 91,351 Taxable profit ​ 254,035 ​ 447,914 ​ 219,749 ​ ​ ​ ​ ​ ​ ​ Income tax calculated at domestic tax rates applicable to Profit in the respective countries ​ (123,202) ​ (157,315) ​ (71,086) Tax losses where no deferred income tax benefit is recognized ​ (6,918) ​ (2,832) ​ (7,510) Effect of currency translation on tax base ​ 36,691 ​ (10,797) ​ (10,354) Effect of inflation adjustment for tax purposes ​ — ​ — ​ 2,482 Changes in the income tax rate (Note 16) ​ (8,853) ​ (3,820) ​ (1,703) Write-down of deferred income tax benefits previously recognized (a) ​ (3,895) ​ (2,938) ​ (7,261) Previously unrecognized tax losses ​ 632 ​ 9,067 ​ 9,593 Income tax on dividends (b) ​ (2,595) ​ (3,038) ​ — Fiscal recognition of property, plant and equipment ​ — ​ — ​ 8,919 Non-taxable results (c) ​ 4,699 ​ 1,199 ​ 9,649 Income tax ​ (103,441) ​ (170,474) ​ (67,271) (a) Includes write-down of tax losses and other deferred income tax assets in Chile, Brazil and Argentina where there is insufficient evidence of future taxable profits to offset them, in accordance with the expected future cash-flows as of December 31, 2023, 2022 and 2021. (b) Includes income tax payable in Spain due to dividends received from subsidiaries. (c) Includes non-deductible expenses and non-taxable gains in each jurisdiction. Under current Bermuda law, the Company is not required to pay any taxes in Bermuda on income or capital gains. The Company has received an undertaking from the Minister of Finance in Bermuda that, in the event of any taxes being imposed, they will be exempt from taxation in Bermuda until March 2035. Income tax rate in Colombia may range from 35% to 50%, depending on the surcharge applicable for each year (see Note 16). Income tax rates in other countries where the Group operates (Ecuador, Brazil and Chile) ranges from 15% to 34%. There are no income tax consequences attached to the payment of dividends by the Group to its shareholders. ​ The Group has tax losses available which can be utilized against future taxable profit in the following countries: ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Colombia ​ — ​ 4,837 ​ 15,557 Brazil (a) ​ 26,808 ​ 26,736 ​ 26,781 Chile (a) (c) ​ 313,409 ​ 323,929 ​ 285,456 Argentina (b) ​ 9,981 ​ 24,065 ​ 35,773 Spain (a) ​ 6,936 ​ 7,205 ​ 9,443 Total tax losses as of December 31 ​ 357,134 ​ 386,772 ​ 373,010 (a) Taxable losses have no expiration date. (b) Tax losses accumulated as of December 31, 2023, are: US$ 2,551,000 , US$ 939,000 , US$ 2,297,000 , US$ 927,000 and US$ 3,267,000 expiring in 2024, 2025, 2026, 2027 and 2028, respectively. (c) The Chilean business was divested on January 18, 2024 (see Note 36.1), and therefore these tax losses no longer belong to GeoPark from such date. ​ As of December 31, 2023, deferred income tax assets in respect of tax losses in Chile and Argentina and a portion of tax losses in Brazil have not been recognized as there is insufficient evidence of future taxable profits to offset them.

Deferred income tax

Deferred income tax	12 Months Ended
	Dec. 31, 2023
Deferred income tax
Deferred income tax	Note 18 Deferred income tax The gross movement on the deferred income tax account is as follows: ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Deferred income tax as of January 1 ​ (51,180) ​ (6,875) Currency translation differences ​ 107 ​ 383 Income tax expense relating to cash flow hedges recognized in OCI ​ (1,369) ​ (483) Income statement benefit (charge) ​ 4,299 ​ (44,205) Deferred income tax as of December 31 ​ (48,143) ​ (51,180) ​ The breakdown and movement of deferred income tax assets and liabilities as of December 31, 2023, and 2022, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At the ​ Currency ​ ​ ​ ​ beginning ​ Charged to ​ translation ​ ​ ​ At the end Amounts in US$ ‘000 ​ of year ​ net profit ​ differences ​ Reclassification ​ of year Deferred income tax assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Difference in depreciation rates and other ​ 4,759 ​ 8,911 ​ (108) ​ (556) ​ 13,006 Tax losses ​ 14,184 ​ (11,485) ​ 215 ​ — ​ 2,914 Total 2023 ​ 18,943 ​ (2,574) ​ 107 ​ (556) ​ 15,920 Total 2022 ​ 14,072 ​ 4,488 ​ 383 ​ — ​ 18,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense ​ ​ ​ ​ At the beginning ​ Charged to ​ relating to ​ ​ ​ At the end Amounts in US$ ‘000 ​ of year ​ net profit ​ cash flow hedges ​ Reclassification ​ of year Deferred income tax liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Difference in depreciation rates and other ​ (70,123) ​ 6,873 ​ (1,369) ​ 556 ​ (64,063) Total 2023 ​ (70,123) ​ 6,873 ​ (1,369) ​ 556 ​ (64,063) Total 2022 ​ (20,947) ​ (48,693) ​ (483) ​ — ​ (70,123) ​

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2023
Earnings per share
Earnings per share	Note 19 Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 except for shares 2023 2022 2021 Numerator: Profit for the year ​ 111,068 ​ 224,435 ​ 61,127 Denominator: Weighted average number of shares used in basic EPS ​ 56,836,682 ​ 59,330,421 ​ 60,901,109 Earnings after tax per share (US$) – basic ​ 1.95 ​ 3.78 ​ 1.00 ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 except for shares 2023 2022 2021 Weighted average number of shares used in basic EPS ​ 56,836,682 ​ 59,330,421 ​ 60,901,109 Effect of dilutive potential common shares ​ ​ ​ ​ ​ ​ Stock awards at US$ 0.001 ​ 359,587 ​ 552,466 ​ 559,012 Weighted average number of common shares for the purposes of diluted earnings per shares ​ 57,196,269 ​ 59,882,887 ​ 61,460,121 Earnings after tax per share (US$) – diluted ​ 1.94 ​ 3.75 ​ 0.99 ​

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2023
Property, plant and equipment
Property, plant and equipment	Note 20 Property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Furniture, Production Buildings ​ Exploration ​ ​ ​ Oil & gas ​ equipment ​ facilities and ​ and ​ Construction in ​ and evaluation ​ ​ Amounts in US$’000 ​ properties ​ and vehicles ​ machinery ​ improvements ​ progress ​ assets (a) ​ Total Cost as of January 1, 2021 ​ 968,617 ​ 20,707 ​ 197,829 ​ 12,442 ​ 18,848 ​ 78,614 ​ 1,297,057 Additions / ARO change ​ (1,094) (b) 930 ​ — ​ — ​ 82,094 ​ 46,234 ​ 128,164 Currency translation differences ​ (3,284) ​ (43) ​ (246) ​ (16) ​ (18) ​ (30) ​ (3,637) Disposals ​ — ​ (1,762) ​ (900) ​ (978) ​ (3,372) ​ (338) ​ (7,350) Write-off / Impairment ​ (1,575) (c) — ​ (2,759) (c) — ​ — (c) (12,262) (d) (16,596) Transfers ​ 68,315 ​ 58 ​ 13,305 ​ 391 ​ (70,321) ​ (11,748) ​ — Assets held for sale (Note 36.3) ​ (73,047) ​ (1,178) ​ (6,052) ​ (177) ​ (27) ​ — ​ (80,481) Cost as of December 31, 2021 ​ 957,932 ​ 18,712 ​ 201,177 ​ 11,662 ​ 27,204 ​ 100,470 ​ 1,317,157 Additions / ARO change ​ (7,558) (b) 1,620 ​ 6 ​ (14) ​ 107,171 ​ 67,889 ​ 169,114 Currency translation differences ​ 2,921 ​ 37 ​ 232 ​ 6 ​ 18 ​ 19 ​ 3,233 Disposals ​ — ​ (1,290) ​ (26) ​ (774) ​ — ​ — ​ (2,090) Write-off / Impairment ​ — ​ — ​ — ​ — ​ — ​ (25,789) (e) (25,789) Transfers ​ 125,962 ​ 14 ​ 21,338 ​ 147 ​ (117,913) ​ (29,548) ​ — Cost as of December 31, 2022 ​ 1,079,257 ​ 19,093 ​ 222,727 ​ 11,027 ​ 16,480 ​ 113,041 ​ 1,461,625 Additions / ARO change ​ 9,744 (b) 1,683 ​ 12 ​ 17 ​ 116,304 ​ 73,160 ​ 200,920 Currency translation differences ​ 3,477 ​ 46 ​ 277 ​ 8 ​ 21 ​ 22 ​ 3,851 Disposals ​ — ​ (1,223) ​ — ​ (2,150) ​ (119) ​ — ​ (3,492) Write-off / Impairment ​ (13,332) (c) — ​ — ​ — ​ — ​ (29,563) (f) (42,895) Transfers ​ 171,538 ​ 93 ​ 21,262 ​ 93 ​ (116,905) ​ (76,081) ​ — Assets held for sale (Note 36.1) ​ (330,024) ​ (6,559) ​ (74,491) ​ (4,948) ​ — ​ — ​ (416,022) Cost as of December 31, 2023 ​ 920,660 ​ 13,133 ​ 169,787 ​ 4,047 ​ 15,781 ​ 80,579 ​ 1,203,987 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and write-down as of January 1, 2021 ​ (548,445) ​ (16,985) ​ (109,987) ​ (6,975) ​ — ​ — ​ (682,392) Depreciation ​ (66,011) ​ (1,960) ​ (12,468) ​ (700) ​ — ​ — ​ (81,139) Disposals ​ — ​ 1,325 ​ 900 ​ 838 ​ — ​ — ​ 3,063 Currency translation differences ​ 2,219 ​ 37 ​ 246 ​ 16 ​ — ​ — ​ 2,518 Assets held for sale (Note 36.3) ​ 49,080 ​ 915 ​ 4,692 ​ 153 ​ — ​ — ​ 54,840 Depreciation and write-down as of December 31, 2021 ​ (563,157) ​ (16,668) ​ (116,617) ​ (6,668) ​ — ​ — ​ (703,110) Depreciation ​ (76,720) ​ (1,344) ​ (12,244) ​ (672) ​ — ​ — ​ (90,980) Disposals ​ — ​ 1,246 ​ 19 ​ 752 ​ — ​ — ​ 2,017 Currency translation differences ​ (2,403) ​ (33) ​ (231) ​ (6) ​ — ​ — ​ (2,673) Depreciation and write-down as of December 31, 2022 ​ (642,280) ​ (16,799) ​ (129,073) ​ (6,594) ​ — ​ — ​ (794,746) Depreciation ​ (95,369) ​ (1,304) ​ (12,896) ​ (503) ​ — ​ — ​ (110,072) Disposals ​ — ​ 1,189 ​ — ​ 1,877 ​ — ​ — ​ 3,066 Currency translation differences ​ (3,179) ​ (41) ​ (277) ​ (8) ​ — ​ — ​ (3,505) Assets held for sale (Note 36.1) ​ 310,683 ​ 6,488 ​ 68,765 ​ 2,158 ​ — ​ — ​ 388,094 Depreciation and write-down as of December 31, 2023 ​ (430,145) ​ (10,467) ​ (73,481) ​ (3,070) ​ — ​ — ​ (517,163) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount as of December 31, 2021 ​ 394,775 ​ 2,044 ​ 84,560 ​ 4,994 ​ 27,204 ​ 100,470 ​ 614,047 Carrying amount as of December 31, 2022 ​ 436,977 ​ 2,294 ​ 93,654 ​ 4,433 ​ 16,480 ​ 113,041 ​ 666,879 Carrying amount as of December 31, 2023 ​ 490,515 ​ 2,666 ​ 96,306 ​ 977 ​ 15,781 ​ 80,579 ​ 686,824 ​ ​ ​ ​ (a) Exploration wells movement and balances are shown in the table below; mining property associated with unproved reserves and resources, seismic and other exploratory assets amount to US$ 72,581,000 (US$ 96,041,000 in 2022 and US$ 90,166,000 in 2021). ​ ​ ​ ​ Amounts in US$ ‘000 Total Exploration wells as of December 31, 2021 ​ 10,304 Additions ​ 56,491 Write-offs ​ (21,460) Transfers ​ (28,335) Exploration wells as of December 31, 2022 ​ 17,000 Additions ​ 61,500 Write-offs ​ (24,815) Transfers ​ (45,687) Exploration wells as of December 31, 2023 ​ 7,998 ​ As of December 31, 2023, there were two exploratory wells that have been capitalized for a period less than three years amounting to US$ 7,998,000. ​ (b) Corresponds to the effect of change in estimate of assets retirement obligations. (c) See Note 37. (d) Corresponds to two unsuccessful exploratory wells drilled in the Llanos 32 Block (Colombia), other exploration costs incurred in the Fell Block (Chile), an exploratory well drilled in previous years in the CPO-5 Block (Colombia) and other exploration costs incurred in previous years in the PUT-30 Block (Colombia). (e) Corresponds to exploration costs incurred in previous years in the Tacacho and Terecay Blocks (Colombia), four exploratory wells drilled in the CPO-5, Platanillo, Llanos 34 and Llanos 94 Blocks (Colombia), and certain exploration costs incurred in the Espejo Block (Ecuador) . ​ (f) Corresponds to three unsuccessful exploratory wells drilled in the Llanos 87 Block (Colombia), an unsuccessful exploratory well drilled in the Llanos 124 Block (Colombia) and other exploration costs incurred in the Llanos 94, Coati and Llanos 124 Blocks (Colombia).

Subsidiary undertakings

Subsidiary undertakings	12 Months Ended
	Dec. 31, 2023
Subsidiary undertakings
Subsidiary undertakings	Note 21 Subsidiary undertakings The following chart illustrates main companies of the Group structure as of December 31, 2023: (1) GeoPark Ecuador S.A. holds 50% working interest in the consortiums that operate the Espejo and Perico Blocks. ​ During the year ended December 31, 2023, the following change to the Group structure has taken place: ​ ● The merger process between GeoPark Colombia S.A.S., GeoPark Colombia E&P S.A. and Petrodorado South America S.A., with GeoPark Colombia S.A.S. being the surviving company, became effective as of its registration in the Public Registry of the Chamber of Commerce of Bogota on January 27, 2023. ​ ● As a result of the abovementioned merger and to comply with local regulatory obligations, GeoPark Colombia S.A.S. incorporated a branch in Panama, which is currently dormant. ​ Details of all the subsidiaries of the Group as of December 31, 2023, are set out below: ​ ​ ​ ​ ​ ​ ​ Name and registered office Ownership interest Subsidiaries ​ GeoPark Argentina S.A. (Argentina) ​ 100% (a) ​ ​ GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. (Brazil) ​ 100% (a) ​ ​ GeoPark Chile S.p.A. (Chile) ​ 100% (a) (c) ​ ​ GeoPark Fell S.p.A. (Chile) ​ 100% (a) (c) ​ ​ GeoPark Magallanes Limitada (Chile) ​ 100% (a) (c) ​ ​ GeoPark TdF S.p.A. (Chile) ​ 100% (a) (c) ​ ​ GeoPark Colombia S.A.S. (Colombia) ​ 100% (a) ​ ​ GeoPark Colombia, S.L.U. (Spain) ​ 100% (a) ​ ​ GeoPark Perú S.A.C. (Peru) ​ 100% (a) ​ ​ GeoPark Mexico S.A.P.I. de C.V. (Mexico) ​ 100% (a) (b) ​ ​ GeoPark E&P S.A.P.I. de C.V. (Mexico) ​ 100% (a) (b) ​ ​ GeoPark Ecuador S.A. (Ecuador) ​ 100% (a) ​ ​ GeoPark (UK) Limited (United Kingdom) ​ 100% ​ ​ Amerisur Resources Limited (United Kingdom) ​ 100% (a) ​ ​ Amerisur Exploración Colombia Limited (British Virgin Islands) ​ 100% (a) ​ ​ Amerisur Exploración Colombia Limited Sucursal Colombia (Colombia) ​ 100% (a) ​ ​ Yarumal S.A.S. (Colombia) ​ 100% (a) (b) ​ ​ Fenix Oil & Gas Limited (British Virgin Islands) ​ 100% (a) (b) ​ ​ Fenix Oil & Gas Limited Sucursal Colombia (Colombia) ​ 100% (a) (b) ​ ​ Amerisurexplor Ecuador S.A. (Ecuador) ​ 100% (a) (b) ​ ​ Amerisur S.A. (Paraguay) ​ 100% (a) (b) ​ ​ Market Access LLP (United States) ​ 9% ​ ​ GeoPark Colombia S.A.S. Sucursal Panama (Panama) ​ 100% (a) (b) (a) Indirectly owned. (b) Dormant companies. (c) Divested in January 2024. See Note 36.1. ​ Details of the joint operations of the Group as of December 31, 2023, are set out below: ​ ​ ​ ​ ​ ​ ​ Name and registered office Ownership interest Joint operations ​ Flamenco Block (Chile) ​ 50% (a) (c) ​ ​ Campanario Block (Chile) ​ 50% (a) (c) ​ ​ Isla Norte Block (Chile) ​ 60% (a) (c) ​ ​ Llanos 34 Block (Colombia) ​ 45% (a) ​ ​ Llanos 32 Block (Colombia) ​ 12.5% ​ ​ Puelen Block (Argentina) ​ 18% (b) ​ ​ Los Parlamentos (Argentina) ​ 50% (d) ​ ​ Manati Field (Brazil) ​ 10% ​ ​ POT-T-785 Block (Brazil) ​ 70% (a) ​ ​ Espejo Block (Ecuador) ​ 50% (a) ​ ​ Perico Block (Ecuador) ​ 50% ​ ​ Llanos 86 Block (Colombia) ​ 50% (a) ​ ​ Llanos 87 Block (Colombia) ​ 50% (a) ​ ​ Llanos 104 Block (Colombia) ​ 50% (a) ​ ​ Llanos 123 Block (Colombia) ​ 50% (a) ​ ​ Llanos 124 Block (Colombia) ​ 50% (a) ​ ​ CPO-5 Block (Colombia) ​ 30% ​ ​ Mecaya Block (Colombia) ​ 50% (a) ​ ​ PUT-8 Block (Colombia) ​ 50% (a) ​ ​ PUT-9 Block (Colombia) ​ 50% (a) ​ ​ Tacacho Block (Colombia) ​ 50% (a) (b) ​ ​ Terecay Block (Colombia) ​ 50% (a) (b) ​ ​ Llanos 94 Block (Colombia) ​ 50% (d) ​ ​ PUT-36 Block (Colombia) ​ 50% (a) ​ ​ CPO-4-1 Block (Colombia) ​ 50% (a) GeoPark is the operator. (b) In process of relinquishment. (c) Divested in January 2024. See Note 36.1. (d) GeoPark agreed to transfer its 50% working interest to its joint operation partner.

Prepayments and other receivabl

Prepayments and other receivables	12 Months Ended
	Dec. 31, 2023
Prepayments and other receivables
Disclosure of prepayments and other assets [text block]	Note 22 Prepayments and other receivables ​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 V.A.T. ​ 4,310 ​ 1,826 Income tax payments in advance ​ 3,685 ​ 3,156 Other prepaid taxes ​ 23 ​ 37 To be recovered from co-venturers (Note 34) ​ 8,630 ​ 8,750 Prepayments and other receivables ​ 12,311 ​ 8,458 ​ ​ 28,959 ​ 22,227 Classified as follows: ​ ​ ​ ​ Current ​ 25,896 ​ 22,106 Non-current ​ 3,063 ​ 121 ​ ​ 28,959 ​ 22,227 ​ Movements on the Group provision for impairment are as follows: ​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 At January 1 ​ 14 ​ 7 Additions ​ — ​ 10 Foreign exchange gain (loss) ​ 4 ​ (3) ​ ​ 18 ​ 14 ​

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventories
Inventories	Note 23 Inventories ​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 Crude oil ​ 9,441 ​ 12,630 Materials and spares ​ 4,111 ​ 1,804 ​ ​ 13,552 ​ 14,434 ​ The carrying amount of inventories is not pledged as security for liabilities.

Trade receivables

Trade receivables	12 Months Ended
	Dec. 31, 2023
Trade receivables.
Trade receivables	Note 24 Trade receivables ​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 Trade receivables ​ 65,049 ​ 71,794 ​ ​ 65,049 ​ 71,794 ​ As of December 31, 2023, and 2022, there are no balances that were aged by more than 3 months. Trade receivables that are aged by less than three months are not considered impaired. ​ The credit period for trade receivables is 30 days. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. The Group does not hold any collateral as security related to trade receivables. The carrying value of trade receivables is considered to represent a reasonable approximation of its fair value due to their short-term nature.

Financial instruments by catego

Financial instruments by category	12 Months Ended
	Dec. 31, 2023
Financial instruments by category
Financial instruments by category	Note 25 Financial instruments by category ​ ​ ​ ​ ​ ​ ​ ​ Assets as per statement ​ ​ of financial position Amounts in US$ '000 2023 2022 Financial assets at fair value through profit or loss ​ ​ ​ ​ Derivative financial instrument assets ​ 3,775 ​ 967 Cash and cash equivalents ​ — ​ 242 ​ ​ 3,775 ​ 1,209 Other financial assets at amortized cost ​ ​ ​ ​ Trade receivables ​ 65,049 ​ 71,794 To be recovered from co-venturers (Note 34) ​ 8,630 ​ 8,750 Other financial assets (a) ​ 12,564 ​ 12,877 Cash and cash equivalents ​ 133,036 ​ 128,601 ​ ​ 219,279 ​ 222,022 Total financial assets ​ 223,054 ​ 223,231 (a) Non-current other financial assets relate to restricted deposits made for environmental obligations according to Brazilian government regulations. Current other financial assets correspond to short-term investments with original maturities up to twelve months and over three months. ​ ​ ​ ​ ​ ​ ​ ​ Liabilities as per statement ​ ​ of financial position Amounts in US$ ‘000 2023 2022 Liabilities at fair value through profit and loss ​ ​ ​ ​ Derivative financial instrument liabilities ​ 70 ​ 19 ​ ​ 70 ​ 19 Other financial liabilities at amortized cost ​ ​ ​ ​ Trade payables ​ 108,977 ​ 102,125 To be paid to co-venturers (Note 34) ​ 522 ​ 2,815 Lease liabilities ​ 32,298 ​ 32,051 Borrowings ​ 500,981 ​ 497,642 ​ ​ 642,778 ​ 634,633 Total financial liabilities ​ 642,848 ​ 634,652 ​ 25.1 Credit quality of financial assets The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates: ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Trade receivables ​ ​ ​ ​ Counterparties with an external credit rating (Moody’s, S&P, Fitch) ​ ​ ​ ​ Aa3 ​ — ​ 2,013 A3 ​ 949 ​ 1,557 Baa1 ​ 1,721 ​ 99 Baa3 ​ 151 ​ 198 Ba1 ​ 15,068 ​ 23,755 Ba2 ​ 2,953 ​ — Ba3 ​ — ​ 2,745 B2 ​ 63 ​ 4,085 Counterparties without an external credit rating ​ ​ ​ ​ Group 1 (a) ​ 44,144 ​ 37,342 Total trade receivables ​ 65,049 ​ 71,794 (a) Group 1 – no existing balances with customers aged by more than 3 months. All trade receivables are denominated in US Dollars, except in Brazil where they are denominated in Brazilian Real. Cash at bank and other financial assets (a) ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) ​ ​ ​ ​ Aa3 ​ — ​ 10,362 A1 ​ 91,747 ​ 96,077 A2 ​ 268 ​ 57 A3 ​ 16,147 ​ 10,389 Baa1 ​ 18 ​ 39 Baa2 ​ 17,585 ​ 7,030 Baa3 ​ 125 ​ 1,352 Ba1 ​ — ​ 64 Ba2 ​ 6,528 ​ 268 Ba3 ​ 5 ​ 3,066 B3 ​ 593 ​ 51 Counterparties without an external credit rating ​ 12,571 ​ 12,953 Total ​ 145,587 ​ 141,708 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 13,000 (US$ 12,000 in 2022). 25.2 Financial liabilities- contractual undiscounted cash flows The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 Between 1 Between 2 Over 5 Amounts in US$ ‘000 ​ year ​ and 2 years ​ and 5 years ​ years As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Borrowings ​ 27,500 ​ 27,500 ​ 541,250 ​ — Lease liabilities ​ 9,416 ​ 6,515 ​ 11,719 ​ 25,134 Trade payables ​ 108,977 ​ — ​ — ​ — To be paid to co-venturers (Note 34) ​ 522 ​ — ​ — ​ — ​ ​ 146,415 ​ 34,015 ​ 552,969 ​ 25,134 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Borrowings ​ 27,500 ​ 27,500 ​ 568,750 ​ — Lease liabilities ​ 10,939 ​ 5,653 ​ 11,209 ​ 25,012 Trade payables ​ 102,125 ​ — ​ — ​ — To be paid to co-venturers (Note 34) ​ 2,815 ​ — ​ — ​ — ​ ​ 143,379 ​ 33,153 ​ 579,959 ​ 25,012 ​ 25.3 Fair value measurement of financial instruments Accounting policies for financial instruments have been applied to classify as either: amortized cost, financial assets at fair value through profit or loss and fair value through other comprehensive income. For financial instruments that are measured in the statement of financial position at fair value, IFRS 13 requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). 25.3.1 Fair value hierarchy The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value as of December 31, 2023, and 2022, on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Amounts in US$ ‘000 ​ Level 1 ​ Level 2 ​ 2023 Assets ​ ​ ​ ​ ​ ​ Derivative financial instrument assets ​ ​ ​ ​ ​ ​ Commodity risk management contracts ​ — ​ 3,775 ​ 3,775 Total Assets ​ — ​ 3,775 ​ 3,775 Liabilities ​ ​ ​ ​ ​ ​ Derivative financial instrument liabilities ​ ​ ​ ​ ​ ​ Commodity risk management contracts ​ — ​ 70 ​ 70 Total Liabilities ​ — ​ 70 ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Amounts in US$ ‘000 ​ Level 1 ​ Level 2 ​ 2022 Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ ​ ​ ​ ​ ​ Money market funds ​ 242 ​ — ​ 242 Derivative financial instrument assets ​ ​ ​ ​ ​ ​ Commodity risk management contracts ​ — ​ 967 ​ 967 Total Assets ​ 242 ​ 967 ​ 1,209 Liabilities ​ ​ ​ ​ ​ ​ Derivative financial instrument liabilities ​ ​ ​ ​ ​ ​ Commodity risk management contracts ​ — ​ 19 ​ 19 Total Liabilities ​ — ​ 19 ​ 19 ​ There were no transfers between Level 2 and 3 during the period. The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as of December 31, 2023. 25.3.2 Valuation techniques used to determine fair values Specific valuation techniques used to value financial instruments include: ● The use of quoted market prices or dealer quotes for similar instruments. ● The mark-to-market fair value of the Group’s outstanding derivative instruments is based on independently provided market rates and determined using standard valuation techniques, including the impact of counterparty credit risk and are within level 2 of the fair value hierarchy. ● The fair value of the remaining financial instruments is determined using discounted cash flow analysis. All of the resulting fair value estimates are included in level 2. 25.3.3 Fair values of other financial instruments (unrecognized) The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For the majority of these instruments, the fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Borrowings are comprised primarily of fixed rate debt and variable rate debt with a short-term portion where interest has already been fixed. They are classified under other financial liabilities and measured at their amortized cost. The fair value of these financial instruments as of December 31, 2023, amounts to US$ 443,690,000 (US$ 431,660,000 in 2022). The fair values are based on market price for the Notes and cash flows discounted for other borrowings using a rate based on the borrowing rate and are within level 1 and level 2 of the fair value hierarchy, respectively.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity
Equity	Note 26 Equity ​ 26.1 Share capital and Share premium ​ ​ ​ ​ ​ ​ Issued share capital 2023 2022 Common stock (amounts in US$ ‘000) ​ 55 ​ 58 The share capital is distributed as follows: ​ ​ ​ ​ Common shares, of nominal US$ 0.001 ​ 55,327,520 ​ 57,621,998 Total common shares in issue ​ 55,327,520 ​ 57,621,998 ​ ​ ​ ​ ​ Authorized 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 ​ Details regarding the share capital of the Company are set out below. 26.1.1 Common shares As of December 31, 2023, the outstanding common shares confer the following rights on the holder: ● the right to one vote per share ● ranking pari passu , the right to any dividend declared and payable on common shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Shares ​ ​ ​ ​ ​ movement ​ closing ​ US$(`000) GeoPark common shares history ​ Month ​ (millions) ​ (millions) ​ Closing Shares outstanding at the end of 2021 ​ ​ ​ ​ ​ 60.2 ​ 60 Buyback program ​ Mar 2022 ​ (0.2) ​ 60.0 ​ 60 Buyback program ​ Jun 2022 ​ (0.5) ​ 59.5 ​ 60 Stock awards ​ Jul 2022 ​ 0.1 ​ 59.6 ​ 60 Buyback program ​ Sep 2022 ​ (1.1) ​ 58.5 ​ 59 Buyback program ​ Dec 2022 ​ (0.9) ​ 57.6 ​ 58 Shares outstanding at the end of 2022 ​ ​ ​ ​ ​ 57.6 ​ 58 Stock awards ​ Feb 2023 ​ 0.6 ​ 58.2 ​ 58 Buyback program ​ Mar 2023 ​ (0.6) ​ 57.6 ​ 58 Stock awards ​ May 2023 ​ 0.1 ​ 57.7 ​ 58 Buyback program ​ Jun 2023 ​ (1.1) ​ 56.6 ​ 57 Buyback program ​ Sep 2023 ​ (0.5) ​ 56.1 ​ 56 Buyback program ​ Dec 2023 ​ (0.8) ​ 55.3 ​ 55 Shares outstanding at the end of 2023 ​ ​ ​ ​ ​ 55.3 ​ 55 ​ 26.1.2 Stock Award Program and Other Share Based Payments Non-Executive Directors Fees During 2023, the Company issued 99,590 shares (75,636 in 2022 and 64,269 in 2021) to Non-Executive Directors in accordance with contracts as compensation, generating a share premium of US$ 1,133,000 (US$ 1,040,000 in 2022 and US$ 861,000 in 2021). The number of shares issued is determined considering the contractual compensation and the fair value of the shares for each relevant period . Stock Award Program and Other Share Based Payments On February 3, 2023, 350,938 common shares were issued as part of the compensation agreements related to the CEO transition which occurred in 2022, generating a share premium of US$ 4,799,000. On July 15, 2022, 52,058 common shares were issued as part of the founding executive employment agreement in place with the former Chief Executive Officer (104,439 in 2021), generating a share premium of US$ 800,000 (US$ 800,000 in 2021). ​ On February 3, 2023, 246,110 common shares were issued as a result of the vesting of the first tranche of the Long-Term Incentive program (“LTIP”) oriented to executive officers which was granted in 2022, generating a share premium of US$ 1,505,000. ​ During 2023, 82,472 common shares were issued as part of other equity incentive plans vested during the year, generating a share premium of US$ 281,000. ​ 26.1.3 Buyback Program The Company has recurring buyback programs to repurchase its own shares. The latest renewal took place on November 8, 2023, and established a program to repurchase up to 10% of the shares outstanding, or approximately 5,611,797 shares, until December 31, 2024. In addition to any repurchases under the aforementioned repurchase program, the Company has authority from its Board of Directors to repurchase, on a standalone basis, up to US$ 50,000,000 of its common shares in 2024. During 2023, the Company purchased 3,073,588 common shares (2,743,722 in 2022 and 960,454 in 2021) for a total amount of US$ 31,239,000 (US$ 36,265,000 in 2022 and US$ 11,841,000 in 2021). These transactions had no impact on the Group’s results. 26.2 Cash distributions On November 6, 2019, the Company’s Board of Directors declared the initiation of quarterly cash distributions. The following table summarizes the cash distributions for each of the years presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total amount Date of declaration ​ Date of distribution ​ US$ per share ​ in US$ ‘000 March 10, 2021 ​ April 13, 2021 ​ 0.0205 ​ 1,133 May 5, 2021 ​ May 28, 2021 ​ 0.0205 ​ 1,220 August 4, 2021 ​ August 31, 2021 ​ 0.0410 ​ 2,442 November 10, 2021 ​ December 7, 2021 ​ 0.0410 ​ 2,429 Cash distributions for the year ended December 31, 2021 ​ 7,224 March 9, 2022 ​ March 31, 2022 ​ 0.0820 ​ 4,847 May 11, 2022 ​ June 10, 2022 ​ 0.0820 ​ 4,809 August 10, 2022 ​ September 8, 2022 ​ 0.1270 ​ 7,345 November 9, 2022 ​ December 7, 2022 ​ 0.1270 ​ 7,281 Cash distributions for the year ended December 31, 2022 ​ 24,282 March 8, 2023 ​ March 31, 2023 ​ 0.1300 ​ 7,505 May 3, 2023 ​ May 31, 2023 ​ 0.1300 ​ 7,378 August 9, 2023 ​ September 7, 2023 ​ 0.1320 ​ 7,383 November 8, 2023 ​ December 11, 2023 ​ 0.1340 ​ 7,449 Cash distributions for the year ended December 31, 2023 ​ 29,715 ​ These distributions are deducted from Other Reserves.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2023
Borrowings.
Borrowings	Note 27 Borrowings ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Outstanding amounts as of December 31 ​ ​ ​ ​ Notes due 2027 ​ 500,981 ​ 497,642 ​ ​ 500,981 ​ 497,642 Classified as follows: ​ ​ ​ ​ Current ​ 12,528 ​ 12,528 Non-current ​ 488,453 ​ 485,114 ​ On January 17, 2020, the Company placed US$ 350,000,000 aggregate principal amount of 5.500% senior secured notes due 2027 (the “Notes due 2027”), which were offered in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and outside the United States to non U.S. persons in accordance with Regulation S under the Securities Act. The Notes due 2027 were priced at 99.285% and carry a coupon of 5.50% per annum (yield 5.625% per annum). Final maturity will be January 17, 2027. In April 2021, the Company reopened its Notes due 2027, issuing an additional US$ 150,000,000 principal amount. The reopening was priced above par at 101.875%, representing a yield to maturity of 5.117%. The Notes due 2027 were offered in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes due 2027 are fully and unconditionally guaranteed by GeoPark Colombia, S.L.U. From April 2021 to September 2022, the Company repurchased and cancelled its US$ 425,000,000 aggregate principal amount of 6.500% senior secured notes due 2024 (the “Notes due 2024”). In April 2021, the Company executed a tender to purchase US$ 255,000,000 of the Notes due 2024, funded with a combination of cash in hand and the abovementioned reopening of the Notes due 2027. From March to September 2022, the Company repurchased and cancelled the remaining amount of the Notes due 2024 for a nominal amount of US$ 170,000,000. The difference between the carrying amount of debt that was repurchased or redeemed and the consideration paid was recognized within ‘ ’ The indenture governing the Notes due 2027 includes incurrence test covenants that provide, among other things, that the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times. Failure to comply with the incurrence test covenants does not trigger an event of default. However, this situation may limit the Company ’ ’ On August 3, 2023, GeoPark Colombia S.A.S., as borrower, and GeoPark Limited, as guarantor, signed a senior unsecured credit agreement with Banco BTG Pactual S.A. and Banco Latinoamericano de Comercio Exterior S.A. which provides GeoPark with access to up to US$ 80,000,000, with an availability period until November 3, 2024, and final maturity on August 3, 2025. The agreement establishes a commitment fee of 1.85% per annum with respect to undrawn amounts and an interest rate of SOFR + 3.70% with respect to amounts drawn. “ ” As of the date of these Consolidated Financial Statements, the Group has access to the abovementioned US$ 80,000,000 senior unsecured committed credit facility and to US$ 179,600,000 in uncommitted credit lines.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases
Leases	Note 28 Leases ​ The Consolidated Statement of Financial Position shows the following amounts relating to leases: ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Right of use assets ​ ​ ​ ​ Production, facilities and machinery ​ 24,201 ​ 32,034 Buildings and improvements ​ 4,250 ​ 4,977 ​ ​ 28,451 ​ 37,011 Lease liabilities ​ ​ ​ ​ Current ​ 8,911 ​ 10,000 Non-current ​ 23,387 ​ 22,051 ​ ​ 32,298 ​ 32,051 ​ The Consolidated Statement of Income shows the following amounts relating to leases: ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Depreciation charge of Right of use assets ​ ​ ​ ​ ​ ​ Production, facilities and machinery ​ (7,858) ​ (6,057) ​ (5,526) Buildings and improvements ​ (792) ​ (988) ​ (1,136) ​ ​ (8,650) ​ (7,045) ​ (6,662) Unwinding of long-term liabilities (included in Financial results) ​ (3,168) ​ (2,838) ​ (1,453) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) ​ (838) ​ (2,614) ​ (1,101) Expenses related to low-value leases (included in Administrative expenses) ​ (775) ​ (708) ​ (906) ​ The table below summarizes the amounts of Right-of-use assets recognized and the movements during the reporting years: ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 Right-of-use assets as of January 1 ​ 37,011 ​ 21,014 Additions / changes in estimates ​ 137 ​ 22,462 Foreign currency translation ​ 444 ​ 580 Assets held for sale (Note 36.1) ​ (491) ​ — Depreciation ​ (8,650) ​ (7,045) Right-of-use assets as of December 31 ​ 28,451 ​ 37,011 ​ ​ The table below summarizes the amounts of Lease liabilities recognized and the movements during the reporting years: ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 Lease liabilities as of January 1 ​ 32,051 ​ 20,744 Additions / changes in estimates ​ 137 ​ 22,462 Exchange difference ​ 7,061 ​ (6,426) Foreign currency translation ​ 174 ​ 284 Liabilities associated with assets held for sale (Note 36.1) ​ (26) ​ — Unwinding of discount ​ 3,168 ​ 2,838 Lease payments ​ (10,267) ​ (7,851) Lease liabilities as of December 31 ​ 32,298 ​ 32,051 ​

Provisions and other long-term

Provisions and other long-term liabilities	12 Months Ended
	Dec. 31, 2023
Provisions and other long-term liabilities
Provisions and other long-term liabilities	Note 29 Provisions and other long-term liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset retirement Deferred ​ ​ Amounts in US$ ‘000 ​ obligation (a) ​ Income (b) ​ Other (c) ​ Total As of January 1, 2022 ​ 45,842 ​ 3,331 ​ 13,675 ​ 62,848 Addition to provision / changes in estimates ​ (4,942) ​ — ​ (2,670) ​ (7,612) Exchange difference ​ (669) ​ (167) ​ (1,147) ​ (1,983) Foreign currency translation ​ (577) ​ — ​ 14 ​ (563) Amortization ​ — ​ (2,407) ​ — ​ (2,407) Unwinding of discount ​ 2,641 ​ — ​ 547 ​ 3,188 Amounts used during the year ​ (1,392) ​ — ​ (132) ​ (1,524) As of December 31, 2022 ​ 40,903 ​ 757 ​ 10,287 ​ 51,947 Addition to provision / changes in estimates ​ 7,374 ​ — ​ 2,460 ​ 9,834 Exchange difference ​ 1,172 ​ 180 ​ 560 ​ 1,912 Foreign currency translation ​ 717 ​ — ​ (13) ​ 704 Amortization ​ — ​ (127) ​ — ​ (127) Unwinding of discount ​ 2,794 ​ — ​ 494 ​ 3,288 Amounts used during the year ​ (2,502) ​ — ​ (4,051) ​ (6,553) Liabilities associated with assets held for sale (Note 36.1) ​ (26,922) ​ — ​ — ​ (26,922) As of December 31, 2023 ​ 23,536 ​ 810 ​ 9,737 ​ 34,083 (a) The provision for ‘asset retirement obligation’ relates to the estimation of future disbursements related to the abandonment and decommissioning of oil and gas wells (see Note 4). ​ (b) ‘Deferred income’ relates to government grants and other contributions relating to the purchase of property, plant and equipment in Colombia. The amortization is in line with the related assets. ​ (c) ‘Other’ mainly includes environmental obligations in Colombia and Peru. ​ Legal proceeding in the United Kingdom ​ On January 8, 2020, Amerisur Resources Limited (“Amerisur”) received a copy of a claim form issued in the High Court of England and Wales (the “Court”) by Leigh Day solicitors on behalf of a group of claimants (the “Claimants”) described as members of a farming community in the department of Putumayo in Colombia, seeking compensation for economic and non-economic damages said to be caused by alleged environmental contamination and pollution caused by Amerisur’s operations in the region. Following initial court hearings, an interim freezing order was imposed on Amerisur for an amount of GBP 4,465,600 of its assets located in the United Kingdom. On November 10, 2020, the freezing order was discharged by agreement between the parties as Amerisur provided alternative security in the form of a letter of credit. ​ On February 6, 2023, the Court ordered Amerisur to pay the sum of GBP 330,022 (equivalent to US$ 409,000). On August 11, 2023, a settlement (the “Settlement”) was signed between Leigh Day and Amerisur, made on a no-admission of liability basis and included a payment made by Amerisur. All Claimants represented by Leigh Day agreed to the Settlement. On October 2, 2023, the Court approved the Settlement, the litigation was discontinued, and the letter of credit was cancelled. GeoPark had a provision for this contingent liability, which was originally recognized at the moment of the acquisition of Amerisur in 2020. All payments made by Amerisur during 2023 were applied to the previously recognized contingent liability, thus generating a gain of US$ 2,568,000 that was recorded in “Other income (expenses)” in the Consolidated Statement of Income.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2023
Trade and other payables.
Trade and other payables	Note 30 Trade and other payables ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 V.A.T ​ 975 ​ 8,513 Trade payables ​ 108,977 ​ 102,125 Customer advance payments ​ — ​ 481 Other short-term advance payments (a) ​ 450 ​ — Outstanding commitments in Chile (b) ​ 5,869 ​ — Staff costs to be paid ​ 10,852 ​ 9,306 Royalties to be paid ​ 791 ​ 9,403 Taxes and other debts to be paid ​ 9,381 ​ 8,963 To be paid to co-venturers (Note 34) ​ 522 ​ 2,815 ​ ​ 137,817 ​ 141,606 Classified as follows: ​ ​ ​ ​ Current ​ 137,817 ​ 141,606 Non-current ​ — ​ — (a) Advance payment collected in relation with the sale of the Group´s business in Chile (see Note 36.1). (b) Investment commitments in the Campanario and Isla Norte Blocks as a result of sale agreement of the Group´s business in Chile (see Note 36.1). The average credit period (expressed as creditor days) during the year ended December 31, 2023, was 90 days (2022: 69 days). The fair value of these short-term financial instruments is not individually determined as the carrying amount is a reasonable approximation of fair value.

Share-based payment

Share-based payment	12 Months Ended
	Dec. 31, 2023
Disclosure Of Share Based Payment [Abstract]
Share-based payment	Note 31 Share-based payment The Group has established different stock awards programs and other share-based payment plans to incentivize the directors, executive officers and employees, enabling them to benefit from the increased market capitalization of the Company. During 2018, GeoPark announced the 2018 Equity Incentive Plan (the “Plan”) to motivate and reward those employees, directors, consultants and advisors of the Group to perform at the highest level and to further the best interests of the Company and its shareholders. This Plan is designed as a master plan, with a 10-year term, and embraces all equity incentive programs that the Company decides to implement throughout such term. The maximum number of shares available for issuance under the Plan is 5,000,000 Shares. ​ In 2020, a share-based compensation program for employees was approved for approximately 800,000 shares, to vest in 2023. On February 17, 2023, the Compensation Committee reviewed the Group’s results and the performance conditions established in the program and approved 152,030 shares to be delivered to participants, due to the fact that, throughout the vesting period, the performance conditions included in the program were only partially achieved and, to a lesser extent, the Group had lower hirings than estimated and not all the beneficiaries continued being employees at the vesting date. On March 8, 2022, the Company’s Board of Directors approved a pool of approximately 215,000 shares oriented for retention of key employees and new hires bonuses, under the Stock Awards Program. Vesting of the plan is in a three-years period from the grant date. During 2022, the Company’s Board of Directors, based on the recommendation of the Compensation Committee, approved a Long-Term Incentive program (“LTIP”) for executive officers. Main characteristics of the program are: ● All executive officers are eligible. ● Grants are awarded annually to executive officers. ● The components of the Program are the following: - 20% Time-based Restricted Share Units (RSUs) vesting ratably in three equal installments on each of the first three anniversaries of the grant date; - 35% Relative Performance Share Units based on relative total shareholder return (TSR) and measured over three-year performance period relative to peer group; and - 45% Absolute Performance Share Units (PSUs) based on absolute total shareholder return (TSR) and measured over three-year performance period. ​ In February 2023, 246,110 common shares were allotted to the trustee of the Employee Beneficiary Trust (“EBT”) as a consequence of the vesting of the first tranche of the abovementioned plan, and the Compensation Committee approved a new grant effective as of February 14, 2023, of 197,197 shares to vest during a three-year period. In December 2022, the Company’s Board of Directors, based on the recommendation of the Compensation Committee, approved a Long-Term Incentive program for employees and new hirings. Main characteristics of the program are: ● All employees (non-top management) and new hirings are eligible. ● 3 -year program, with a grant date of January 2, 2023, or the date on which the employees are hired. ● The components of the program are the following: - 30% Time-based RSUs: vesting annually ratably in three equal installments; - 30% Company Performance: measured over three-year performance period (December 2022-December 2025); and - 40% Absolute Performance Shares: share price at the date of vesting must be higher than the share price at the date of grant or date of hiring. ● The vesting date of the Performance Shares (Company and Absolute) will be on January 2, 2026. Details of these costs and the characteristics of the different stock awards programs and other share-based payments are described in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Awards at the Awards granted Awards Awards Awards at Charged to net profit/loss ​ ​ beginning ​ in the year ​ forfeited ​ exercised ​ year end 2023 2022 2021 Year of issuance ​ No. of Shares ​ Amounts in US$ '000 2023 ​ — ​ 795,412 ​ (105,695) ​ — ​ 689,717 ​ 1,452 ​ — ​ — 2022 ​ 191,400 ​ 12,000 ​ (6,112) ​ (9,444) ​ 187,844 ​ 990 ​ 619 ​ — 2020 ​ 405,919 ​ ​ ​ (253,889) ​ (61,980) ​ 90,050 ​ — ​ 1,691 ​ 862 Subtotal ​ 597,319 ​ 807,412 ​ (365,696) ​ (71,424) ​ 967,611 ​ 2,442 ​ 2,310 ​ 862 Shares granted to Non-Executive Directors ​ — ​ 99,590 ​ — ​ (99,590) ​ — ​ 1,133 ​ 1,041 ​ 861 Shares granted to Executive Directors (a) ​ 375,937 ​ — ​ — ​ (359,271) ​ 16,666 ​ 126 ​ 3,560 ​ 800 VCP (b) ​ — ​ — ​ — ​ — ​ — ​ — ​ 2,016 ​ 4,098 LTIP for executives ​ 571,984 ​ 268,129 ​ — ​ (248,825) ​ 591,288 ​ 3,627 ​ 2,111 ​ — ​ ​ 1,545,240 ​ 1,175,131 ​ (365,696) ​ (779,110) ​ 1,575,565 ​ 7,328 ​ 11,038 ​ 6,621 (a) Includes compensation agreements from CEO transition. (b) The plan named Value Creation Plan (“VCP”), oriented to key management, was approved in 2019. The performance metrics were not achieved to execute this program and is not currently in place. ​ The awards that are forfeited correspond to employees that had left the Group before vesting date.

Interests in Joint operations

Interests in Joint operations	12 Months Ended
	Dec. 31, 2023
Disclosure Of Interests in Joint operations [Abstract]
Interests in Joint operations	Note 32 Interests in Joint operations The Group has interests in joint operations, which are engaged in the exploration of hydrocarbons in Colombia, Ecuador, Brazil, Chile and Argentina. GeoPark is the operator in the Llanos 34, Llanos 86, Llanos 87, Llanos 104, Llanos 123, Llanos 124, Mecaya, PUT-8, PUT-9, PUT-36, Tacacho and Terecay Blocks in Colombia, in the Espejo Block in Ecuador, in the POT-T-785 Block in Brazil, and in the Flamenco, Campanario and Isla Norte Blocks in Chile. ​ The following amounts represent the Group’s share in the assets, liabilities and results of the joint operations which have been recognized in the Consolidated Statement of Financial Position and Statement of Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary / ​ ​ Other Total Total Net Assets/ ​ Operating Joint operation ​ Interest ​ PP&E ​ Assets ​ Assets ​ Liabilities ​ (Liabilities) ​ Revenue ​ profit (loss) 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GeoPark Colombia S.A.S. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Llanos 34 Block ​ 45 % 354,361 ​ 5,079 ​ 359,440 ​ (7,641) ​ 351,799 ​ 464,146 ​ 295,556 Llanos 32 Block ​ 12.5 % 2,493 ​ — ​ 2,493 ​ (655) ​ 1,838 ​ 7,811 ​ 5,661 Llanos 86 Block ​ 50 % 5,532 ​ 227 ​ 5,759 ​ — ​ 5,759 ​ — ​ (187) Llanos 87 Block ​ 50 % 16,621 ​ 650 ​ 17,271 ​ (1,211) ​ 16,060 ​ 1,527 ​ (17,722) Llanos 94 Block ​ 50 % — ​ — ​ — ​ (336) ​ (336) ​ — ​ (1,044) Llanos 104 Block ​ 50 % 5,536 ​ 320 ​ 5,856 ​ — ​ 5,856 ​ — ​ (186) Llanos 123 Block ​ 50 % 16,292 ​ 1,035 ​ 17,327 ​ (520) ​ 16,807 ​ 8,648 ​ 4,006 Llanos 124 Block ​ 50 % — ​ 170 ​ 170 ​ (166) ​ 4 ​ — ​ (7,496) CPO-5 Block ​ 30 % 182,484 ​ — ​ 182,484 ​ (1,540) ​ 180,944 ​ 148,594 ​ 50,032 CPO-4-1 Block ​ 50 % 102 ​ 7 ​ 109 ​ — ​ 109 ​ — ​ (96) Amerisur Exploración Colombia Limitada Sucursal Colombia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mecaya Block ​ 50 % 3,948 ​ 51 ​ 3,999 ​ (40) ​ 3,959 ​ — ​ (66) PUT-8 Block ​ 50 % 9,118 ​ 306 ​ 9,424 ​ — ​ 9,424 ​ — ​ (8) PUT-9 Block ​ 50 % 4,454 ​ 68 ​ 4,522 ​ — ​ 4,522 ​ — ​ (66) PUT-36 Block ​ 50 % 2,950 ​ 50 ​ 3,000 ​ — ​ 3,000 ​ — ​ (2) Tacacho Block ​ 50 % — ​ 103 ​ 103 ​ — ​ 103 ​ — ​ (8) Terecay Block ​ 50 % — ​ 36 ​ 36 ​ — ​ 36 ​ — ​ (8) GeoPark Ecuador S.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Espejo ​ 50 % 10,072 ​ 213 ​ 10,285 ​ (467) ​ 9,818 ​ 1,450 ​ (1,897) Perico ​ 50 % 22,231 ​ — ​ 22,231 ​ (889) ​ 21,342 ​ 17,647 ​ 258 GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Manati Field ​ 10 % 5,233 ​ 17,546 ​ 22,779 ​ (12,788) ​ 9,991 ​ 14,019 ​ 4,955 POT-T‑785 ​ 70 % 160 ​ — ​ 160 ​ — ​ 160 ​ — ​ — GeoPark TdF S.p.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Flamenco Block ​ 50 % — ​ — ​ — ​ (1,336) ​ (1,336) ​ — ​ (178) Campanario Block ​ 50 % — ​ — ​ — ​ (5,438) ​ (5,438) ​ — ​ (5,113) Isla Norte Block ​ 60 % — ​ — ​ — ​ (1,018) ​ (1,018) ​ — ​ (1,000) GeoPark Argentina S.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Los Parlamentos Block ​ 50 % — ​ — ​ — ​ — ​ — ​ — ​ (7,086) Puelen Block ​ 18 % — ​ 2 ​ 2 ​ (60) ​ (58) ​ — ​ (51) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary / ​ ​ Other Total Total Net Assets/ ​ Operating Joint operation ​ Interest ​ PP&E ​ Assets ​ Assets ​ Liabilities ​ (Liabilities) ​ Revenue ​ profit (loss) 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GeoPark Colombia S.A.S. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Llanos 34 Block ​ 45 % 295,639 ​ 2,284 ​ 297,923 ​ (2,104) ​ 295,819 ​ 721,326 ​ 402,425 Llanos 32 Block ​ 12.5 % 2,324 ​ — ​ 2,324 ​ (371) ​ 1,953 ​ 9,791 ​ 7,066 Llanos 86 Block ​ 50 % 970 ​ — ​ 970 ​ — ​ 970 ​ — ​ (60) Llanos 87 Block ​ 50 % 15,038 ​ — ​ 15,038 ​ (41) ​ 14,997 ​ — ​ (390) Llanos 94 Block ​ 50 % 576 ​ — ​ 576 ​ (233) ​ 343 ​ — ​ (5,632) Llanos 104 Block ​ 50 % 1,001 ​ — ​ 1,001 ​ — ​ 1,001 ​ — ​ (60) Llanos 123 Block ​ 50 % 1,172 ​ — ​ 1,172 ​ — ​ 1,172 ​ — ​ (60) Llanos 124 Block ​ 50 % 1,207 ​ — ​ 1,207 ​ — ​ 1,207 ​ — ​ (60) CPO-5 Block ​ 30 % 199,748 ​ — ​ 199,748 ​ (344) ​ 199,404 ​ 184,160 ​ 69,422 CPO-4-1 Block ​ 50 % 102 ​ — ​ 102 ​ — ​ 102 ​ — ​ — Amerisur Exploración Colombia Limitada Sucursal Colombia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mecaya Block ​ 50 % 3,908 ​ — ​ 3,908 ​ (17) ​ 3,891 ​ — ​ (62) PUT-8 Block ​ 50 % 7,927 ​ — ​ 7,927 ​ — ​ 7,927 ​ — ​ (61) PUT-9 Block ​ 50 % 4,420 ​ — ​ 4,420 ​ — ​ 4,420 ​ — ​ (62) PUT-36 Block ​ 50 % 2,931 ​ — ​ 2,931 ​ — ​ 2,931 ​ — ​ (60) Tacacho Block ​ 50 % — ​ — ​ — ​ — ​ — ​ — ​ (3,699) Terecay Block ​ 50 % — ​ — ​ — ​ — ​ — ​ — ​ (300) GeoPark Ecuador S.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Espejo ​ 50 % 10,727 ​ 593 ​ 11,320 ​ (5,406) ​ 5,914 ​ — ​ (5,151) Perico ​ 50 % 15,195 ​ 8,506 ​ 23,701 ​ (5,315) ​ 18,386 ​ 10,671 ​ 4,533 GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Manati Field ​ 10 % 5,665 ​ 18,537 ​ 24,202 ​ (12,602) ​ 11,600 ​ 19,873 ​ 11,240 POT-T‑785 ​ 70 % 168 ​ — ​ 168 ​ — ​ 168 ​ — ​ — GeoPark TdF S.p.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Flamenco Block ​ 50 % — ​ — ​ — ​ (1,314) ​ (1,314) ​ — ​ (261) Campanario Block ​ 50 % — ​ — ​ — ​ (422) ​ (422) ​ — ​ (115) Isla Norte Block ​ 60 % — ​ — ​ — ​ (160) ​ (160) ​ — ​ (131) GeoPark Argentina S.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CN-V Block ​ 50 % — ​ — ​ — ​ (14) ​ (14) ​ — ​ (131) Los Parlamentos Block ​ 50 % — ​ — ​ — ​ (93) ​ (93) ​ — ​ (176) Puelen Block ​ 18 % — ​ 10 ​ 10 ​ (105) ​ (95) ​ — ​ (69) Sierra del Nevado Block ​ 18 % — ​ 1 ​ 1 ​ (4) ​ (3) ​ — ​ (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary / ​ ​ Other Total Total Net Assets/ ​ Operating Joint operation ​ Interest ​ PP&E ​ Assets ​ Assets ​ Liabilities ​ (Liabilities) ​ Revenue ​ profit (loss) 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GeoPark Colombia S.A.S. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Llanos 34 Block ​ 45 % 260,589 ​ 1,866 ​ 262,455 ​ (5,573) ​ 256,882 ​ 486,779 ​ 341,473 Llanos 32 Block ​ 12.5 % 2,730 ​ — ​ 2,730 ​ (197) ​ 2,533 ​ 7,690 ​ 5,378 Llanos 86 Block ​ 50 % 408 ​ — ​ 408 ​ — ​ 408 ​ — ​ (60) Llanos 87 Block ​ 50 % 1,220 ​ — ​ 1,220 ​ — ​ 1,220 ​ — ​ (60) Llanos 94 Block ​ 50 % 1,489 ​ — ​ 1,489 ​ (270) ​ 1,219 ​ — ​ (171) Llanos 104 Block ​ 50 % 434 ​ — ​ 434 ​ — ​ 434 ​ — ​ (60) Llanos 123 Block ​ 50 % 907 ​ — ​ 907 ​ — ​ 907 ​ — ​ (60) Llanos 124 Block ​ 50 % 841 ​ — ​ 841 ​ — ​ 841 ​ — ​ (60) CPO-5 Block ​ 30 % 210,154 ​ — ​ 210,154 ​ (929) ​ 209,225 ​ 88,479 ​ 55,131 Amerisur Exploración Colombia Limitada Sucursal Colombia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mecaya Block ​ 50 % 3,837 ​ — ​ 3,837 ​ (84) ​ 3,753 ​ — ​ — PUT-8 Block ​ 50 % 7,070 ​ — ​ 7,070 ​ — ​ 7,070 ​ — ​ — PUT-9 Block ​ 50 % 4,342 ​ — ​ 4,342 ​ — ​ 4,342 ​ — ​ — PUT-36 Block ​ 50 % 2,870 ​ — ​ 2,870 ​ — ​ 2,870 ​ — ​ — Tacacho Block ​ 50 % 3,629 ​ — ​ 3,629 ​ — ​ 3,629 ​ — ​ — Terecay Block ​ 50 % 226 ​ — ​ 226 ​ — ​ 226 ​ — ​ — GeoPark Perú S.A.C. - Sucursal Ecuador ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Espejo ​ 50 % 1,132 ​ 78 ​ 1,210 ​ (610) ​ 600 ​ — ​ (589) Perico ​ 50 % 4,658 ​ 1,449 ​ 6,107 ​ (4,535) ​ 1,572 ​ — ​ (669) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Manati Field ​ 10 % 6,851 ​ 18,269 ​ 25,120 ​ (13,657) ​ 11,463 ​ 20,109 ​ 9,899 POT-T‑785 ​ 70 % 157 ​ — ​ 157 ​ — ​ 157 ​ — ​ — GeoPark TdF S.p.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Flamenco Block ​ 50 % — ​ — ​ — ​ (2,082) ​ (2,082) ​ — ​ (137) Campanario Block ​ 50 % — ​ — ​ — ​ (551) ​ (551) ​ — ​ (106) Isla Norte Block ​ 60 % — ​ — ​ — ​ (138) ​ (138) ​ — ​ (122) GeoPark Argentina S.A.U. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CN-V Block ​ 50 % — ​ 149 ​ 149 ​ (528) ​ (379) ​ — ​ (839) Los Parlamentos Block ​ 50 % — ​ — ​ — ​ — ​ — ​ — ​ (285) Puelen Block ​ 18 % — ​ 12 ​ 12 ​ (18) ​ (6) ​ — ​ (55) Sierra del Nevado Block ​ 18 % — ​ 1 ​ 1 ​ (5) ​ (4) ​ — ​ (10) ​ Capital commitments are disclosed in Note 33.2.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2023
Disclosure Of Commitments [Abstract]
Commitments	Note 33 Commitments 33.1 Royalty and economic rights commitments 33.1.1 Royalty In Colombia, royalties on production are payable to the Colombian Government and are determined on a field-by-field basis using the level of production sliding scale detailed below: ​ ​ ​ ​ Average daily production in barrels Production Royalty rate Up to 5,000 ​ 8% 5,000 to 125,000 ​ 8% + (production - 5,000) * 0.1 125,000 to 400,000 ​ 20% 400,000 to 600,000 ​ 20% + (production - 400,000) * 0.025 Greater than 600,000 ​ 25% ​ The production royalty rate depends on the crude quality. When the API is lower than 15°, the payment is reduced to the 75% of the total calculation. ​ In Brazil, the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) is responsible for determining monthly minimum prices for petroleum produced in concessions for purposes of royalties payable with respect to production. Royalties generally correspond to a percentage ranging between 5% and 10% applied to reference prices for oil or natural gas, as established in the relevant bidding guidelines (edital de licitação) and concession agreement. In determining the percentage of royalties applicable to a concession, the ANP takes into consideration, among other factors, the geological risks involved and the production levels expected. In the Manati Block, royalties are calculated at 7.5% of gas production. In Chile, royalties are payable to the Chilean Government. In the Fell Block, royalties were calculated at 5% of crude oil production sold and 3% of gas production sold. In the Flamenco Block, Campanario Block and Isla Norte Block, royalties were calculated at 5% of oil and gas production sold. 33.1.2 Overriding royalty GeoPark is obligated to pay an overriding royalty of 4% and 2.5%, respectively, to the previous owners of the Llanos 34 and CPO-5 Blocks, based on the production and sale of hydrocarbons discovered in the blocks. During 2023, the Group has accrued US$ 27,453,000 (US$ 34,032,000 in 2022 and US$ 22,562,000 in 2021) in relation with these overriding royalty agreements. Furthermore, there are overriding royalty agreements in place from 1.2% to 8.5% of the net production in the Coati, Mecaya, PUT-8, PUT-9, Tacacho and Terecay Blocks. Since they are exploratory blocks with no production during 2023, these agreements had no impact on the Group’s results. 33.1.3 Economic rights According to each E&P Contract, the Colombian National Hydrocarbons Agency (“ANH”) has an economic right, offered by the operator at the moment of the ANH bid. This economic right, which is based on the production of the block after royalty discount, is equal to 1% in the Llanos 32, Llanos 34 and Llanos 123 Blocks, 3% in the Llanos 87 Block, 23% in the CPO-5 Block and 0% in the Platanillo Block. When the accumulated production of each field, including the royalties’ volume, exceeds 5,000,000 of barrels and the WTI price exceeds certain price level previously determined, the Group should also deliver to ANH a share of the production net of royalties in accordance with a formula defined in each E&P Contract, which basically depends on the WTI price and the crude quality. 33.2 Capital commitments During 2023, the Group incurred investments of US$ 54,640,000 to fulfil its commitments, at GeoPark’s working interest. ​ 33.2.1 Colombia The future investment commitments assumed by GeoPark, at its working interest, are up to: ​ ● Llanos 32 Block: 5 exploratory wells before February 20, 2022. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments in the block have already been incurred and the ANH approval is pending. ​ ● Llanos 86 Block: 3D seismic and 1 exploratory well (US$ 9,849,000 ) before June 19, 2026. ​ ● Llanos 87 Block: 3D seismic reprocessing, aerogeophysic and 4 exploratory wells (US$ 13,663,000 ) before May 14, 2023. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments in the block have already been incurred and the ANH approval is pending. ​ ● Llanos 94 Block: 1 exploratory well (US$ 3,467,000 ) before October 1, 2025. As of the date of these Consolidated Financial Statements, GeoPark agreed to transfer its 50% working interest to its joint operation partner and thus GeoPark will no longer be liable for this capital commitment in the block. ​ ​ ● Llanos 104 Block: 3D seismic and 1 exploratory well (US$ 8,752,000 ) before June 19, 2026. ​ ● Llanos 123 Block: 3D seismic reprocessing, geochemistry and 2 exploratory wells (US$ 7,130,000 ) before January 14, 2024. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments in the block have already been incurred and the ANH approval is pending. ​ ● Llanos 124 Block: 3D seismic acquisition and reprocessing, geochemistry and 3 exploratory wells (US$ 10,422,000 ) before January 14, 2024. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments in the block have already been incurred or transferred to another block, and the ANH approval is pending. ​ ● CPO-4-1 Block: 1 exploratory well (US$ 2,922,000 ) before September 19, 2025. ​ ● CPO-5 Block: 3D seismic acquisition, processing and interpretation and 1 exploratory well (US$ 2,794,000 ) before May 18, 2027. Pursuant to a private agreement with the joint operation partner, the investment commitment assumed by GeoPark amounts to US$ 9,313,000 . As of the date of these Consolidated Financial Statements, the exploratory well has already been drilled and the ANH approval is pending. ​ ● Coati Block: 3D seismic and 2D seismic acquisition (US$ 4,500,000 ). The evaluation area is currently suspended. On November 3, 2022, GeoPark submitted to the ANH a request to withdraw from the exploration period of the Coati E&P contract and transfer the pending commitments to other E&P contracts. As of the date of these Consolidated Financial Statements, GeoPark completed the transfer of the pending commitments in the block and the ANH approval is pending. ​ ● Mecaya Block: 3D seismic or 1 exploratory well (US$ 2,000,000 ). The exploratory period is currently suspended. Pursuant to a private agreement with the joint operation partner, the investment commitment to be incurred by GeoPark amounts to US$ 600,000 . ​ ● PUT-8 Block: 3D seismic acquisition and reprocessing and 3 exploratory wells (US$ 13,107,000 ) before June 14, 2024. Part of the 3D seismic committed in the block has already been acquired during 2020 and 2021. On October 25, 2022, GeoPark submitted to the ANH a request to transfer the investment commitment related to the pending 3D seismic to the Platanillo Block. As of the date of these Consolidated Financial Statements, such investment has been fulfilled and the ANH approval is pending. ​ ● PUT-9 Block: 3D seismic acquisition and 2 exploratory wells (US$ 10,550,000 ). GeoPark has signed a private agreement with the joint operation partner resulting in the total investment commitment to be incurred by GeoPark amounting to US$ 4,365,000 . The exploratory period is currently suspended. ​ ● PUT-14 Block: 2D seismic acquisition and 1 exploratory well (US$ 16,122,000 ). On March 10, 2022, GeoPark submitted to the ANH a request to withdraw from the PUT-14 E&P contract and transfer the pending commitments to the Platanillo and CPO-5 Blocks. As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments have already been incurred and the ANH approval is pending. ​ ● The PUT-36 Block is in a preliminary phase that is suspended as of the date of these Consolidated Financial Statements. During this preliminary phase, GeoPark must request from the Ministry of Interior a certificate that indicates presence or no presence of indigenous communities and develop previous consultation, if applicable. Only when this process has been completed and the corresponding regulatory approvals have been obtained, the blocks will enter into phase 1, where the exploratory commitments are mandatory. The investment commitments for the block over three-years term of phase 1 would be 3D seismic acquisition and 2 exploratory wells (US$ 11,742,000 ). ​ ● Tacacho Block: 2D seismic acquisition, processing and interpretation (US$ 4,080,000 ). GeoPark has signed a private agreement with the joint operation partner resulting in the total investment commitment to be incurred by GeoPark amounting to US$ 1,224,000 . The exploratory period is currently suspended. On September 21, 2022, GeoPark submitted to the ANH a request for termination of the E&P contract. As of the date of these Consolidated Financial Statements, the request is under review by the ANH. ​ ● Terecay Block: 2D seismic acquisition, processing and interpretation (US$ 4,046,000 ). GeoPark has signed a private agreement with the joint operation partner resulting in the total investment commitment to be incurred by GeoPark amounting to US$ 2,856,000 . The exploratory period is currently suspended. On September 21, 2022, GeoPark submitted to the ANH a request for termination of the E&P contract. As of the date of these Consolidated Financial Statements, the request is under review by the ANH. ​ 33.2.2 Ecuador The investment commitments assumed by GeoPark, at its 50% working interest, in the Espejo and Perico Blocks during the first exploratory period are up to: ​ ● Espejo Block: 3D seismic and 4 exploratory wells before June 17, 2025 (US$ 20,912,000 ). As of the date of these Consolidated Financial Statements, GeoPark has already performed the 3D seismic and drilled two of the four committed exploratory wells. ​ ● Perico Block: 4 exploratory wells before June 16, 2025 (US$ 18,084,000 ). As of the date of these Consolidated Financial Statements, the total investments needed to fulfill the commitments in the block have already been incurred. ​ 33.2.3 Brazil The future investment commitments assumed by GeoPark are up to: ​ ● POT-T-785 Block: 3D seismic and electromagnetic survey before April 29, 2025 (US$ 72,000 ). ​ ● REC-T-58 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 151,000 ). ​ ● REC-T-67 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 151,000 ). ​ ● REC-T-77 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 151,000 ). ​ ● POT-T-834 Block: 3D seismic and electromagnetic survey before February 14, 2025 (US$ 151,000 ). ​ 33.2.4 Chile The remaining investment commitments to be assumed 100% by GeoPark for the second exploratory phase in the Campanario and Isla Norte Blocks are up to: ​ ● Campanario Block: 2 exploratory wells before April 25, 2024 (US$ 5,002,000 ). ​ ● Isla Norte Block: 1 exploratory well before February 19, 2024 (US$ 867,000 ). ​ As of December 31, 2023, the Group has established guarantees for its total commitments. As part of the divesting process detailed in Note 36.1, GeoPark remains responsible for these outstanding investment commitments and consequently recognized a corresponding liability as of December 31, 2023.

Related parties

Related parties	12 Months Ended
	Dec. 31, 2023
Disclosure Of Related Parties [Abstract]
Related parties	Note 34 Related parties Controlling interest The main shareholders of GeoPark Limited as of December 31, 2023, based solely on Schedules 13D and 13G filed with the SEC, are: ​ ​ ​ ​ ​ ​ ​ ​ Common Percentage of outstanding Shareholder ​ shares ​ common shares James F. Park (a) ​ 8,817,251 ​ 15.94 % Gerald E. O’Shaughnessy (b) ​ 3,673,392 ​ 6.64 % Compass Group LLC (c) ​ 3,312,589 ​ 5.99 % Renaissance Technologies LLC (d) ​ 3,091,863 ​ 5.59 % Socoservin Overseas SPF S.à.r.l. ​ 2,889,315 ​ 5.22 % Cobas Asset Management, SGIIC, SA (f) ​ 2,808,406 ​ 5.08 % Other shareholders ​ 30,734,704 ​ 55.54 % ​ ​ 55,327,520 ​ 100.00 % (a) Held by James F. Park directly and indirectly through GoodRock, LLC, which is controlled by Mr. Park. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. Park’s most recent Schedule 13G filed with the SEC on February 14, 2024. 352,400 of Mr. Park’s shares have been pledged pursuant to lending arrangements. (b) Held by Mr. O’Shaughnessy directly and indirectly through GP Investments LLP; GPK Holdings, LLC; The Globe Resources Group, Inc.; and other investment vehicles. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. O’Shaughnessy most recent Schedule 13D filed with the SEC on February 2, 2024. 3,435,000 of Mr. O’Shaughnessy ’s shares have been pledged pursuant to lending arrangements. (c) The information set forth above and listed in the table is based solely on the disclosure set forth in Compass Group LLC’s most recent Schedule 13G filed with the SEC on February 14, 2024. (d) The information set forth above and listed in the table is based solely on the disclosure set forth in Renaissance’s most recent Schedule 13G filed with the SEC on February 13, 2024. (e) The information set forth above and listed in the table is based solely on the disclosure set forth in Socoservin Overseas’ most recent Schedule 13G filed with the SEC on July 25, 2023. (f) The information set forth above and listed in the table is based solely on the disclosure set forth in Cobas Asset Management’s most recent Schedule 13G filed with the SEC on February 12, 2024. ​ Balances outstanding and transactions with related parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances ​ ​ ​ ​ Transaction ​ at year ​ ​ ​ ​ Account (Amounts in US$´000) ​ in the year ​ end ​ Related Party ​ Relationship 2023 ​ ​ ​ ​ ​ ​ ​ ​ To be recovered from co-venturers ​ — ​ 8,630 ​ Joint Operations ​ Joint Operations To be paid to co-venturers ​ — ​ (522) ​ Joint Operations ​ Joint Operations 2022 ​ ​ ​ ​ ​ ​ ​ ​ To be recovered from co-venturers ​ — ​ 8,750 ​ Joint Operations ​ Joint Operations To be paid to co-venturers ​ — ​ (2,815) ​ Joint Operations ​ Joint Operations Geological and geophysical expenses ​ 160 ​ — ​ Carlos Gulisano ​ Former Non-Executive Director (a) Administrative expenses ​ 492 ​ — ​ Pedro E. Aylwin ​ Former Executive Director (b) 2021 ​ ​ ​ ​ ​ ​ ​ ​ To be recovered from co-venturers ​ — ​ 4,680 ​ Joint Operations ​ Joint Operations To be paid to co-venturers ​ — ​ (953) ​ Joint Operations ​ Joint Operations Geological and geophysical expenses ​ 160 ​ — ​ Carlos Gulisano ​ Former Non-Executive Director (a) Administrative expenses ​ 656 ​ — ​ Pedro E. Aylwin ​ Former Executive Director (b) (a) Corresponding to consultancy services. Carlos Gulisano acted as a Director of the Company until July 2022. (b) Corresponding to wages and salaries acting as Director of Legal and Governance. In 2022, also includes consultancy services. In addition, Aylwin, Mendoza, Luksic & Valencia Law firm, where Pedro Aylwin is a partner and has a participation through Asesorías e Inversiones A&P Ltda, provided general legal services to all the Chilean entities, in Chilean corporate, labor, environmental, regulatory, and commercial laws. There have been no other transactions with the Board of Directors, Executive officers, significant shareholders or other related parties during the year besides the intercompany transactions which have been eliminated in the Consolidated Financial Statements, the normal remuneration of Board of Directors and other benefits informed in Note 11.

Auditors Fees

Auditors Fees	12 Months Ended
	Dec. 31, 2023
Auditors Fees
Auditors Fees	Note 35 Auditors Fees ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 2021 Audit fees ​ 977 ​ 946 ​ 1,088 Audit related fees ​ 34 ​ 24 ​ — Tax services fees ​ 3 ​ 27 ​ 47 Total Auditors Fees ​ 1,014 ​ 997 ​ 1,135 ​ Fees are shown net of VAT and other associated tax charges. On October 17, 2023, Ernst & Young Audit S.A.S. (“EY Colombia”), member of Ernst & Young Global Limited, was appointed as the Group’s external auditor, effective for the consolidated audit for the year ended December 31, 2023, succeeding Pistrelli, Henry Martin y Asociados S.R.L. (“EY Argentina”), also member of Ernst & Young Global Limited, that served as the Group’s external auditor from 2020 to 2023.

Business transactions

Business transactions	12 Months Ended
	Dec. 31, 2023
Business transactions
Business transactions	Note 36 Business transactions 36.1 Chile On December 20, 2023, GeoPark signed a Stock Purchase Agreement to sell its wholly owned subsidiary GeoPark Chile S.p.A. and its subsidiaries, GeoPark Fell S.p.A., GeoPark TdF S.p.A. and GeoPark Magallanes Limitada, which comprise the entire business of GeoPark in Chile, for a total consideration of US$ 4,000,000, subject to working capital adjustments. At that date, GeoPark collected an advanced payment of US$ 450,000. As part of the agreement, GeoPark remains responsible for the outstanding investment commitments in the Campanario and Isla Norte Blocks for US$ 5,002,000 and US$ 867,100, respectively. Consequently, as of December 31, 2023, GeoPark recognized a liability for the full amount of those commitments. Additionally, GeoPark keeps the private right over unconventional activities that would be carried out in the Fell Block and 95% of the revenue derived from such activities over the current operating contract. The divestment transaction closed on January 18, 2024, and consequently GeoPark received an additional payment of US$ 2,792,000, plus a preliminary working capital adjustment of US$ 486,000. The remaining outstanding amount of US$ 758,000 was agreed to be received in 23 monthly equal installments. As of December 31, 2023, the amount of Property, plant and equipment and Right-of-use assets corresponding to the abovementioned subsidiaries and the liabilities associated with them have been classified as held for sale for US$ 28,419,000 and US$ 26,948,000, respectively. Immediately before the classification as held for sale, the recoverable amount of the net assets was estimated and an impairment loss of US$ 13,332,000 was recognized in the Consolidated Statement of Income. In addition, the deferred income tax asset was written down for US$ 2,533,000 as it was assessed as non-recoverable due to the transaction. The restructuring and other costs incurred because of the divestment process for US$ 3,873,000 were recognized within the ‘Other (expenses) income’ line item in the Consolidated Statement of Income. 36.2 Los Parlamentos Block (Argentina) On October 27, 2023, GeoPark agreed to transfer its 50% working interest in the Los Parlamentos Block in Argentina to its joint operation partner and thus, once formally approved by local authorities, GeoPark will no longer be liable to remaining capital commitments or other legal obligations resulting from its participation in the block. As a result of this transaction, GeoPark incurred in a net loss of US$ 2,939,000 in the Consolidated Statement of Income, which is composed by a loss of US$ 7,023,000 within the ‘Other (expenses) income’ line item due to the payment to the joint operation partner, net of a gain of US$ 4,084,000 within the ‘Foreign exchange (loss) gain’ line item due to transactions with U.S. dollar-denominated Argentine securities contributed to the local subsidiary when transferred and disposed in Argentina. 36.3 Aguada Baguales, El Porvenir and Puesto Touquet Blocks (Argentina) In August 2021, the Company’s Board of Directors approved the decision to evaluate farm-out or divestment opportunities to sell its 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, GeoPark signed a sale and purchase and assignment agreement for a total consideration of US$ 16,000,000, subject to working capital adjustment. At that moment, GeoPark collected an advance payment of US$ 1,600,000. The divestment transaction closed on January 31, 2022, after the corresponding regulatory approvals were granted and GeoPark received the remaining outstanding payment from the purchaser. In April 2022, GeoPark paid a working capital adjustment amounting to US$ 370,000. As a consequence of this transaction, GeoPark recognized a gain of US$ 3,983,000 within the ‘Other (expenses) income’ line item. As of December 31, 2021, the amount of Property, plant and equipment related to the blocks and the liabilities associated with them had been classified as held for sale. Immediately before the classification as held for sale, the recoverable amount of the blocks was estimated and an impairment reversal of US$ 13,307,000 was recognized in the Consolidated Statement of Income. The reversal was limited so that the carrying amount of the blocks does not exceed the lower of its recoverable amount, or the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the blocks in prior years (see Note 37). ​ ​ 36.4 REC-T-128 Block (Brazil) In 2021, GeoPark performed a farm-out transaction to sell its 70% interest in the REC-T-128 Block in Brazil. The total consideration was US$ 1,100,000, which was collected at closing in 2021, plus a contingent payment of up to US$ 710,000, subject to international oil price and field production performance. On August 1, 2022, GeoPark collected the contingent payment of US$ 710,000.

Impairment test on Property, pl

Impairment test on Property, plant and equipment	12 Months Ended
	Dec. 31, 2023
Impairment test on Property, plant and equipment
Impairment test on Property, plant and equipment	Note 37 Impairment test on Property, plant and equipment The management of the Group considers as cash-generating unit (“CGU”) each of the blocks or group of blocks in which the Group has working or economic interests. The blocks with no material investment on property, plant and equipment or with operations that are not linked to oil and gas prices were not subject to the impairment test. As of December 31, 2023, the Chilean business divestment transaction described in Note 36.1 was considered to be an impairment indicator for the Fell Block, as the carrying amount of the net assets related to the block exceeded their fair value less cost of disposal. Consequently, the net assets related to the Fell Block were impaired to their known selling price. Additionally, Management assessed impairment indicators for each of the other CGUs, such as future Brent oil prices based on internal estimates and other available sources, the amounts of reserves certified by D&M, changes in market and tax conditions, between others, and concluded that there were no impairment indicators at year-end. As a consequence of the evaluation, the following amounts of impairment loss were (recognized) reversed: ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 2021 Chile (a) ​ (13,332) ​ — ​ (17,641) Argentina (b) ​ — ​ — ​ 13,307 ​ ​ (13,332) ​ — ​ (4,334) (a) Recognition of impairment loss in the Fell Block due to the known selling price of the related net assets in the context of the transaction described in Note 36.1 in 2023, and due to the decline in the proved reserves estimation in 2021. ​ (b) Reversal of impairment loss in the Aguada Baguales and El Porvenir Blocks due to the known market price of the blocks in the context of the transaction described in Note 36.3 .

Supplemental information on oil

Supplemental information on oil and gas activities	12 Months Ended
	Dec. 31, 2023
Supplemental information on oil and gas activities
Supplemental information on oil and gas activities	Note 38 Supplemental information on oil and gas activities (unaudited) The following information is presented in accordance with ASC No. 932 “Extractive Activities- Oil and Gas”, as amended by ASU 2010 - 03 “Oil and Gas Reserves. Estimation and Disclosures”, issued by FASB in January 2010 in order to align the current estimation and disclosure requirements with the requirements set in the SEC final rules and interpretations, published on December 31, 2008. This information includes the Group’s oil and gas production activities carried out in each country. Table 1 - Costs incurred in exploration, property acquisitions and development The following table presents those costs capitalized as well as expensed that were incurred during each of the years ended December 31, 2023, 2022 and 2021. The acquisition of properties includes the cost of acquisition of proved or unproved oil and gas properties. Exploration costs include geological and geophysical costs, costs necessary for retaining undeveloped properties, drilling costs and exploratory wells equipment. Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition of properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved ​ — ​ — ​ — ​ — ​ — ​ — Unproved ​ — ​ — ​ — ​ — ​ — ​ — Total property acquisition ​ — ​ — ​ — ​ — ​ — ​ — Exploration ​ 66,953 ​ 13,331 ​ 107 ​ 56 ​ 1,481 ​ 81,928 Development (a) ​ 125,997 ​ 372 ​ 255 ​ (564) ​ — ​ 126,060 Total costs incurred ​ 192,950 ​ 13,703 ​ 362 ​ (508) ​ 1,481 ​ 207,988 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition of properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved ​ — ​ — ​ — ​ — ​ — ​ — Unproved ​ — ​ — ​ — ​ — ​ — ​ — Total property acquisition ​ — ​ — ​ — ​ — ​ — ​ — Exploration ​ 48,771 ​ 26,521 ​ — ​ 116 ​ 779 ​ 76,187 Development (a) ​ 89,231 ​ 648 ​ (212) ​ 9,952 ​ — ​ 99,619 Total costs incurred ​ 138,002 ​ 27,169 ​ (212) ​ 10,068 ​ 779 ​ 175,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 ​ Colombia Brazil Chile Argentina Total Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition of properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved ​ ​ ​ — ​ — ​ — ​ — ​ — Unproved ​ ​ ​ — ​ — ​ — ​ — ​ — Total property acquisition ​ ​ ​ — ​ — ​ — ​ — ​ — Exploration ​ ​ ​ 40,828 ​ 3 ​ 3,940 ​ 998 ​ 45,769 Development (a) ​ ​ ​ 81,310 ​ (2,212) ​ 1,900 ​ 2 ​ 81,000 Total costs incurred ​ ​ ​ 122,138 ​ (2,209) ​ 5,840 ​ 1,000 ​ 126,769 (a) Includes the effect of change in estimate of assets retirement obligations. ​ Table 2 - Capitalized costs related to oil and gas producing activities ​ The following table presents the capitalized costs as of December 31, 2023, 2022 and 2021, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile (b) Total As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved properties (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, camps and other facilities ​ 165,666 ​ — ​ 4,121 ​ 74,491 ​ 244,278 Mineral interest and wells ​ 841,063 ​ 31,149 ​ 48,448 ​ 330,024 ​ 1,250,684 Other uncompleted projects ​ 15,770 ​ — ​ 11 ​ — ​ 15,781 Unproved properties ​ 69,823 ​ 10,426 ​ 330 ​ — ​ 80,579 Gross capitalized costs ​ 1,092,322 ​ 41,575 ​ 52,910 ​ 404,515 ​ 1,591,322 Accumulated depreciation ​ (447,716) ​ (8,522) ​ (47,388) ​ (379,448) ​ (883,074) Total net capitalized costs ​ 644,606 ​ 33,053 ​ 5,522 ​ 25,067 ​ 708,248 (a) Includes capitalized amounts related to asset retirement obligations and impairment loss recognized in Chile for US$ 13,332,000 . (b) Classified as ‘Assets held for sale’ as of December 31, 2023, due to the divestment process closed in January 2024. See Note 36.1. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Total As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved properties (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, camps and other facilities ​ 144,672 ​ — ​ 3,565 ​ 74,490 ​ 222,727 Mineral interest and wells ​ 672,424 ​ 18,191 ​ 44,716 ​ 343,926 ​ 1,079,257 Other uncompleted projects ​ 16,099 ​ — ​ 268 ​ 113 ​ 16,480 Unproved properties ​ 102,760 ​ 9,991 ​ 290 ​ — ​ 113,041 Gross capitalized costs ​ 935,955 ​ 28,182 ​ 48,839 ​ 418,529 ​ 1,431,505 Accumulated depreciation ​ (354,981) ​ (2,316) ​ (42,885) ​ (371,171) ​ (771,353) Total net capitalized costs ​ 580,974 ​ 25,866 ​ 5,954 ​ 47,358 ​ 660,152 (a) Includes capitalized amounts related to asset retirement obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Brazil Chile Argentina Total As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved properties (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, camps and other facilities ​ 125,078 ​ 3,333 ​ 72,766 ​ — ​ 201,177 Mineral interest and wells ​ 580,931 ​ 42,008 ​ 334,993 ​ — ​ 957,932 Other uncompleted projects ​ 26,136 ​ 250 ​ 818 ​ — ​ 27,204 Unproved properties (b) ​ 94,419 ​ 271 ​ — ​ — ​ 94,690 Gross capitalized costs ​ 826,564 ​ 45,862 ​ 408,577 ​ — ​ 1,281,003 Accumulated depreciation ​ (282,616) ​ (38,741) ​ (358,417) ​ — ​ (679,774) Total net capitalized costs ​ 543,948 ​ 7,121 ​ 50,160 ​ — ​ 601,229 (b) Includes capitalized amounts related to asset retirement obligations, impairment loss recognized in Chile for US$ 17,641,000 and impairment loss reversed in Argentina for US$ 13,307,000 . (a) Do not include Ecuador capitalized costs. ​ Table 3 - Results of operations for oil and gas producing activities The breakdown of results of the operations shown below summarizes revenues and expenses directly associated with oil and gas producing activities for the years ended December 31, 2023, 2022 and 2021. Income tax for the years presented was calculated utilizing the statutory tax rates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 702,401 ​ 19,097 ​ 14,019 ​ 15,644 ​ — ​ 751,161 Production costs, excluding depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ (121,012) ​ (10,242) ​ (3,850) ​ (7,678) ​ — ​ (142,782) Royalties and economic rights in cash ​ (83,233) ​ — ​ (1,096) ​ (548) ​ — ​ (84,877) Total production costs ​ (204,245) ​ (10,242) ​ (4,946) ​ (8,226) ​ — ​ (227,659) Exploration expenses ​ (36,395) ​ (309) ​ (90) ​ (56) ​ (1,481) ​ (38,331) Accretion expense (a) ​ (669) ​ (87) ​ (560) ​ (1,478) ​ — ​ (2,794) Impairment loss for non-financial assets ​ — ​ — ​ — ​ (13,332) ​ — ​ (13,332) Depreciation, depletion and amortization ​ (92,735) ​ (6,205) ​ (1,047) ​ (8,278) ​ — ​ (108,265) Results of operations before income tax ​ 368,357 ​ 2,254 ​ 7,376 ​ (15,726) ​ (1,481) ​ 360,780 Income tax expense ​ (165,761) ​ (564) ​ (2,508) ​ — ​ — ​ (168,833) Results of oil and gas operations ​ 202,596 ​ 1,690 ​ 4,868 ​ (15,726) ​ (1,481) ​ 191,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 978,423 ​ 10,671 ​ 19,873 ​ 29,196 ​ 1,962 ​ 1,040,125 Production costs, excluding depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ (78,323) ​ (3,220) ​ (3,753) ​ (12,961) ​ (1,306) ​ (99,563) Royalties and economic rights in cash ​ (249,303) ​ — ​ (1,546) ​ (1,165) ​ (273) ​ (252,287) Total production costs ​ (327,626) ​ (3,220) ​ (5,299) ​ (14,126) ​ (1,579) ​ (351,850) Exploration expenses ​ (28,424) ​ (4,768) ​ — ​ (116) ​ (779) ​ (34,087) Accretion expense (a) ​ (621) ​ — ​ (504) ​ (1,516) ​ — ​ (2,641) Depreciation, depletion and amortization ​ (72,386) ​ (2,315) ​ (1,509) ​ (12,754) ​ — ​ (88,964) Results of operations before income tax ​ 549,366 ​ 368 ​ 12,561 ​ 684 ​ (396) ​ 562,583 Income tax expense ​ (192,278) ​ (92) ​ (4,271) ​ (103) ​ — ​ (196,744) Results of oil and gas operations ​ 357,088 ​ 276 ​ 8,290 ​ 581 ​ (396) ​ 365,839 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 ​ Colombia Brazil Chile Argentina Total Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ 618,268 ​ 20,109 ​ 21,471 ​ 28,695 ​ 688,543 Production costs, excluding depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ ​ (72,043) ​ (2,954) ​ (10,280) ​ (14,490) ​ (99,767) Royalties and economic rights in cash ​ ​ ​ (106,341) ​ (1,642) ​ (770) ​ (4,270) ​ (113,023) Total production costs ​ ​ ​ (178,384) ​ (4,596) ​ (11,050) ​ (18,760) ​ (212,790) Exploration expenses ​ ​ ​ (11,276) ​ — ​ (4,509) ​ (998) ​ (16,783) Accretion expense (a) ​ ​ ​ (576) ​ (535) ​ (1,319) ​ (710) ​ (3,140) Impairment loss for non-financial assets ​ ​ ​ — ​ — ​ (17,641) ​ 13,307 ​ (4,334) Depreciation, depletion and amortization ​ ​ ​ (54,588) ​ (2,933) ​ (12,806) ​ (8,152) ​ (78,479) Results of operations before income tax ​ ​ ​ 373,444 ​ 12,045 ​ (25,854) ​ 13,382 ​ 373,017 Income tax (expense) benefit ​ ​ ​ (115,768) ​ (4,095) ​ 3,878 ​ (4,684) ​ (120,669) Results of oil and gas operations ​ ​ ​ 257,676 ​ 7,950 ​ (21,976) ​ 8,698 ​ 252,348 (a) Represents accretion of ARO and other environmental liabilities. ​ Table 4 - Reserve quantity information Estimated oil and gas reserves Proved reserves represent estimated quantities of oil (including crude oil and condensate) and natural gas, which available geological and engineering data demonstrates with reasonable certainty to be recoverable in the future from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods. The choice of method or combination of methods employed in the analysis of each reservoir was determined by the stage of development, quality and reliability of basic data, and production history. The Group believes that its estimates of remaining proved recoverable oil and gas reserve volumes are reasonable and such estimates have been prepared in accordance with the SEC Modernization of Oil and Gas Reporting rules, which were issued by the SEC at the end of 2008. The Group estimates its reserves at least once a year. The Group’s reserves estimation as of December 31, 2023, 2022, 2021 and 2020 was based on the DeGolyer and MacNaughton Reserves Report (the “D&M Reserves Report”). DeGolyer and MacNaughton Corp. prepared its proved oil and natural gas reserve estimates in accordance with Rule 4-10 of Regulation S–X, promulgated by the SEC, and in accordance with the oil and gas reserves disclosure provisions of ASC 932 of the FASB Accounting Standards Codification (ASC) relating to Extractive Activities - Oil and Gas (formerly SFAS no. 69 Disclosures about Oil and Gas Producing Activities). Reserves engineering is a subjective process of estimation of hydrocarbon accumulation, which cannot be exactly measured, and the reserve estimation depends on the quality of available information and the interpretation and judgement of the engineers and geologists. Therefore, the reserves estimations, as well as future production profiles, are often different than the quantities of hydrocarbons which are finally recovered. The accuracy of such estimations depends, in general, on the assumptions on which they are based. The estimated GeoPark net proved reserves for the properties evaluated as of December 31, 2023, 2022, 2021 and 2020 are summarized as follows, expressed in thousands of barrels (Mbbl) and millions of cubic feet (MMcf): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ As of December 31, 2022 ​ As of December 31, 2021 ​ As of December 31, 2020 ​ Oil and ​ Oil and ​ Oil and ​ Oil and ​ ​ ​ condensate ​ Natural gas ​ condensate ​ Natural gas ​ condensate ​ Natural gas ​ condensate ​ Natural gas ​ ​ (Mbbl) ​ (MMcf) ​ (Mbbl) ​ (MMcf) ​ (Mbbl) ​ (MMcf) ​ (Mbbl) ​ (MMcf) Net proved developed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Colombia (a) ​ 43,120 ​ 1,075 ​ 46,623 ​ 1,065 ​ 47,766 ​ 1,207 ​ 43,817 ​ 1,695 Ecuador (b) ​ 1,017 ​ — ​ 322 ​ — ​ — ​ — ​ — ​ — Brazil (c) ​ 28 ​ 8,888 ​ 8 ​ 9,443 ​ 43 ​ 13,601 ​ 34 ​ 13,927 Chile (d) ​ 619 ​ 9,956 ​ 1,115 ​ 14,103 ​ 755 ​ 15,196 ​ 798 ​ 19,054 Argentina (e) ​ — ​ — ​ — ​ — ​ 1,186 ​ 3,379 ​ 1,685 ​ 5,599 Total consolidated ​ 44,784 ​ 19,919 ​ 48,068 ​ 24,611 ​ 49,750 ​ 33,383 ​ 46,334 ​ 40,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net proved undeveloped ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Colombia (f) ​ 16,225 ​ — ​ 17,765 ​ — ​ 31,019 ​ — ​ 45,240 ​ — Ecuador (b) ​ 1,278 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Chile (d) ​ 479 ​ 855 ​ 476 ​ — ​ 575 ​ 1,563 ​ 1,229 ​ 5,661 Argentina (g) ​ — ​ — ​ — ​ — ​ 603 ​ — ​ 104 ​ — Total consolidated ​ 17,982 ​ 855 ​ 18,241 ​ — ​ 32,197 ​ 1,563 ​ 46,573 ​ 5,661 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total proved reserves ​ 62,766 ​ 20,774 ​ 66,309 ​ 24,611 ​ 81,947 ​ 34,946 ​ 92,907 ​ 45,936 (a) Various blocks in the Llanos Basin and the Platanillo Block in the Putumayo Basin account for 94% and 6% ( 96% and 4% in 2022, 98% and 2% in 2021, and 97% and 3% in 2020) of the proved developed reserves, respectively. (b) Perico Block accounts for 100% of the reserves (Perico and Espejo Blocks accounted for 85% and 15% of the reserves, respectively, in 2022). (c) BCAM-40 Block accounts for 100% of the reserves. (d) Fell Block accounts for 100% of the reserves. (e) Aguada Baguales, Puesto Touquet and El Porvenir Blocks accounted for 45% , 21% and 33% in 2021 ( 50% , 26% and 24% in 2020) of the proved developed reserves, respectively. (f) Various blocks in the Llanos Basin and the Platanillo Block in the Putumayo Basin account for 97% and 3% ( 95% and 5% in 2022, 97% and 3% in 2021, and 96% and 4% in 2020) of the proved undeveloped reserves, respectively. (g) Aguada Baguales Block accounted for 100% of the proved undeveloped reserves. ​ Table 5 - Net proved reserves of oil, condensate and natural gas Net proved reserves (developed and undeveloped) of oil and condensate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thousands of barrels ​ Colombia ​ Ecuador ​ Brazil ​ Chile ​ Argentina ​ Total Reserves as of December 31, 2020 ​ 89,057 ​ — ​ 34 ​ 2,027 ​ 1,789 ​ 92,907 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (a) ​ (3,207) ​ — ​ 18 ​ (597) ​ (169) ​ (3,955) Extensions and discoveries (b) ​ 3,375 ​ — ​ — ​ — ​ 603 ​ 3,978 Production ​ (10,440) ​ — ​ (9) ​ (100) ​ (434) ​ (10,983) Reserves as of December 31, 2021 ​ 78,785 ​ — ​ 43 ​ 1,330 ​ 1,789 ​ 81,947 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (c) ​ (2,677) ​ — ​ (27) ​ 422 ​ — ​ (2,282) Extensions and discoveries (d) ​ 204 ​ 632 ​ — ​ — ​ — ​ 836 Disposal of Minerals in place (e) ​ — ​ — ​ — ​ — ​ (1,760) ​ (1,760) Production ​ (11,924) ​ (310) ​ (8) ​ (161) ​ (29) ​ (12,432) Reserves as of December 31, 2022 ​ 64,388 ​ 322 ​ 8 ​ 1,591 ​ — ​ 66,309 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (f) ​ 3,617 ​ 324 ​ 26 ​ (412) ​ — ​ 3,555 Extensions and discoveries (g) ​ 2,549 ​ 1,937 ​ — ​ — ​ — ​ 4,486 Production ​ (11,209) ​ (288) ​ (6) ​ (81) ​ — ​ (11,584) Reserves as of December 31, 2023 ​ 59,345 ​ 2,295 ​ 28 ​ 1,098 ​ — ​ 62,766 (a) For the year ended December 31, 2021, the Group’s oil and condensate proved reserves were revised downward by 4.0 mmbbl. The primary factors leading to the above were: - Lower than expected performance from the existing wells that reduced the proved developed reserves in Colombia (8.9 mmbbl), in Argentina (0.3 mmbbl), and in Chile (0.3 mmbbl). - A decrease of 0.6 mmbbl in Chile due to a change in a previously adopted development plan in the Fell Block. - Such decrease was partially offset by a higher average oil prices resulted in a 5.7 mmbbl, 0.1 mmbbl and 0.3 mmbbl increase in reserves from the blocks in Colombia, Argentina and Chile, respectively. (b) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Argentina are due to the Aguada Baguales Field. (c) For the year ended December 31, 2022, the Group’s oil and condensate proved reserves were revised downward by 2.3 mmbbl. The primary factors leading to the above were: - A decrease of 3.6 mmbbl in Colombia due to a change in the royalties payment in certain fields from cash to kind. - Such decrease was partially offset by a higher average oil prices resulted in a 0.6 mmbbl and 0.1 mmbbl increase in reserves from the blocks in Colombia and Chile, respectively. - Higher than expected performance from the existing wells that increase the proved reserves in Colombia (0.3 mmbbl) and in Chile (0.3 mmbbl). (d) In Colombia, the extensions and discoveries are primary due to the Cante Flamenco new field in CPO-5 Block and in Ecuador are due to the Jandaya, Yin and Tui new fields in the Perico Block and the Pashuri field in the Espejo Block. (e) The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3). (f) For the year ended December 31, 2023, the Group’s oil and condensate proved reserves were revised upwards by 3.5 mmbbl. The primary factors leading to the above were: - An increase of 1.7 mmbbl in Colombia due to a change in a previously adopted development plan. - An increase of 1.5 mmbbl in Colombia due to higher-than-expected performance from the existing wells. - An increase of 0.4 mmbbl in Colombia due to a change in the royalties’ payment in certain fields from kind to cash. - An increase of 0.3 mmbbl in Ecuador due to higher average oil prices. - Such increase was partially offset by lower-than-expected performance from the existing wells in Chile by 0.4 mmbbl. (g) The extensions and discoveries are primarily due to various fields in the Llanos Basin in Colombia and the Jandaya field extension in the Perico Block in Ecuador. Net proved reserves (developed and undeveloped) of natural gas: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Millions of cubic feet Colombia Brazil Chile Argentina Total Reserves as of December 31, 2020 ​ 1,695 ​ 13,927 ​ 24,715 ​ 5,599 ​ 45,936 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (a) ​ 14 ​ 3,470 ​ (3,553) ​ (636) ​ (705) Production ​ (502) ​ (3,796) ​ (4,403) ​ (1,584) ​ (10,285) Reserves as of December 31, 2021 ​ 1,207 ​ 13,601 ​ 16,759 ​ 3,379 ​ 34,946 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (b) ​ 141 ​ (886) ​ 1,501 ​ — ​ 756 Disposal of Minerals in place (c) ​ — ​ — ​ — ​ (3,227) ​ (3,227) Production ​ (283) ​ (3,272) ​ (4,157) ​ (152) ​ (7,864) Reserves as of December 31, 2022 ​ 1,065 ​ 9,443 ​ 14,103 ​ — ​ 24,611 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (d) ​ 219 ​ 1,659 ​ (9) ​ — ​ 1,869 Production ​ (209) ​ (2,214) ​ (3,283) ​ — ​ (5,706) Reserves as of December 31, 2023 ​ 1,075 ​ 8,888 ​ 10,811 ​ — ​ 20,774 (a) For the year ended December 31, 2021, the Group’s proved natural gas reserves were revised downward by 0.7 billion cubic feet. This was the combined effect of: - A decrease of proved developed reserves due to lower performance of existing wells in Argentina (1.6 billion cubic feet) and in Chile (2.7 billion cubic feet) partially offset by better-than-expected performance in the Manati Field in Brazil (2.5 billion cubic feet). - A decrease of 3.4 billion cubic feet in Chile due to the revision of the type well associated with the incremental activity that reduced the proved undeveloped reserves. - A decrease of 1.5 billion cubic feet in Chile due to a change in a previously adopted development plan in the Fell Block. -Such decrease was partially offset by higher average prices which resulted in an increase of 4.0 billion cubic feet, 1 billion cubic feet and 1 billion cubic feet in Chile, Brazil, and Argentina, respectively. (b) For the year ended December 31, 2022, the Group’s proved natural gas reserves were revised upwards by 0.8 billion cubic feet. This was the combined effect of: - An increase of proved reserves due to better performance of existing wells in Chile (0.8 billion cubic feet) and the Llanos 32 block in Colombia (0.1 billion cubic feet). - Higher average prices resulted in an increase of 0.7 billion cubic feet and 0.8 billion cubic feet increase in gas reserves in Chile and Brazil, respectively. - The above was partially offset by lower-than-expected performance of Manati Field in Brazil (1.6 billion cubic feet). (c) The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3). (d) For the year ended December 31, 2023, the Group’s proved natural gas reserves were revised upwards by 1.9 billion cubic feet. This was the effect of higher-than-expected performance from the existing wells in the Manati Block in Brazil ( 1.7 billion cubic feet) and the Llanos 32 Block in Colombia ( 0.2 billion cubic feet). ​ Revisions refer to changes in interpretation of discovered accumulations and some technical and logistical needs in the area obliged to modify the timing and development plan of certain fields under appraisal and development phases. Table 6 - Standardized measure of discounted future net cash flows related to proved oil and gas reserves The following table discloses estimated future net cash flows from future production of proved developed and undeveloped reserves of crude oil, condensate and natural gas. As prescribed by SEC Modernization of Oil and Gas Reporting rules and ASC 932 of the FASB Accounting Standards Codification (ASC) relating to Extractive Activities – Oil and Gas (formerly SFAS no. 69 Disclosures about Oil and Gas Producing Activities), such future net cash flows were estimated using the average first day-of-the-month price during the 12-month period for 2023, 2022 and 2021 and using a 10% annual discount factor. Future development and abandonment costs include estimated drilling costs, development and exploitation installations and abandonment costs. These future development costs were estimated based on evaluations made by the Group. The future income tax was calculated by applying the statutory tax rates in effect in the respective countries in which we have interests, as of the date this supplementary information was filed. This standardized measure is not intended to be and should not be interpreted as an estimate of the market value of the Group’s reserves. The purpose of this information is to give standardized data to help the users of the financial statements to compare different companies and make certain projections. It is important to point out that this information does not include, among other items, the effect of future changes in prices, costs and tax rates, which past experience indicates that are likely to occur, as well as the effect of future cash flows from reserves which have not yet been classified as proved reserves, of a discount factor more representative of the value of money over the lapse of time and of the risks inherent to the production of oil and gas. These future changes may have a significant impact on the future net cash flows disclosed below. For all these reasons, this information does not necessarily indicate the perception the Group has on the discounted future net cash flows derived from the reserves of hydrocarbons. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash inflows ​ 4,027,686 ​ 140,607 ​ 75,757 ​ 111,384 ​ — ​ 4,355,434 Future production costs ​ (1,633,889) ​ (45,052) ​ (22,815) ​ (50,343) ​ — ​ (1,752,099) Future development costs ​ (147,045) ​ (13,768) ​ (1,204) ​ (41,359) ​ — ​ (203,376) Future income taxes ​ (764,309) ​ (27,648) ​ (4,036) ​ — ​ — ​ (795,993) Undiscounted future net cash flows ​ 1,482,443 ​ 54,139 ​ 47,702 ​ 19,682 ​ — ​ 1,603,966 10% annual discount ​ (430,250) ​ (11,436) ​ (6,476) ​ 5,205 ​ — ​ (442,957) Standardized measure of discounted future net cash flows ​ 1,052,193 ​ 42,703 ​ 41,226 ​ 24,887 ​ — ​ 1,161,009 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash inflows ​ 5,229,599 ​ 26,553 ​ 65,002 ​ 190,449 ​ — ​ 5,511,603 Future production costs ​ (1,633,818) ​ (8,094) ​ (29,519) ​ (72,411) ​ — ​ (1,743,842) Future development costs ​ (182,701) ​ (297) ​ (1,955) ​ (40,659) ​ — ​ (225,612) Future income taxes ​ (1,191,658) ​ — ​ (1,761) ​ — ​ — ​ (1,193,419) Undiscounted future net cash flows ​ 2,221,422 ​ 18,162 ​ 31,767 ​ 77,379 ​ — ​ 2,348,730 10% annual discount ​ (839,621) ​ (2,504) ​ (8,856) ​ (13,094) ​ — ​ (864,075) Standardized measure of discounted future net cash flows ​ 1,381,801 ​ 15,658 ​ 22,911 ​ 64,285 ​ — ​ 1,484,655 As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash inflows ​ 4,381,191 ​ — ​ 89,208 ​ 136,152 ​ 109,678 ​ 4,716,229 Future production costs ​ (1,715,554) ​ — ​ (34,930) ​ (69,067) ​ (61,660) ​ (1,881,211) Future development costs ​ (197,461) ​ — ​ (1,955) ​ (40,339) ​ (49,200) ​ (288,955) Future income taxes ​ (754,205) ​ — ​ (3,449) ​ — ​ (2,947) ​ (760,601) Undiscounted future net cash flows ​ 1,713,971 ​ — ​ 48,874 ​ 26,746 ​ (4,129) ​ 1,785,462 10% annual discount ​ (496,150) ​ — ​ (7,171) ​ 6,121 ​ 4,471 ​ (492,729) Standardized measure of discounted future net cash flows ​ 1,217,821 ​ — ​ 41,703 ​ 32,867 ​ 342 ​ 1,292,733 ​ Table 7 - Changes in the standardized measure of discounted future net cash flows from proved reserves ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Present value as of December 31, 2020 ​ 759,233 ​ — ​ 25,378 ​ 17,032 ​ (19) ​ 801,624 Sales of hydrocarbon, net of production costs ​ (516,844) ​ — ​ (15,677) ​ (11,520) ​ (16,855) ​ (560,896) Net changes in sales price and production costs ​ 924,875 ​ — ​ 19,393 ​ 64,048 ​ (3,145) ​ 1,005,171 Changes in estimated future development costs ​ 96,364 ​ — ​ 861 ​ (18,731) ​ 20,674 ​ 99,168 Extensions and discoveries less related costs ​ 80,933 ​ — ​ — ​ — ​ (1,020) ​ 79,913 Development costs incurred ​ 87,877 ​ — ​ — ​ 4,111 ​ — ​ 91,988 Revisions of previous quantity estimates ​ (76,850) ​ — ​ 11,957 ​ (23,776) ​ 465 ​ (88,204) Net changes in income taxes ​ (254,618) ​ — ​ (2,780) ​ — ​ 244 ​ (257,154) Accretion of discount ​ 116,851 ​ — ​ 2,571 ​ 1,703 ​ (2) ​ 121,123 Present value as of December 31, 2021 ​ 1,217,821 ​ — ​ 41,703 ​ 32,867 ​ 342 ​ 1,292,733 Sales of hydrocarbon, net of production costs ​ (891,534) ​ (2,732) ​ (14,697) ​ (15,317) ​ — ​ (924,280) Net changes in sales price and production costs ​ 956,926 ​ — ​ (6,909) ​ 39,457 ​ — ​ 989,474 Changes in estimated future development costs ​ 93,657 ​ (10,483) ​ (933) ​ (22,675) ​ — ​ 59,566 Extensions and discoveries less related costs ​ 6,754 ​ 28,873 ​ — ​ — ​ — ​ 35,627 Development costs incurred ​ 94,195 ​ — ​ — ​ 11,153 ​ — ​ 105,348 Revisions of previous quantity estimates ​ (87,851) ​ — ​ (2,441) ​ 15,513 ​ — ​ (74,779) Disposal of Minerals in place ​ — ​ — ​ — ​ — ​ (342) ​ (342) Net changes in income taxes ​ (205,370) ​ — ​ 1,673 ​ — ​ — ​ (203,697) Accretion of discount ​ 197,203 ​ — ​ 4,515 ​ 3,287 ​ — ​ 205,005 Present value as of December 31, 2022 ​ 1,381,801 ​ 15,658 ​ 22,911 ​ 64,285 ​ — ​ 1,484,655 Sales of hydrocarbon, net of production costs ​ (491,525) ​ (6,673) ​ (8,143) ​ (6,362) ​ — ​ (512,703) Net changes in sales price and production costs ​ (596,668) ​ (2,893) ​ 21,490 ​ (33,595) ​ — ​ (611,666) Changes in estimated future development costs ​ 9,461 ​ (17,908) ​ (4,440) ​ 5,142 ​ — ​ (7,745) Extensions and discoveries less related costs ​ 72,757 ​ 63,619 ​ — ​ — ​ — ​ 136,376 Development costs incurred ​ 115,996 ​ 500 ​ — ​ 7 ​ — ​ 116,503 Revisions of previous quantity estimates ​ 104,256 ​ 10,642 ​ 9,159 ​ (11,019) ​ — ​ 113,038 Net changes in income taxes ​ 198,769 ​ (21,808) ​ (2,218) ​ — ​ — ​ 174,743 Accretion of discount ​ 257,346 ​ 1,566 ​ 2,467 ​ 6,429 ​ — ​ 267,808 Present value as of December 31, 2023 ​ 1,052,193 ​ 42,703 ​ 41,226 ​ 24,887 ​ — ​ 1,161,009 ​

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of significant accounting policies
Basis of preparation	2.1 Basis of preparation ​ The Consolidated Financial Statements of GeoPark Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), under the historical cost basis, except for the following: certain financial assets and liabilities (including derivative instruments) measured at fair value, and assets held for sale – measured at fair value less costs to sell. ​ The Consolidated Financial Statements are presented in thousands of United States Dollars (US$’000) and all values are rounded to the nearest thousand (US$’000), except in the footnotes and where otherwise indicated. ​ The preparation of financial statements in conformity with IFRS 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. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in this note under the title “Accounting estimates and assumptions”. ​ All the information included in these Consolidated Financial Statements corresponds to the Group, except where otherwise indicated.
Changes in accounting policy and disclosure	2.1.1 Changes in accounting policy and disclosure 2.1.1.1 New and amended standards and interpretations The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2023, as follows: IFRS 17 Insurance Contracts ​ IFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation, and disclosure. ​ This new accounting standard replaces IFRS 4 Insurance Contracts. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance, and re-insurance), regardless of the type of entity that issues them, as well as certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide a comprehensive accounting model for insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: ​ ● a specific adaptation for contracts with direct participation features (the variable fee approach), and ● a simplified approach (the premium allocation approach) mainly for short-duration contracts. ​ The new standard had no impact on the Consolidated Financial Statements of the Group. ​ Definition of Accounting Estimates - Amendments to IAS 8 ​ The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how to use measurement techniques and inputs to develop accounting estimates. ​ These amendments had no impact on the Consolidated Financial Statements of the Group. ​ Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 ​ The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance to apply materiality judgements to accounting policy disclosures. The amendments aim to provide accounting policy disclosures that are more useful by replacing the requirement to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how to apply the concept of materiality in making decisions about accounting policy disclosures. ​ These amendments had no impact on the Consolidated Financial Statements of the Group. ​ Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 ​ The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. ​ These amendments had no impact on the Consolidated Financial Statements of the Group. ​ International Tax Reform—Pillar Two Model Rules – Amendments to IAS 12 ​ The amendments to IAS 12 have been introduced in response to the OECD’s BEPS Pillar Two model rules and include: ● a mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, ● disclosure requirements to assist in better understanding the Pillar Two income taxes arising from that legislation, particularly before its effective date. ​ The mandatory temporary exception applies immediately. The disclosure requirements apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or before December 31, 2023. ​ The amendments had no impact on the Consolidated Financial Statements of the Group. ​ 2.1.1.2 Standards issued but not yet effective ​ The new and amended standards and interpretations that have been issued, but are not yet effective, as of the date of issuance of these Consolidated Financial Statements are disclosed below. The Group has not early adopted these new and amended standards and interpretations, and intends to adopt them, if applicable, when they become effective. ​ Amendments to IFRS 16: Lease Liability in a Sale and Leaseback In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted, and any earlier application must be disclosed. The amendments are not expected to have a material impact on the Consolidated Financial Statements of the Group. ​ Amendments to IAS 1: Classification of Liabilities as Current or Non-current ​ In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: ● what is meant by a right to defer settlement; ● that a right to defer must exist at the end of the reporting period; ● that classification is unaffected by the likelihood that an entity will exercise its deferral right; and ● that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 ​ In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. ​ The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. ​ The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted but would need to be disclosed. The amendments are not expected to have a material impact on the Group’s Consolidated Financial Statements. ​ The Enhancement and Standardization of Climate-Related Disclosures for Investors ​ On March 06, 2024, the Securities and Exchange Commission (SEC) issued the final rule on The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule mandates the disclosure of information regarding a registrant’s climate-related risks that have materially impacted or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. While compliance with this rule is phased in and not required for these Consolidated Financial Statements, the Group is currently assessing the impact of this rule and planification efforts ahead of initial required compliance.
Going concern	2.2 Going concern The Directors regularly monitor the Group’s cash position and liquidity risks throughout the year to ensure that it has sufficient funds to meet forecasted operational and investment funding requirements. Sensitivities are run to reflect latest expectations of expenditures, oil and gas prices and other factors to enable the Group to manage the risk of any funding short falls and/or potential debt covenant breaches. ​ Considering the performance of the operations, the Group’s cash position of US$ 133,036,000, the oil hedges to mitigate the price risk exposure within the next twelve to fifteen months, the deleveraging process executed in 2021 and 2022 (see Note 27), and the fact that its total indebtedness as of December 31, 2023, matures in January 2027, the Directors have formed a judgement, at the time of approving the Consolidated Financial Statements, that there is a reasonable expectation that the Group has adequate resources to meet all its obligations for the foreseeable future. For this reason, the Directors have continued to adopt the going concern basis in preparing the Consolidated Financial Statements.
Consolidation	2.3 Consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. ​ Intercompany transactions, balances and unrealized gains on transactions between the Group and its subsidiaries are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
Segment reporting	2.4 Segment reporting 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 Executive Committee. This committee is integrated by the Chief Executive Officer, Chief Financial Officer, Chief Technical Officer, Chief Exploration Officer, Chief Operating Officer, Chief Strategy, Sustainability and Legal Officer and Chief People Officer. 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.
Foreign currency translation	2.5 Foreign currency translation 2.5.1 Functional and presentation currency The Consolidated Financial Statements are presented in US Dollars, which is the Group’s presentation currency. Items included in the Consolidated Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Group companies incorporated in Colombia, Ecuador, Chile and Argentina is the US Dollar, meanwhile for the Group´s Brazilian company the functional currency is the local currency, which is the Brazilian Real. 2.5.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statement of Income. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities are translated at the closing rate, and income and expenses are translated at average exchange rates. All resulting exchange differences are recognized in Other comprehensive income.
Joint arrangements	2.6 Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint operations. The Group combines its share in the joint operations individual assets, liabilities, results and cash flows on a line-by-line basis with similar items in its Consolidated Financial Statements.
Business combinations	2.7 Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss.
Revenue recognition	2.8 Revenue recognition Revenue from the sale of crude oil and gas is recognized at the point in time when control of the product is transferred to the customer, which is generally when the product is physically transferred into a pipe or other delivery mechanism and the customer accepts the product. Consequently, the Group’s performance obligations are considered to relate only to the sale of crude oil and gas, with each barrel of crude oil equivalent considered to be a separate performance obligation under the contractual arrangements in place. The Group’s sales of crude oil are priced based on market prices. The sales price is linked to US dollar denominated crude oil international benchmarks, such as Brent, adjusted for certain marketing and quality discounts based on, among other things, American Petroleum Institute (“API”) gravity, viscosity, sulphur content, delivery point and transport costs. The Group’s sales of natural gas are priced based on long-term Gas Supply contracts with customers. Revenue is shown net of VAT, discounts related to the sale and overriding royalties due to the ex-owners of oil and gas properties where the royalty arrangements represent a retained working interest in the property. See Note 33.1.
Production and operating costs	2.9 Production and operating costs Production and operating costs are recognized in the Consolidated Statement of Income on the accrual basis of accounting. These costs include wages and salaries incurred to achieve the revenue for the year. Direct and indirect costs of raw materials and consumables, rentals, and royalties and economic rights in cash are also included within this account.
Financial results	2.10 Financial results Financial results include interest expenses, interest income, bank charges, the amortization of financial assets and liabilities, and foreign exchange gains and losses. The Group has capitalized the borrowing cost directly attributable to wells and facilities identified as qualifying assets, if applicable. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. The capitalization rate used to determine the amount of borrowing costs to be capitalized, if any, is the weighted average interest rate applicable to the Group’s general borrowings.
Property, plant and equipment	2.11 Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation and impairment charges, if applicable. Historical cost includes expenditure that is directly attributable to the acquisition of the items; including provisions for asset retirement obligation. Oil and gas exploration and production activities are accounted for in accordance with the successful efforts method on a field by field basis. The Group accounts for exploration and evaluation activities in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources, capitalizing exploration and evaluation costs until such time as the economic viability of producing the underlying resources is determined. Costs incurred prior to obtaining legal rights to explore are expensed immediately to the Consolidated Statement of Income. Exploration and evaluation costs may include: license acquisition, geological and geophysical studies (i.e., seismic), direct labor costs and drilling costs of exploratory wells. No depreciation and/or amortization are charged during the exploration and evaluation phase. Upon completion of the evaluation phase, the prospects are either transferred to oil and gas properties or charged to expense (exploration costs) in the period in which the determination is made, depending on whether they have discovered reserves or not. If not developed, exploration and evaluation assets are written off after three years, unless it can be clearly demonstrated that the carrying value of the investment is recoverable. A charge of US$ 29,563,000 has been recognized in the Consolidated Statement of Income within the ‘Write-off of unsuccessful exploration efforts’ line item (US$ 25,789,000 in 2022 and US$ 12,262,000 in 2021). See Note 20. All field development costs are considered construction in progress until they are finished and capitalized within oil and gas properties, and are subject to depreciation once completed. Such costs may include the acquisition and installation of production facilities, development drilling costs (including dry holes, service wells and seismic surveys for development purposes), project-related engineering and the acquisition costs of rights and concessions related to proved properties. Workovers of wells made to develop reserves and/or increase production are capitalized as development costs. Maintenance costs are charged to the Consolidated Statement of Income when incurred. Capitalized costs of proved oil and gas properties and production facilities and machinery are depreciated on a licensed area by the licensed area basis, using the unit of production method, based on commercial proved and probable oil and gas reserves. The calculation of the “unit of production” depreciation considers estimated future finding and development costs and is based on current year-end unescalated price levels. Changes in reserves and cost estimates are recognized prospectively. Reserves are converted to equivalent units on the basis of approximate relative energy content. Depreciation of the remaining property, plant and equipment assets (i.e., furniture and vehicles) not directly associated with oil and gas activities has been calculated by means of the straight-line method by applying such annual rates as required to write-off their value at the end of their estimated useful lives. The useful lives range between 3 years and 10 years. Depreciation is allocated in the Consolidated Statement of Income as a separate line to better follow the performance of the business. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (see Impairment of non-financial assets in Note 2.13).
Provisions and other long-term liabilities	2.12 Provisions and other long-term liabilities Provisions for asset retirement obligations and other environmental liabilities, deferred income, restructuring obligations and legal claims are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Restructuring provisions, if any, comprise lease termination penalties and employee services termination payments. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as financial expense. 2.12.1 Asset Retirement Obligation The Group records the fair value of the liability for asset retirement obligations in the period in which the wells are drilled. When the liability is initially recorded, the Group capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value at each reporting period, and the capitalized cost is depreciated over the estimated useful life of the related asset. According to interpretations and the application of current legislation, and on the basis of the changes in technology and the variations in the costs of restoration necessary to protect the environment, the Group has considered it appropriate to periodically re-evaluate future costs of well-capping. The effects of this recalculation are included in the Consolidated Financial Statements in the period in which this recalculation is determined and reflected as an adjustment to the provision and the corresponding property, plant and equipment asset. 2.12.2 Deferred Income Government grants and other contributions relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and they are credited to the Consolidated Statement of Income over the expected lives of the related assets. Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.
Impairment of non-financial assets	2.13 Impairment of non-financial assets Assets that are not subject to depreciation and/or amortization are tested annually for impairment. Assets that are subject to depreciation and/or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the excess of the asset’s carrying amount over its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units), generally a licensed area. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. No asset should be kept as an exploration and evaluation asset for a period of more than three years, except if it can be clearly demonstrated that the carrying value of the investment will be recoverable. Impairment losses were recognized for US$ 13,332,000 in 2023 (no impairment losses were recognized in 2022 and US$ 4,334,000 were recognized in 2021). See Note 37. The write-offs are detailed in Note 20.
Lease contracts	2.14 Lease contracts – Group as a lessee The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2.14.1 Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, an adjusted for any measurement of lease liabilities. The cost of right-of-use assets comprise the following: ● the amount of the initial measurement of lease liability, ● any lease payments made at or before the commencement date less any lease incentives received, ● any initial direct costs, and ● restoration costs. The Group leases various offices, facilities, machinery and equipment. Lease contracts are typically made for fixed periods of 1 to 15 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. 2.14.2 Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. Lease liabilities include the net present value of the following lease payments: ● fixed payments, less any lease incentives receivable, ● variable lease payments that are based on an index or a rate, ● amounts expected to be payable by the lessee under residual value guarantees, ● the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. In calculating the present value, the lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. 2.14.3 Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of IT equipment and small items of office furniture that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.
Inventories	2.15 Inventories Inventories comprise crude oil and materials. Crude oil is measured at the lower of cost and net realizable value. Materials are measured at the lower of cost and recoverable amount. The cost of materials and consumables is calculated at acquisition price with the addition of transportation and similar costs. Cost is determined using the first-in, first-out (FIFO) method.
Current and deferred income tax	2.16 Current and deferred income tax The tax expense for the year comprises current and deferred income tax. Income tax is recognized in the Consolidated Statement of Income. The current income tax charge is calculated on the basis of the tax laws enacted or substantially enacted at the financial statements date in the countries where the Company’s subsidiaries operate and generate taxable income. The computation of the income tax expense involves the interpretation of applicable tax laws and regulations in many jurisdictions. The resolution of tax positions taken by the Group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and, in some cases, it is difficult to predict the ultimate outcome. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted as of the financial statements date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. In addition, the Group has tax-loss carry-forwards in certain tax jurisdictions that are available to be offset against future taxable profit. However, deferred income tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. Management judgment is exercised in assessing whether this is the case. To the extent that actual outcomes differ from management’s estimates, taxation charges or credits may arise in future periods. Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. The Group is able to control the timing of dividends from its subsidiaries and hence does not expect taxable profit. Hence deferred income tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the Consolidated Financial Statements, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future has been entered into by the subsidiary. As mentioned above the Group does not expect that the temporary differences will revert in the foreseeable future. Deferred income tax balances are provided in full, with no discounting.
Non-current assets or disposal groups held for sale	2.17 Non-current assets or disposal groups held for sale Non-current assets or disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset or disposal group to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset or disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset or disposal group is recognized at the date of derecognition. ​ Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the Consolidated Statement of Financial Position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the Consolidated Statement of Financial Position. As of December 31, 2023, the Group classified non-current assets and liabilities corresponding to the Chilean companies as held for sale due to the divestment process that was agreed to in December 2023 and which closed in January 2024. See Note 36.1.
Financial assets	2.18 Financial assets Financial assets are divided into the following categories: amortized cost; financial assets at fair value through profit or loss and fair value through other comprehensive income. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. All financial assets not at fair value through profit or loss are initially recognized at fair value, plus transaction costs. Transaction costs of financial assets carried at fair value through profit or loss, if any, are expensed to profit or loss. Derecognition of financial assets occurs when the rights to receive cash flows from the investments expire or are transferred and substantially all the risks and rewards of ownership have been transferred. An assessment for impairment is undertaken at each balance sheet date. Interest and other cash flows resulting from holding financial assets are recognized in the Consolidated Statement of Income when receivable, regardless of how the related carrying amount of financial assets is measured. Amortized cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the balance sheet date. These are classified as non-current assets. These financial assets comprise trade and other receivables and cash and cash equivalents in the Consolidated Statement of Financial Position. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivables. These financial assets are subsequently measured at amortized cost using the effective interest method, less provision for impairment, if applicable. Any change in their value through impairment or reversal of impairment is recognized in the Consolidated Statement of Income. All of the Group’s financial assets are classified as amortized cost.
Other financial assets	2.19 Other financial assets Non-current other financial assets include contributions made for environmental obligations according to a Colombian and Brazilian government request and are restricted for those purposes. Current other financial assets include short-term investments with original maturities up to twelve months and over three months.
Impairment of financial assets	2.20 Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.
Cash and cash equivalents	2.21 Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts, if any, are shown within borrowings in the current liabilities section of the Consolidated Statement of Financial Position.
Trade and other payables	2.22 Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
Derivatives and hedging activities	2.23 Derivatives and hedging activities Derivative financial instruments are recognized in the Consolidated Statement of Financial Position as assets or liabilities and initially and subsequently measured at fair value. They are presented as current assets or liabilities if they are expected to be settled within 12 months after the end of the reporting period. The mark-to-market fair value of the Group's outstanding derivative instruments is based on independently provided market rates and determined using standard valuation techniques, including the impact of counterparty credit risk and are within level 2 of the fair value hierarchy. 2.23.1 Cash flow hedges that qualify for hedge accounting The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in Other Reserves within Equity. The gain or loss relating to the ineffective portion is recognized immediately in the Consolidated Statement of Income. When forward contracts are used to hedge forecast transactions, the Group designates the change in fair value of the forward contract as the hedging instrument. Gains or losses relating to the effective portion of the change in the fair value of the forward contracts are recognized in Other Reserves within Equity. Where the hedged item subsequently results in the recognition of a non-financial asset, both the deferred hedging gains and losses and the deferred time value of the option contracts or deferred forward points, if any, are included within the initial cost of the asset. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in Equity at that time remains in Equity until the forecast transaction occurs, resulting in the recognition of a non-financial asset. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in Equity are immediately reclassified to the Consolidated Statement of Income. For more information about derivatives designated as cash flow hedges please refer to Note 36.1 and Note 8. 2.23.2 Other Derivatives Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in the Consolidated Statement of Income. For more information about derivatives related to commodity risk management please refer to Note 8 and for more information about derivatives related to currency risk management please refer to Note 3 Currency risk.
Borrowings	2.24 Borrowings Borrowings are obligations to pay cash and are recognized when the Group becomes a party to the contractual provisions of the instrument. Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Consolidated Statement of Income over the period of the borrowings using the effective interest method. Direct issue costs are charged to the Consolidated Statement of Income on an accrual basis using the effective interest method.
Share capital	2.25 Share capital Equity comprises the following: ● "Share capital" representing the nominal value of equity shares. ● "Share premium" representing the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issuance. ● "Translation reserve" representing the differences arising from translation of investments in overseas subsidiaries. ● "Other reserves" representing: - the difference between the proceeds from transactions with non-controlling interests received against the book value of the shares acquired in subsidiaries, and - the changes in the fair value of the effective portion of derivatives designated as cash flow hedges. ● "Retained earnings (Accumulated losses)" representing: - accumulated earnings and losses, and - the equity element attributable to shares granted according to IFRS 2 but not issued at year end.
Share-based payment	2.26 Share-based payment The Group operates a number of equity-settled share-based compensation plans comprising share awards payments to employees and other third-party contractors. Share-based payment transactions are measured in accordance with IFRS 2. The fair value of the share awards payments is determined at the grant date by reference to the market value of the shares, calculated using the Geometric Brownian Motion method or the Monte Carlo simulation, and recognized as an expense over the vesting period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. At each reporting date, the entity revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in the Consolidated Statement of Income, with a corresponding adjustment to equity. When the awards are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium.

Financial Instruments-risk ma_2

Financial Instruments-risk management (Tables)	12 Months Ended
	Dec. 31, 2023
Financial Instruments-risk management
Capital Structure Balance	​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 ​ Total Equity ​ 176,020 ​ 115,585 ​ Net Debt (a) ​ 367,945 ​ 368,799 ​ Working capital (b) ​ 39,184 ​ 8,989 ​ (a) Calculated as total borrowings (including ‘current and non-current borrowings’ as shown in the Consolidated Statement of Financial Position) less cash and cash equivalents. (b) Calculated as ‘current assets’ less ‘current liabilities’.

Consolidated Statement of Cas_4

Consolidated Statement of Cash Flow (Tables)	12 Months Ended
	Dec. 31, 2023
CONSOLIDATED STATEMENT OF CASH FLOWS.
Schedule of Non-cash Transactions Related to the Consolidated Statement of Cash Flow	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 2021 Increase (Decrease) in asset retirement obligation ​ 7,374 ​ (4,942) ​ (651) Increase (Decrease) in provisions for other long-term liabilities ​ 2,370 ​ (2,616) ​ (443) Purchase of property, plant and equipment ​ (7,864) ​ 7,864 ​ — Additions / changes in estimates of right-of-use assets ​ 137 ​ 22,462 ​ 5,288
Schedule of Changes in Working Capital Shown in the Consolidated Statement of Cash Flow	Changes in working capital shown in the Consolidated Statement of Cash Flows are disclosed as follows: ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 2021 (Increase) Decrease in Inventories ​ (1,330) ​ (6,694) ​ 1,241 Decrease (Increase) in Trade receivables ​ 6,820 ​ (1,425) ​ (23,290) Increase in Prepayments and other receivables and Other assets (a) ​ (33,328) ​ (30,929) ​ (13,817) Increase (Decrease) in Trade and other payables ​ 1,413 ​ (999) ​ 26,515 ​ ​ (26,425) ​ (40,047) ​ (9,351) (a) Includes withholding taxes from clients for US$ 27,558,000 , US$ 27,256,000 and US$ 16,361,000 , in 2023, 2022 and 2021, respectively.
Schedule of reconciliation of liabilities arising from cash flow activities	The following chart shows the movements in the borrowings and lease liabilities for each of the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease ​ Amounts in US$‘000 ​ Borrowings ​ Liabilities ​ Total As of January 1, 2021 ​ 784,586 ​ 22,347 ​ 806,933 Proceeds from borrowings ​ 172,174 ​ — ​ 172,174 Debt issuance costs paid ​ (2,019) ​ — ​ (2,019) Addition to lease liabilities ​ — ​ 5,288 ​ 5,288 Accrual of borrowing's interests ​ 44,323 ​ — ​ 44,323 Exchange difference ​ (581) ​ (365) ​ (946) Foreign currency translation ​ (265) ​ (461) ​ (726) Unwinding of discount ​ — ​ 1,453 ​ 1,453 Principal paid ​ (274,934) ​ — ​ (274,934) Interest paid ​ (42,592) ​ — ​ (42,592) Borrowings cancellation costs ​ 6,308 ​ — ​ 6,308 Borrowings cancellation and other costs paid ​ (12,908) ​ — ​ (12,908) Lease payments ​ — ​ (7,518) ​ (7,518) As of December 31, 2021 ​ 674,092 ​ 20,744 ​ 694,836 Addition to lease liabilities ​ — ​ 22,462 ​ 22,462 Accrual of borrowing's interests ​ 36,360 ​ — ​ 36,360 Exchange difference ​ — ​ (6,426) ​ (6,426) Foreign currency translation ​ 203 ​ 284 ​ 487 Unwinding of discount ​ — ​ 2,838 ​ 2,838 Principal paid ​ (172,522) ​ — ​ (172,522) Interest paid ​ (36,514) ​ — ​ (36,514) Borrowings cancellation costs ​ 5,141 ​ — ​ 5,141 Borrowings cancellation and other costs paid ​ (9,118) ​ — ​ (9,118) Lease payments ​ — ​ (7,851) ​ (7,851) As of December 31, 2022 ​ 497,642 ​ 32,051 ​ 529,693 Addition to lease liabilities ​ — ​ 137 ​ 137 Accrual of borrowing's interests ​ 30,839 ​ — ​ 30,839 Exchange difference ​ — ​ 7,061 ​ 7,061 Liabilities associated with assets held for sale (Note 36.1) ​ — ​ (26) ​ (26) Foreign currency translation ​ — ​ 174 ​ 174 Unwinding of discount ​ — ​ 3,168 ​ 3,168 Interest paid ​ (27,500) ​ — ​ (27,500) Lease payments ​ — ​ (10,267) ​ (10,267) As of December 31, 2023 ​ 500,981 ​ 32,298 ​ 533,279 ​

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment information
Schedule of Segment Information by Segment Areas (Geographical Segments)	Segment areas (geographical segments) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 702,401 ​ 19,097 ​ 14,019 ​ 15,644 ​ — ​ 5,464 ​ 756,625 Sale of crude oil ​ 702,308 ​ 19,097 ​ 490 ​ 5,052 ​ — ​ — ​ 726,947 Sale of purchased crude oil ​ — ​ — ​ — ​ — ​ — ​ 5,464 ​ 5,464 Sale of gas ​ 903 ​ — ​ 13,529 ​ 10,592 ​ — ​ — ​ 25,024 Commodity risk management contracts designated as cash flow hedges ​ (810) ​ — ​ — ​ — ​ — ​ — ​ (810) Production and operating costs ​ (204,245) ​ (10,242) ​ (4,946) ​ (8,226) ​ — ​ (4,666) ​ (232,325) Royalties in cash ​ (11,201) ​ — ​ (1,096) ​ (548) ​ — ​ — ​ (12,845) Economic rights in cash ​ (72,032) ​ — ​ — ​ — ​ — ​ — ​ (72,032) Share-based payment ​ (671) ​ (7) ​ — ​ (72) ​ — ​ — ​ (750) Other operating costs ​ (120,341) ​ (10,235) ​ (3,850) ​ (7,606) ​ — ​ (4,666) ​ (146,698) Adjusted EBITDA ​ 446,835 ​ 5,159 ​ 6,374 ​ 4,952 ​ (2,620) ​ (8,838) ​ 451,862 Depreciation ​ (101,666) ​ (7,096) ​ (2,332) ​ (9,815) ​ (22) ​ (3) ​ (120,934) Recognition of impairment losses ​ — ​ — ​ — ​ (13,332) ​ — ​ — ​ (13,332) Write-off of unsuccessful exploration efforts ​ (29,563) ​ — ​ — ​ — ​ — ​ — ​ (29,563) Total assets ​ 895,900 ​ 40,336 ​ 27,891 ​ 36,192 ​ 357 ​ 15,873 ​ 1,016,549 Employees (average) (a) ​ 400 ​ 6 ​ 4 ​ 33 ​ 18 ​ 8 ​ 469 Employees at year end (a) ​ 412 ​ 5 ​ 4 ​ 27 ​ 15 ​ 7 ​ 470 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 978,423 ​ 10,671 ​ 19,873 ​ 29,196 ​ 1,962 ​ 9,454 ​ 1,049,579 Sale of crude oil ​ 977,184 ​ 10,671 ​ 796 ​ 14,460 ​ 1,664 ​ — ​ 1,004,775 Sale of purchased crude oil ​ — ​ — ​ — ​ — ​ — ​ 9,454 ​ 9,454 Sale of gas ​ 1,239 ​ — ​ 19,077 ​ 14,736 ​ 298 ​ — ​ 35,350 Realized loss on commodity risk management contracts ​ (83,244) ​ — ​ — ​ — ​ — ​ — ​ (83,244) Production and operating costs ​ (327,626) ​ (3,220) ​ (5,299) ​ (14,126) ​ (1,579) ​ (7,929) ​ (359,779) Royalties in cash ​ (60,314) ​ — ​ (1,546) ​ (1,165) ​ (273) ​ — ​ (63,298) Economic rights in cash ​ (188,989) ​ — ​ — ​ — ​ — ​ — ​ (188,989) Share-based payment ​ (843) ​ (10) ​ — ​ (103) ​ 1 ​ — ​ (955) Other operating costs ​ (77,480) ​ (3,210) ​ (3,753) ​ (12,858) ​ (1,307) ​ (7,929) ​ (106,537) Adjusted EBITDA ​ 525,593 ​ 4,197 ​ 11,654 ​ 11,753 ​ (3,643) ​ (8,775) ​ 540,779 Depreciation ​ (78,775) ​ (788) ​ (2,796) ​ (14,076) ​ (254) ​ (3) ​ (96,692) Write-off of unsuccessful exploration efforts ​ (21,318) ​ (4,471) ​ — ​ — ​ — ​ — ​ (25,789) Total assets ​ 797,390 ​ 35,690 ​ 34,329 ​ 63,379 ​ 1,296 ​ 41,891 ​ 973,975 Employees (average) (a) ​ 362 ​ 7 ​ 5 ​ 53 ​ 33 ​ 9 ​ 469 Employees at year end (a) ​ 388 ​ 8 ​ 4 ​ 49 ​ 24 ​ 9 ​ 482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 Colombia Ecuador Brazil Chile (b) Argentina Corporate Total 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 618,268 ​ — ​ 20,109 ​ 21,471 ​ 28,695 ​ — ​ 688,543 Sale of crude oil ​ 616,133 ​ — ​ 661 ​ 6,297 ​ 24,468 ​ — ​ 647,559 Sale of gas ​ 2,135 ​ — ​ 19,448 ​ 15,174 ​ 4,227 ​ — ​ 40,984 Realized loss on commodity risk management contracts ​ (109,654) ​ — ​ — ​ — ​ — ​ — ​ (109,654) Production and operating costs ​ (178,384) ​ — ​ (4,596) ​ (11,050) ​ (18,760) ​ — ​ (212,790) Royalties in cash ​ (33,385) ​ — ​ (1,575) ​ (770) ​ (4,270) ​ — ​ (40,000) Economic rights in cash ​ (72,956) ​ — ​ (67) ​ — ​ — ​ — ​ (73,023) Share-based payment ​ (334) ​ — ​ — ​ (31) ​ 26 ​ — ​ (339) Other operating costs ​ (71,709) ​ — ​ (2,954) ​ (10,249) ​ (14,516) ​ — ​ (99,428) Adjusted EBITDA ​ 294,847 ​ (2,071) ​ 12,569 ​ 7,639 ​ 2,124 ​ (14,308) ​ 300,800 Depreciation ​ (61,279) ​ (200) ​ (4,082) ​ (14,275) ​ (9,130) ​ (3) ​ (88,969) Recognition of impairment losses ​ — ​ — ​ — ​ (17,641) ​ 13,307 ​ — ​ (4,334) Write-off of unsuccessful exploration efforts ​ (7,827) ​ — ​ — ​ (4,435) ​ — ​ — ​ (12,262) Total assets ​ 689,401 ​ 7,782 ​ 38,846 ​ 71,515 ​ 38,111 ​ 50,086 ​ 895,741 Employees (average) (a) ​ 308 ​ 8 ​ 4 ​ 55 ​ 92 ​ 9 ​ 476 Employees at year end (a) ​ 321 ​ 3 ​ 4 ​ 52 ​ 74 ​ 9 ​ 463 (a) Unaudited. (b) Divested in January 2024. See Note 36.1.
Schedule of Reconciliation of Total Adjusted EBITDA to Total Profit (Loss) Before Income Tax	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Adjusted EBITDA ​ 451,862 ​ 540,779 ​ 300,800 Unrealized gain on commodity risk management contracts ​ — ​ 13,023 ​ 463 Depreciation (a) ​ (120,934) ​ (96,692) ​ (88,969) Share-based payment ​ (7,328) ​ (11,038) ​ (6,621) Impairment and write-off of unsuccessful exploration efforts, net ​ (42,895) ​ (25,789) ​ (16,596) Lease accounting - IFRS 16 ​ 10,267 ​ 7,851 ​ 7,518 Others (b) ​ (20,065) ​ 943 ​ (10,786) Operating profit ​ 270,907 ​ 429,077 ​ 185,809 Financial expenses ​ (45,815) ​ (57,073) ​ (64,112) Financial income ​ 6,237 ​ 3,180 ​ 1,652 Foreign exchange (loss) gain ​ (16,820) ​ 19,725 ​ 5,049 Profit before tax ​ 214,509 ​ 394,909 ​ 128,398 (a) Net of capitalized costs for oil stock included in Inventories. (b) Includes allocation to capitalized projects. In 2023, also includes termination and other costs incurred because of the divestment process in Chile, including a provision for investment commitments maintained by GeoPark after the transaction, for a total amount of US$ 9,742,000 (see Note 36.1), together with the amount paid for transferring the working interest in the Los Parlamentos Block in Argentina to the joint operation partner for US$ 7,023,000 (see Note 36.2), and others. In 2022, also includes gain from the sale of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina. In 2021, also includes termination costs and write-down of tax credits in Argentina.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue
Schedule of Information on Revenue	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Sale of crude oil ​ 726,947 ​ 1,004,775 ​ 647,559 Sale of purchased crude oil ​ 5,464 ​ 9,454 ​ — Sale of gas ​ 25,024 ​ 35,350 ​ 40,984 Commodity risk management contracts designated as cash flow hedges (a) ​ (810) ​ — ​ — ​ ​ 756,625 ​ 1,049,579 ​ 688,543 (a) Realized result on commodity risk management contracts designated as cash flow hedges. See Note 8.

Commodity risk management con_2

Commodity risk management contracts (Tables)	12 Months Ended
	Dec. 31, 2023
Commodity risk management contracts
Summary of Gain (Loss) on the Commodity Risk Management Contracts	The table below summarizes the results on non-hedge derivative commodity risk management contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Realized loss on commodity risk management contracts ​ — ​ (83,244) ​ (109,654) Unrealized gain on commodity risk management contracts ​ — ​ 13,023 ​ 463 ​ ​ — ​ (70,221) ​ (109,191)
Schedule of Group's Derivative Contracts	The following table presents the Group’s production hedged during the year ended December 31, 2023, and for the following periods as a consequence of the derivative contracts in force as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period Reference Type Volume bbl/d Weighted average price US$/bbl January 1, 2023 - March 31, 2023 ​ ICE BRENT ​ Zero Premium Collars ​ 9,500 ​ 66.05 Put 112.59 Call April 1, 2023 - June 30, 2023 ​ ICE BRENT ​ Zero Premium Collars ​ 10,000 ​ 69.25 Put 110.56 Call July 1, 2023 - September 30, 2023 ​ ICE BRENT ​ Zero Premium Collars ​ 9,000 ​ 70.00 Put 94.69 Call October 1, 2023 - December 31, 2023 ​ ICE BRENT ​ Zero Premium Collars ​ 9,000 ​ 69.44 Put 91.82 Call January 1, 2024 - March 31, 2024 ​ ICE BRENT ​ Zero Premium Collars ​ 8,500 ​ 65.59 Put 92.04 Call April 1, 2024 - June 30, 2024 ​ ICE BRENT ​ Zero Premium Collars ​ 9,000 ​ 67.50 Put 96.99 Call July 1, 2024 - September 30, 2024 ​ ICE BRENT ​ Zero Premium Collars ​ 7,000 ​ 66.43 Put 99.32 Call October 1, 2024 - December 31, 2024 ​ ICE BRENT ​ Zero Premium Collars ​ 1,000 ​ 70.00 Put 96.00 Call ​

Production and operating costs

Production and operating costs (Tables)	12 Months Ended
	Dec. 31, 2023
Production and operating costs
Schedule of Production and Operating Costs	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 2021 Staff costs (Note 11) ​ 13,889 ​ 13,114 ​ 16,655 Share-based payment (Note 11) ​ 750 ​ 955 ​ 339 Royalties in cash (a) ​ 12,845 ​ 63,298 ​ 40,000 Economic rights in cash (a) ​ 72,032 ​ 188,989 ​ 73,023 Well and facilities maintenance ​ 26,089 ​ 20,779 ​ 17,989 Operation and maintenance ​ 8,143 ​ 6,545 ​ 7,826 Consumables (b) ​ 37,556 ​ 21,789 ​ 19,270 Equipment rental ​ 4,314 ​ 7,580 ​ 8,127 Transportation costs ​ 5,850 ​ 4,021 ​ 3,383 Field camp ​ 6,546 ​ 4,070 ​ 4,386 Safety and insurance costs ​ 5,487 ​ 3,745 ​ 4,216 Personnel transportation ​ 3,363 ​ 2,480 ​ 2,397 Consultant fees ​ 2,291 ​ 2,133 ​ 1,732 Gas plant costs ​ 1,865 ​ 1,680 ​ 2,596 Non-operated blocks costs (c) ​ 20,421 ​ 12,650 ​ 4,941 Crude oil stock variation ​ 2,004 ​ (6,449) ​ 1,271 Purchased crude oil ​ 4,666 ​ 7,929 ​ — Other costs ​ 4,214 ​ 4,471 ​ 4,639 ​ ​ 232,325 ​ 359,779 ​ 212,790 (a) Royalties and economic rights in Colombia are payable to the National Hydrocarbons Agency (“ANH”) and are determined on a field-by-field basis depending on different variables such as crude quality and price levels, among others (see Note 33). During 2023, the mix of royalties and economic rights paid “in-kind” increased as compared to royalties and economic rights paid ‘in-cash”. These changes caused variations in the ‘royalties in cash’ and ‘economic rights in cash’ line items from year to year, which are compensated by variations in the quantities of oil sales impacting the ‘Revenue’ line item in the Consolidated Statement of Income. ​ (b) Consumables include energy costs of US$ 26,348,000 in the Llanos 34 Block in 2023 (US$ 6,086,000 in 2022) due to a drought that affected the energy matrix in Colombia as a result of decreased availability of hydroelectric power. ​ (c) Non-operated block costs show the increase in activities in the CPO-5 and Perico Blocks in Colombia and Ecuador, respectively.

Depreciation (Tables)

Depreciation (Tables)	12 Months Ended
	Dec. 31, 2023
Depreciation
Schedule of Depreciation	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Oil and gas properties ​ 95,369 ​ 76,720 ​ 66,011 Production facilities and machinery ​ 12,896 ​ 12,244 ​ 12,468 Furniture, equipment and vehicles ​ 1,304 ​ 1,344 ​ 1,960 Buildings and improvements ​ 503 ​ 672 ​ 700 Depreciation of property, plant and equipment (a) ​ 110,072 ​ 90,980 ​ 81,139 Related to: ​ ​ ​ ​ ​ ​ Productive assets ​ 108,265 ​ 88,964 ​ 78,479 Administrative assets ​ 1,807 ​ 2,016 ​ 2,660 Depreciation total (a) ​ 110,072 ​ 90,980 ​ 81,139 (a) Depreciation without considering capitalized costs for oil stock included in Inventories nor depreciation of right-of-use assets.

Staff costs and Directors Rem_2

Staff costs and Directors Remuneration (Tables)	12 Months Ended
	Dec. 31, 2023
Staff costs and Directors' Remuneration
Schedule of Staff Costs and Directors Remuneration	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Number of employees at year end (a) ​ 470 ​ 482 ​ 463 Amounts in US$ ‘000 ​ ​ ​ ​ ​ ​ Wages and salaries ​ 41,917 ​ 38,699 ​ 42,516 Share-based payments (Note 31) ​ 7,328 ​ 11,038 ​ 6,621 Social security charges ​ 5,992 ​ 5,593 ​ 6,901 Director’s fees and allowance ​ 896 ​ 1,172 ​ 2,853 ​ ​ 56,133 ​ 56,502 ​ 58,891 Recognized as follows: ​ ​ ​ ​ ​ ​ Production and operating costs ​ 14,639 ​ 14,069 ​ 16,994 Geological and geophysical expenses ​ 8,407 ​ 7,490 ​ 6,219 Administrative expenses ​ 32,604 ​ 34,533 ​ 35,360 Selling expenses ​ 483 ​ 410 ​ 318 ​ ​ 56,133 ​ 56,502 ​ 58,891 Board of Directors’ and key managers’ remuneration ​ ​ ​ ​ ​ ​ Salaries and fees ​ 6,081 ​ 10,317 ​ 9,069 Share-based payments ​ 4,886 ​ 8,728 ​ 5,759 Other benefits in kind ​ — ​ 171 ​ 296 ​ ​ 10,967 ​ 19,216 ​ 15,124 (a) Unaudited.
Schedule of Directors' Remuneration	​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Executive Director Fees Cash Equivalent ​ ​ Directors’ Fees ​ Paid in Shares ​ Total Remuneration ​ ​ (in US$) ​ (No. of Shares) ​ (in US$) James F. Park (a) ​ — ​ — ​ — Andrés Ocampo (b) ​ — ​ — ​ — Robert Bedingfield (c) ​ — ​ 21,098 ​ 240,000 Constantin Papadimitriou (d) ​ 120,000 ​ 8,791 ​ 220,000 Somit Varma (e) ​ — ​ 20,219 ​ 230,000 Sylvia Escovar Gomez (f) ​ — ​ 23,109 ​ 262,500 Brian Maxted (g) ​ 120,000 ​ 8,791 ​ 220,000 Carlos Macellari (h) ​ 205,000 ​ 8,791 ​ 305,000 Marcela Vaca (i) ​ 100,000 ​ 8,791 ​ 200,000 (a) Mr. Park has a consulting agreement with the Company to act as CEO advisor and provide support and assistance in addition to his role as Vicechair, non-executive Director and Strategy and Risk Committee Chairman, and he relinquished his fees as a member of the Board. (b) Mr. Ocampo has a service contract to act as Chief Executive Officer, and he relinquished his fees as a member of the Board. (c) Audit Committee Chairman. (d) Compensation Committee Chairman. (e) Nomination and Corporate Governance Committee Chairman. (f) Independent Chair of the Board. (g) Technical Committee Chairman. (h) Mr. Macellari, as member of the Technical Committee, instructed by the Board, was awarded additional fees on strategic and technical exploration advisory. (i) SPEED Committee Chairman.

Geological and geophysical ex_2

Geological and geophysical expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Geological and geophysical expenses
Schedule of Geological and Geophysical Expenses	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) ​ 7,879 ​ 7,097 ​ 6,042 Share-based payment (Note 11) ​ 528 ​ 393 ​ 177 Communication and IT costs ​ 2,139 ​ 1,743 ​ 1,071 Consultant fees ​ 1,373 ​ 917 ​ 854 Allocation to capitalized project ​ (1,254) ​ (416) ​ (953) Other services ​ 527 ​ 795 ​ 700 ​ ​ 11,192 ​ 10,529 ​ 7,891 ​

Administrative expenses (Tables

Administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Administrative expenses
Schedule of Administrative Expenses	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) ​ 25,675 ​ 23,671 ​ 26,402 Share-based payment (Note 11) ​ 6,033 ​ 9,690 ​ 6,105 Consultant fees ​ 10,645 ​ 9,574 ​ 10,806 Safety and insurance costs ​ 3,890 ​ 3,834 ​ 3,142 Travel expenses ​ 1,730 ​ 2,336 ​ 719 Non-operated blocks expenses ​ 1,568 ​ 1,390 ​ 799 Director’s fees and allowance (Note 11) ​ 896 ​ 1,172 ​ 2,853 Communication and IT costs ​ 3,760 ​ 3,419 ​ 4,214 Allocation to joint operations ​ (13,986) ​ (9,642) ​ (8,574) Other administrative expenses ​ 3,758 ​ 4,580 ​ 362 ​ ​ 43,969 ​ 50,024 ​ 46,828 ​

Selling expenses (Tables)

Selling expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Selling expenses
Schedule of Selling Expenses	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Staff costs (Note 11) ​ 466 ​ 410 ​ 318 Shared-based payment (Note 11) ​ 17 ​ — ​ — Transportation (a) ​ 9,022 ​ 4,881 ​ 4,233 Selling taxes and other ​ 3,579 ​ 2,704 ​ 4,179 ​ ​ 13,084 ​ 7,995 ​ 8,730 (a) The rise in transportation costs in 2023 is mainly attributed to deliveries at different sales points in the CPO-5 Block in Colombia. Sales at the wellhead incur no selling costs but yield lower revenue, while transportation expenses for sales to alternative delivery points are recognized as selling expenses .

Financial results (Tables)

Financial results (Tables)	12 Months Ended
	Dec. 31, 2023
Financial results
Schedule of Financial Results	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 2021 Financial expenses ​ ​ ​ ​ ​ ​ Interest and amortization of debt issue costs ​ (30,839) ​ (36,360) ​ (44,713) Borrowings cancellation costs ​ — ​ (5,141) ​ (6,308) Bank charges and other financial results ​ (8,520) ​ (9,546) ​ (8,012) Unwinding of long-term liabilities ​ (6,456) ​ (6,026) ​ (5,079) ​ ​ (45,815) ​ (57,073) ​ (64,112) Financial income ​ ​ ​ ​ ​ ​ Interest received ​ 6,237 ​ 3,180 ​ 1,652 ​ ​ 6,237 ​ 3,180 ​ 1,652 Foreign exchange gains and losses ​ ​ ​ ​ ​ ​ Foreign exchange (loss) gain, net ​ (19,729) ​ 19,725 ​ 5,049 Realized result on currency risk management contracts ​ 2,909 ​ — ​ — ​ ​ (16,820) ​ 19,725 ​ 5,049 Total Financial results ​ (56,398) ​ (34,168) ​ (57,411) ​

Tax reforms Colombia (Tables)

Tax reforms Colombia (Tables)	12 Months Ended
	Dec. 31, 2023
Tax reform in Colombia
Schedule of surcharge rate	​ ​ ​ ​ Surcharge Price Triggers applicable for fiscal year 2024 Surcharge rate < US$ 67.18 /bbl ​ 0% US$ 67.18 to US$ 76.39 /bbl ​ 5% US$ 76.39 to US$ 79.87 /bbl ​ 10% > US$ 79.87 /bbl ​ 15%

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2023
Income tax
Schedule of Components of Income Tax	​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Current income tax liabilities ​ 44,269 ​ 65,002 ​ ​ 44,269 ​ 65,002 ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Current income tax charge ​ (107,740) ​ (126,269) ​ (49,291) Deferred income tax benefit (charge) (Note 18) ​ 4,299 ​ (44,205) ​ (17,980) ​ ​ (103,441) ​ (170,474) ​ (67,271)
Summary of Income Tax Reconciliation	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Profit before tax ​ 214,509 ​ 394,909 ​ 128,398 Tax losses from non-taxable jurisdictions ​ 39,526 ​ 53,005 ​ 91,351 Taxable profit ​ 254,035 ​ 447,914 ​ 219,749 ​ ​ ​ ​ ​ ​ ​ Income tax calculated at domestic tax rates applicable to Profit in the respective countries ​ (123,202) ​ (157,315) ​ (71,086) Tax losses where no deferred income tax benefit is recognized ​ (6,918) ​ (2,832) ​ (7,510) Effect of currency translation on tax base ​ 36,691 ​ (10,797) ​ (10,354) Effect of inflation adjustment for tax purposes ​ — ​ — ​ 2,482 Changes in the income tax rate (Note 16) ​ (8,853) ​ (3,820) ​ (1,703) Write-down of deferred income tax benefits previously recognized (a) ​ (3,895) ​ (2,938) ​ (7,261) Previously unrecognized tax losses ​ 632 ​ 9,067 ​ 9,593 Income tax on dividends (b) ​ (2,595) ​ (3,038) ​ — Fiscal recognition of property, plant and equipment ​ — ​ — ​ 8,919 Non-taxable results (c) ​ 4,699 ​ 1,199 ​ 9,649 Income tax ​ (103,441) ​ (170,474) ​ (67,271) (a) Includes write-down of tax losses and other deferred income tax assets in Chile, Brazil and Argentina where there is insufficient evidence of future taxable profits to offset them, in accordance with the expected future cash-flows as of December 31, 2023, 2022 and 2021. (b) Includes income tax payable in Spain due to dividends received from subsidiaries. (c) Includes non-deductible expenses and non-taxable gains in each jurisdiction.
Summary of Tax Losses Accumulated	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Colombia ​ — ​ 4,837 ​ 15,557 Brazil (a) ​ 26,808 ​ 26,736 ​ 26,781 Chile (a) (c) ​ 313,409 ​ 323,929 ​ 285,456 Argentina (b) ​ 9,981 ​ 24,065 ​ 35,773 Spain (a) ​ 6,936 ​ 7,205 ​ 9,443 Total tax losses as of December 31 ​ 357,134 ​ 386,772 ​ 373,010 (a) Taxable losses have no expiration date. (b) Tax losses accumulated as of December 31, 2023, are: US$ 2,551,000 , US$ 939,000 , US$ 2,297,000 , US$ 927,000 and US$ 3,267,000 expiring in 2024, 2025, 2026, 2027 and 2028, respectively. (c) The Chilean business was divested on January 18, 2024 (see Note 36.1), and therefore these tax losses no longer belong to GeoPark from such date. ​

Deferred income tax (Tables)

Deferred income tax (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred income tax
Schedule of Gross Movement on the Deferred Income Tax Account	The gross movement on the deferred income tax account is as follows: ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Deferred income tax as of January 1 ​ (51,180) ​ (6,875) Currency translation differences ​ 107 ​ 383 Income tax expense relating to cash flow hedges recognized in OCI ​ (1,369) ​ (483) Income statement benefit (charge) ​ 4,299 ​ (44,205) Deferred income tax as of December 31 ​ (48,143) ​ (51,180)
Schedule of Breakdown and Movement of Deferred Tax Assets and Liabilities	The breakdown and movement of deferred income tax assets and liabilities as of December 31, 2023, and 2022, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At the ​ Currency ​ ​ ​ ​ beginning ​ Charged to ​ translation ​ ​ ​ At the end Amounts in US$ ‘000 ​ of year ​ net profit ​ differences ​ Reclassification ​ of year Deferred income tax assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Difference in depreciation rates and other ​ 4,759 ​ 8,911 ​ (108) ​ (556) ​ 13,006 Tax losses ​ 14,184 ​ (11,485) ​ 215 ​ — ​ 2,914 Total 2023 ​ 18,943 ​ (2,574) ​ 107 ​ (556) ​ 15,920 Total 2022 ​ 14,072 ​ 4,488 ​ 383 ​ — ​ 18,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense ​ ​ ​ ​ At the beginning ​ Charged to ​ relating to ​ ​ ​ At the end Amounts in US$ ‘000 ​ of year ​ net profit ​ cash flow hedges ​ Reclassification ​ of year Deferred income tax liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Difference in depreciation rates and other ​ (70,123) ​ 6,873 ​ (1,369) ​ 556 ​ (64,063) Total 2023 ​ (70,123) ​ 6,873 ​ (1,369) ​ 556 ​ (64,063) Total 2022 ​ (20,947) ​ (48,693) ​ (483) ​ — ​ (70,123) ​

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings per share
Schedule of Earnings per Share	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 except for shares 2023 2022 2021 Numerator: Profit for the year ​ 111,068 ​ 224,435 ​ 61,127 Denominator: Weighted average number of shares used in basic EPS ​ 56,836,682 ​ 59,330,421 ​ 60,901,109 Earnings after tax per share (US$) – basic ​ 1.95 ​ 3.78 ​ 1.00 ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 except for shares 2023 2022 2021 Weighted average number of shares used in basic EPS ​ 56,836,682 ​ 59,330,421 ​ 60,901,109 Effect of dilutive potential common shares ​ ​ ​ ​ ​ ​ Stock awards at US$ 0.001 ​ 359,587 ​ 552,466 ​ 559,012 Weighted average number of common shares for the purposes of diluted earnings per shares ​ 57,196,269 ​ 59,882,887 ​ 61,460,121 Earnings after tax per share (US$) – diluted ​ 1.94 ​ 3.75 ​ 0.99 ​

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, plant and equipment
Schedule of Property, Plant and Equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Furniture, Production Buildings ​ Exploration ​ ​ ​ Oil & gas ​ equipment ​ facilities and ​ and ​ Construction in ​ and evaluation ​ ​ Amounts in US$’000 ​ properties ​ and vehicles ​ machinery ​ improvements ​ progress ​ assets (a) ​ Total Cost as of January 1, 2021 ​ 968,617 ​ 20,707 ​ 197,829 ​ 12,442 ​ 18,848 ​ 78,614 ​ 1,297,057 Additions / ARO change ​ (1,094) (b) 930 ​ — ​ — ​ 82,094 ​ 46,234 ​ 128,164 Currency translation differences ​ (3,284) ​ (43) ​ (246) ​ (16) ​ (18) ​ (30) ​ (3,637) Disposals ​ — ​ (1,762) ​ (900) ​ (978) ​ (3,372) ​ (338) ​ (7,350) Write-off / Impairment ​ (1,575) (c) — ​ (2,759) (c) — ​ — (c) (12,262) (d) (16,596) Transfers ​ 68,315 ​ 58 ​ 13,305 ​ 391 ​ (70,321) ​ (11,748) ​ — Assets held for sale (Note 36.3) ​ (73,047) ​ (1,178) ​ (6,052) ​ (177) ​ (27) ​ — ​ (80,481) Cost as of December 31, 2021 ​ 957,932 ​ 18,712 ​ 201,177 ​ 11,662 ​ 27,204 ​ 100,470 ​ 1,317,157 Additions / ARO change ​ (7,558) (b) 1,620 ​ 6 ​ (14) ​ 107,171 ​ 67,889 ​ 169,114 Currency translation differences ​ 2,921 ​ 37 ​ 232 ​ 6 ​ 18 ​ 19 ​ 3,233 Disposals ​ — ​ (1,290) ​ (26) ​ (774) ​ — ​ — ​ (2,090) Write-off / Impairment ​ — ​ — ​ — ​ — ​ — ​ (25,789) (e) (25,789) Transfers ​ 125,962 ​ 14 ​ 21,338 ​ 147 ​ (117,913) ​ (29,548) ​ — Cost as of December 31, 2022 ​ 1,079,257 ​ 19,093 ​ 222,727 ​ 11,027 ​ 16,480 ​ 113,041 ​ 1,461,625 Additions / ARO change ​ 9,744 (b) 1,683 ​ 12 ​ 17 ​ 116,304 ​ 73,160 ​ 200,920 Currency translation differences ​ 3,477 ​ 46 ​ 277 ​ 8 ​ 21 ​ 22 ​ 3,851 Disposals ​ — ​ (1,223) ​ — ​ (2,150) ​ (119) ​ — ​ (3,492) Write-off / Impairment ​ (13,332) (c) — ​ — ​ — ​ — ​ (29,563) (f) (42,895) Transfers ​ 171,538 ​ 93 ​ 21,262 ​ 93 ​ (116,905) ​ (76,081) ​ — Assets held for sale (Note 36.1) ​ (330,024) ​ (6,559) ​ (74,491) ​ (4,948) ​ — ​ — ​ (416,022) Cost as of December 31, 2023 ​ 920,660 ​ 13,133 ​ 169,787 ​ 4,047 ​ 15,781 ​ 80,579 ​ 1,203,987 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and write-down as of January 1, 2021 ​ (548,445) ​ (16,985) ​ (109,987) ​ (6,975) ​ — ​ — ​ (682,392) Depreciation ​ (66,011) ​ (1,960) ​ (12,468) ​ (700) ​ — ​ — ​ (81,139) Disposals ​ — ​ 1,325 ​ 900 ​ 838 ​ — ​ — ​ 3,063 Currency translation differences ​ 2,219 ​ 37 ​ 246 ​ 16 ​ — ​ — ​ 2,518 Assets held for sale (Note 36.3) ​ 49,080 ​ 915 ​ 4,692 ​ 153 ​ — ​ — ​ 54,840 Depreciation and write-down as of December 31, 2021 ​ (563,157) ​ (16,668) ​ (116,617) ​ (6,668) ​ — ​ — ​ (703,110) Depreciation ​ (76,720) ​ (1,344) ​ (12,244) ​ (672) ​ — ​ — ​ (90,980) Disposals ​ — ​ 1,246 ​ 19 ​ 752 ​ — ​ — ​ 2,017 Currency translation differences ​ (2,403) ​ (33) ​ (231) ​ (6) ​ — ​ — ​ (2,673) Depreciation and write-down as of December 31, 2022 ​ (642,280) ​ (16,799) ​ (129,073) ​ (6,594) ​ — ​ — ​ (794,746) Depreciation ​ (95,369) ​ (1,304) ​ (12,896) ​ (503) ​ — ​ — ​ (110,072) Disposals ​ — ​ 1,189 ​ — ​ 1,877 ​ — ​ — ​ 3,066 Currency translation differences ​ (3,179) ​ (41) ​ (277) ​ (8) ​ — ​ — ​ (3,505) Assets held for sale (Note 36.1) ​ 310,683 ​ 6,488 ​ 68,765 ​ 2,158 ​ — ​ — ​ 388,094 Depreciation and write-down as of December 31, 2023 ​ (430,145) ​ (10,467) ​ (73,481) ​ (3,070) ​ — ​ — ​ (517,163) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount as of December 31, 2021 ​ 394,775 ​ 2,044 ​ 84,560 ​ 4,994 ​ 27,204 ​ 100,470 ​ 614,047 Carrying amount as of December 31, 2022 ​ 436,977 ​ 2,294 ​ 93,654 ​ 4,433 ​ 16,480 ​ 113,041 ​ 666,879 Carrying amount as of December 31, 2023 ​ 490,515 ​ 2,666 ​ 96,306 ​ 977 ​ 15,781 ​ 80,579 ​ 686,824 ​ ​ ​ ​ (a) Exploration wells movement and balances are shown in the table below; mining property associated with unproved reserves and resources, seismic and other exploratory assets amount to US$ 72,581,000 (US$ 96,041,000 in 2022 and US$ 90,166,000 in 2021). ​ ​ ​ ​ Amounts in US$ ‘000 Total Exploration wells as of December 31, 2021 ​ 10,304 Additions ​ 56,491 Write-offs ​ (21,460) Transfers ​ (28,335) Exploration wells as of December 31, 2022 ​ 17,000 Additions ​ 61,500 Write-offs ​ (24,815) Transfers ​ (45,687) Exploration wells as of December 31, 2023 ​ 7,998 ​ As of December 31, 2023, there were two exploratory wells that have been capitalized for a period less than three years amounting to US$ 7,998,000. ​ (b) Corresponds to the effect of change in estimate of assets retirement obligations. (c) See Note 37. (d) Corresponds to two unsuccessful exploratory wells drilled in the Llanos 32 Block (Colombia), other exploration costs incurred in the Fell Block (Chile), an exploratory well drilled in previous years in the CPO-5 Block (Colombia) and other exploration costs incurred in previous years in the PUT-30 Block (Colombia). (e) Corresponds to exploration costs incurred in previous years in the Tacacho and Terecay Blocks (Colombia), four exploratory wells drilled in the CPO-5, Platanillo, Llanos 34 and Llanos 94 Blocks (Colombia), and certain exploration costs incurred in the Espejo Block (Ecuador) . ​ (f) Corresponds to three unsuccessful exploratory wells drilled in the Llanos 87 Block (Colombia), an unsuccessful exploratory well drilled in the Llanos 124 Block (Colombia) and other exploration costs incurred in the Llanos 94, Coati and Llanos 124 Blocks (Colombia).
Schedule of Exploration Wells Movement and Balances	​ ​ ​ ​ Amounts in US$ ‘000 Total Exploration wells as of December 31, 2021 ​ 10,304 Additions ​ 56,491 Write-offs ​ (21,460) Transfers ​ (28,335) Exploration wells as of December 31, 2022 ​ 17,000 Additions ​ 61,500 Write-offs ​ (24,815) Transfers ​ (45,687) Exploration wells as of December 31, 2023 ​ 7,998

Subsidiary undertakings (Tables

Subsidiary undertakings (Tables)	12 Months Ended
	Dec. 31, 2023
Subsidiary undertakings
Summary of Subsidiaries	Details of all the subsidiaries of the Group as of December 31, 2023, are set out below: ​ ​ ​ ​ ​ ​ ​ Name and registered office Ownership interest Subsidiaries ​ GeoPark Argentina S.A. (Argentina) ​ 100% (a) ​ ​ GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. (Brazil) ​ 100% (a) ​ ​ GeoPark Chile S.p.A. (Chile) ​ 100% (a) (c) ​ ​ GeoPark Fell S.p.A. (Chile) ​ 100% (a) (c) ​ ​ GeoPark Magallanes Limitada (Chile) ​ 100% (a) (c) ​ ​ GeoPark TdF S.p.A. (Chile) ​ 100% (a) (c) ​ ​ GeoPark Colombia S.A.S. (Colombia) ​ 100% (a) ​ ​ GeoPark Colombia, S.L.U. (Spain) ​ 100% (a) ​ ​ GeoPark Perú S.A.C. (Peru) ​ 100% (a) ​ ​ GeoPark Mexico S.A.P.I. de C.V. (Mexico) ​ 100% (a) (b) ​ ​ GeoPark E&P S.A.P.I. de C.V. (Mexico) ​ 100% (a) (b) ​ ​ GeoPark Ecuador S.A. (Ecuador) ​ 100% (a) ​ ​ GeoPark (UK) Limited (United Kingdom) ​ 100% ​ ​ Amerisur Resources Limited (United Kingdom) ​ 100% (a) ​ ​ Amerisur Exploración Colombia Limited (British Virgin Islands) ​ 100% (a) ​ ​ Amerisur Exploración Colombia Limited Sucursal Colombia (Colombia) ​ 100% (a) ​ ​ Yarumal S.A.S. (Colombia) ​ 100% (a) (b) ​ ​ Fenix Oil & Gas Limited (British Virgin Islands) ​ 100% (a) (b) ​ ​ Fenix Oil & Gas Limited Sucursal Colombia (Colombia) ​ 100% (a) (b) ​ ​ Amerisurexplor Ecuador S.A. (Ecuador) ​ 100% (a) (b) ​ ​ Amerisur S.A. (Paraguay) ​ 100% (a) (b) ​ ​ Market Access LLP (United States) ​ 9% ​ ​ GeoPark Colombia S.A.S. Sucursal Panama (Panama) ​ 100% (a) (b) (a) Indirectly owned. (b) Dormant companies. (c) Divested in January 2024. See Note 36.1.
Summary of joint operations	Details of the joint operations of the Group as of December 31, 2023, are set out below: ​ ​ ​ ​ ​ ​ ​ Name and registered office Ownership interest Joint operations ​ Flamenco Block (Chile) ​ 50% (a) (c) ​ ​ Campanario Block (Chile) ​ 50% (a) (c) ​ ​ Isla Norte Block (Chile) ​ 60% (a) (c) ​ ​ Llanos 34 Block (Colombia) ​ 45% (a) ​ ​ Llanos 32 Block (Colombia) ​ 12.5% ​ ​ Puelen Block (Argentina) ​ 18% (b) ​ ​ Los Parlamentos (Argentina) ​ 50% (d) ​ ​ Manati Field (Brazil) ​ 10% ​ ​ POT-T-785 Block (Brazil) ​ 70% (a) ​ ​ Espejo Block (Ecuador) ​ 50% (a) ​ ​ Perico Block (Ecuador) ​ 50% ​ ​ Llanos 86 Block (Colombia) ​ 50% (a) ​ ​ Llanos 87 Block (Colombia) ​ 50% (a) ​ ​ Llanos 104 Block (Colombia) ​ 50% (a) ​ ​ Llanos 123 Block (Colombia) ​ 50% (a) ​ ​ Llanos 124 Block (Colombia) ​ 50% (a) ​ ​ CPO-5 Block (Colombia) ​ 30% ​ ​ Mecaya Block (Colombia) ​ 50% (a) ​ ​ PUT-8 Block (Colombia) ​ 50% (a) ​ ​ PUT-9 Block (Colombia) ​ 50% (a) ​ ​ Tacacho Block (Colombia) ​ 50% (a) (b) ​ ​ Terecay Block (Colombia) ​ 50% (a) (b) ​ ​ Llanos 94 Block (Colombia) ​ 50% (d) ​ ​ PUT-36 Block (Colombia) ​ 50% (a) ​ ​ CPO-4-1 Block (Colombia) ​ 50% (a) GeoPark is the operator. (b) In process of relinquishment. (c) Divested in January 2024. See Note 36.1. (d) GeoPark agreed to transfer its 50% working interest to its joint operation partner.

Prepayments and other receiva_2

Prepayments and other receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Prepayments and other receivables
Schedule of Prepayments and other receivables	​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 V.A.T. ​ 4,310 ​ 1,826 Income tax payments in advance ​ 3,685 ​ 3,156 Other prepaid taxes ​ 23 ​ 37 To be recovered from co-venturers (Note 34) ​ 8,630 ​ 8,750 Prepayments and other receivables ​ 12,311 ​ 8,458 ​ ​ 28,959 ​ 22,227 Classified as follows: ​ ​ ​ ​ Current ​ 25,896 ​ 22,106 Non-current ​ 3,063 ​ 121 ​ ​ 28,959 ​ 22,227
Schedule of Movements on the Group Provision for Impairment	​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 At January 1 ​ 14 ​ 7 Additions ​ — ​ 10 Foreign exchange gain (loss) ​ 4 ​ (3) ​ ​ 18 ​ 14 ​

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories
Schedule of Inventories	​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 Crude oil ​ 9,441 ​ 12,630 Materials and spares ​ 4,111 ​ 1,804 ​ ​ 13,552 ​ 14,434

Trade receivables (Tables)

Trade receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Trade receivables.
Schedule of Trade Receivables	​ ​ ​ ​ ​ ​ Amounts in US$ '000 2023 2022 Trade receivables ​ 65,049 ​ 71,794 ​ ​ 65,049 ​ 71,794

Financial instruments by cate_2

Financial instruments by category (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Schedule of Financial Instruments by Category	​ ​ ​ ​ ​ ​ ​ ​ Assets as per statement ​ ​ of financial position Amounts in US$ '000 2023 2022 Financial assets at fair value through profit or loss ​ ​ ​ ​ Derivative financial instrument assets ​ 3,775 ​ 967 Cash and cash equivalents ​ — ​ 242 ​ ​ 3,775 ​ 1,209 Other financial assets at amortized cost ​ ​ ​ ​ Trade receivables ​ 65,049 ​ 71,794 To be recovered from co-venturers (Note 34) ​ 8,630 ​ 8,750 Other financial assets (a) ​ 12,564 ​ 12,877 Cash and cash equivalents ​ 133,036 ​ 128,601 ​ ​ 219,279 ​ 222,022 Total financial assets ​ 223,054 ​ 223,231 (a) Non-current other financial assets relate to restricted deposits made for environmental obligations according to Brazilian government regulations. Current other financial assets correspond to short-term investments with original maturities up to twelve months and over three months. ​ ​ ​ ​ ​ ​ ​ ​ Liabilities as per statement ​ ​ of financial position Amounts in US$ ‘000 2023 2022 Liabilities at fair value through profit and loss ​ ​ ​ ​ Derivative financial instrument liabilities ​ 70 ​ 19 ​ ​ 70 ​ 19 Other financial liabilities at amortized cost ​ ​ ​ ​ Trade payables ​ 108,977 ​ 102,125 To be paid to co-venturers (Note 34) ​ 522 ​ 2,815 Lease liabilities ​ 32,298 ​ 32,051 Borrowings ​ 500,981 ​ 497,642 ​ ​ 642,778 ​ 634,633 Total financial liabilities ​ 642,848 ​ 634,652
Schedule of Credit Quality of Financial Assets	The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates: ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Trade receivables ​ ​ ​ ​ Counterparties with an external credit rating (Moody’s, S&P, Fitch) ​ ​ ​ ​ Aa3 ​ — ​ 2,013 A3 ​ 949 ​ 1,557 Baa1 ​ 1,721 ​ 99 Baa3 ​ 151 ​ 198 Ba1 ​ 15,068 ​ 23,755 Ba2 ​ 2,953 ​ — Ba3 ​ — ​ 2,745 B2 ​ 63 ​ 4,085 Counterparties without an external credit rating ​ ​ ​ ​ Group 1 (a) ​ 44,144 ​ 37,342 Total trade receivables ​ 65,049 ​ 71,794 (a) Group 1 – no existing balances with customers aged by more than 3 months.
Schedule of Financial Liabilities - contractual undiscounted cash flows	The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 Between 1 Between 2 Over 5 Amounts in US$ ‘000 ​ year ​ and 2 years ​ and 5 years ​ years As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Borrowings ​ 27,500 ​ 27,500 ​ 541,250 ​ — Lease liabilities ​ 9,416 ​ 6,515 ​ 11,719 ​ 25,134 Trade payables ​ 108,977 ​ — ​ — ​ — To be paid to co-venturers (Note 34) ​ 522 ​ — ​ — ​ — ​ ​ 146,415 ​ 34,015 ​ 552,969 ​ 25,134 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Borrowings ​ 27,500 ​ 27,500 ​ 568,750 ​ — Lease liabilities ​ 10,939 ​ 5,653 ​ 11,209 ​ 25,012 Trade payables ​ 102,125 ​ — ​ — ​ — To be paid to co-venturers (Note 34) ​ 2,815 ​ — ​ — ​ — ​ ​ 143,379 ​ 33,153 ​ 579,959 ​ 25,012
Schedule of Fair Value Hierarchy	The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value as of December 31, 2023, and 2022, on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Amounts in US$ ‘000 ​ Level 1 ​ Level 2 ​ 2023 Assets ​ ​ ​ ​ ​ ​ Derivative financial instrument assets ​ ​ ​ ​ ​ ​ Commodity risk management contracts ​ — ​ 3,775 ​ 3,775 Total Assets ​ — ​ 3,775 ​ 3,775 Liabilities ​ ​ ​ ​ ​ ​ Derivative financial instrument liabilities ​ ​ ​ ​ ​ ​ Commodity risk management contracts ​ — ​ 70 ​ 70 Total Liabilities ​ — ​ 70 ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Amounts in US$ ‘000 ​ Level 1 ​ Level 2 ​ 2022 Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ ​ ​ ​ ​ ​ Money market funds ​ 242 ​ — ​ 242 Derivative financial instrument assets ​ ​ ​ ​ ​ ​ Commodity risk management contracts ​ — ​ 967 ​ 967 Total Assets ​ 242 ​ 967 ​ 1,209 Liabilities ​ ​ ​ ​ ​ ​ Derivative financial instrument liabilities ​ ​ ​ ​ ​ ​ Commodity risk management contracts ​ — ​ 19 ​ 19 Total Liabilities ​ — ​ 19 ​ 19
Cash At Bank And Other Financial Assets [Member]
Disclosure of detailed information about financial instruments [line items]
Disclosure of credit quality of cash at bank and other financial assets [text block]	Cash at bank and other financial assets (a) ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) ​ ​ ​ ​ Aa3 ​ — ​ 10,362 A1 ​ 91,747 ​ 96,077 A2 ​ 268 ​ 57 A3 ​ 16,147 ​ 10,389 Baa1 ​ 18 ​ 39 Baa2 ​ 17,585 ​ 7,030 Baa3 ​ 125 ​ 1,352 Ba1 ​ — ​ 64 Ba2 ​ 6,528 ​ 268 Ba3 ​ 5 ​ 3,066 B3 ​ 593 ​ 51 Counterparties without an external credit rating ​ 12,571 ​ 12,953 Total ​ 145,587 ​ 141,708 (a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 13,000 (US$ 12,000 in 2022).

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity
Schedule of Share Capital	​ ​ ​ ​ ​ ​ Issued share capital 2023 2022 Common stock (amounts in US$ ‘000) ​ 55 ​ 58 The share capital is distributed as follows: ​ ​ ​ ​ Common shares, of nominal US$ 0.001 ​ 55,327,520 ​ 57,621,998 Total common shares in issue ​ 55,327,520 ​ 57,621,998 ​ ​ ​ ​ ​ Authorized 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
Schedule of Outstanding Common Shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Shares ​ ​ ​ ​ ​ movement ​ closing ​ US$(`000) GeoPark common shares history ​ Month ​ (millions) ​ (millions) ​ Closing Shares outstanding at the end of 2021 ​ ​ ​ ​ ​ 60.2 ​ 60 Buyback program ​ Mar 2022 ​ (0.2) ​ 60.0 ​ 60 Buyback program ​ Jun 2022 ​ (0.5) ​ 59.5 ​ 60 Stock awards ​ Jul 2022 ​ 0.1 ​ 59.6 ​ 60 Buyback program ​ Sep 2022 ​ (1.1) ​ 58.5 ​ 59 Buyback program ​ Dec 2022 ​ (0.9) ​ 57.6 ​ 58 Shares outstanding at the end of 2022 ​ ​ ​ ​ ​ 57.6 ​ 58 Stock awards ​ Feb 2023 ​ 0.6 ​ 58.2 ​ 58 Buyback program ​ Mar 2023 ​ (0.6) ​ 57.6 ​ 58 Stock awards ​ May 2023 ​ 0.1 ​ 57.7 ​ 58 Buyback program ​ Jun 2023 ​ (1.1) ​ 56.6 ​ 57 Buyback program ​ Sep 2023 ​ (0.5) ​ 56.1 ​ 56 Buyback program ​ Dec 2023 ​ (0.8) ​ 55.3 ​ 55 Shares outstanding at the end of 2023 ​ ​ ​ ​ ​ 55.3 ​ 55
Schedule of Cash distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total amount Date of declaration ​ Date of distribution ​ US$ per share ​ in US$ ‘000 March 10, 2021 ​ April 13, 2021 ​ 0.0205 ​ 1,133 May 5, 2021 ​ May 28, 2021 ​ 0.0205 ​ 1,220 August 4, 2021 ​ August 31, 2021 ​ 0.0410 ​ 2,442 November 10, 2021 ​ December 7, 2021 ​ 0.0410 ​ 2,429 Cash distributions for the year ended December 31, 2021 ​ 7,224 March 9, 2022 ​ March 31, 2022 ​ 0.0820 ​ 4,847 May 11, 2022 ​ June 10, 2022 ​ 0.0820 ​ 4,809 August 10, 2022 ​ September 8, 2022 ​ 0.1270 ​ 7,345 November 9, 2022 ​ December 7, 2022 ​ 0.1270 ​ 7,281 Cash distributions for the year ended December 31, 2022 ​ 24,282 March 8, 2023 ​ March 31, 2023 ​ 0.1300 ​ 7,505 May 3, 2023 ​ May 31, 2023 ​ 0.1300 ​ 7,378 August 9, 2023 ​ September 7, 2023 ​ 0.1320 ​ 7,383 November 8, 2023 ​ December 11, 2023 ​ 0.1340 ​ 7,449 Cash distributions for the year ended December 31, 2023 ​ 29,715 ​

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Borrowings.
Schedule of Borrowings	​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Outstanding amounts as of December 31 ​ ​ ​ ​ Notes due 2027 ​ 500,981 ​ 497,642 ​ ​ 500,981 ​ 497,642 Classified as follows: ​ ​ ​ ​ Current ​ 12,528 ​ 12,528 Non-current ​ 488,453 ​ 485,114

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases
Schedule of financial position of lease assets and liabilities	​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 Right of use assets ​ ​ ​ ​ Production, facilities and machinery ​ 24,201 ​ 32,034 Buildings and improvements ​ 4,250 ​ 4,977 ​ ​ 28,451 ​ 37,011 Lease liabilities ​ ​ ​ ​ Current ​ 8,911 ​ 10,000 Non-current ​ 23,387 ​ 22,051 ​ ​ 32,298 ​ 32,051
Schedule of lease expenses consolidated statement of income	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 2021 Depreciation charge of Right of use assets ​ ​ ​ ​ ​ ​ Production, facilities and machinery ​ (7,858) ​ (6,057) ​ (5,526) Buildings and improvements ​ (792) ​ (988) ​ (1,136) ​ ​ (8,650) ​ (7,045) ​ (6,662) Unwinding of long-term liabilities (included in Financial results) ​ (3,168) ​ (2,838) ​ (1,453) Expenses related to short-term leases (included in Production and operating cost and Administrative expenses) ​ (838) ​ (2,614) ​ (1,101) Expenses related to low-value leases (included in Administrative expenses) ​ (775) ​ (708) ​ (906)
Schedule of right-of-use assets recognized	​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 Right-of-use assets as of January 1 ​ 37,011 ​ 21,014 Additions / changes in estimates ​ 137 ​ 22,462 Foreign currency translation ​ 444 ​ 580 Assets held for sale (Note 36.1) ​ (491) ​ — Depreciation ​ (8,650) ​ (7,045) Right-of-use assets as of December 31 ​ 28,451 ​ 37,011
Schedule of lease liabilities recognized	​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 Lease liabilities as of January 1 ​ 32,051 ​ 20,744 Additions / changes in estimates ​ 137 ​ 22,462 Exchange difference ​ 7,061 ​ (6,426) Foreign currency translation ​ 174 ​ 284 Liabilities associated with assets held for sale (Note 36.1) ​ (26) ​ — Unwinding of discount ​ 3,168 ​ 2,838 Lease payments ​ (10,267) ​ (7,851) Lease liabilities as of December 31 ​ 32,298 ​ 32,051 ​

Provisions and other long-ter_2

Provisions and other long-term liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Provisions and other long-term liabilities
Schedule of Provisions and Other Long-term Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset retirement Deferred ​ ​ Amounts in US$ ‘000 ​ obligation (a) ​ Income (b) ​ Other (c) ​ Total As of January 1, 2022 ​ 45,842 ​ 3,331 ​ 13,675 ​ 62,848 Addition to provision / changes in estimates ​ (4,942) ​ — ​ (2,670) ​ (7,612) Exchange difference ​ (669) ​ (167) ​ (1,147) ​ (1,983) Foreign currency translation ​ (577) ​ — ​ 14 ​ (563) Amortization ​ — ​ (2,407) ​ — ​ (2,407) Unwinding of discount ​ 2,641 ​ — ​ 547 ​ 3,188 Amounts used during the year ​ (1,392) ​ — ​ (132) ​ (1,524) As of December 31, 2022 ​ 40,903 ​ 757 ​ 10,287 ​ 51,947 Addition to provision / changes in estimates ​ 7,374 ​ — ​ 2,460 ​ 9,834 Exchange difference ​ 1,172 ​ 180 ​ 560 ​ 1,912 Foreign currency translation ​ 717 ​ — ​ (13) ​ 704 Amortization ​ — ​ (127) ​ — ​ (127) Unwinding of discount ​ 2,794 ​ — ​ 494 ​ 3,288 Amounts used during the year ​ (2,502) ​ — ​ (4,051) ​ (6,553) Liabilities associated with assets held for sale (Note 36.1) ​ (26,922) ​ — ​ — ​ (26,922) As of December 31, 2023 ​ 23,536 ​ 810 ​ 9,737 ​ 34,083 (a) The provision for ‘asset retirement obligation’ relates to the estimation of future disbursements related to the abandonment and decommissioning of oil and gas wells (see Note 4). ​ (b) ‘Deferred income’ relates to government grants and other contributions relating to the purchase of property, plant and equipment in Colombia. The amortization is in line with the related assets. ​ (c) ‘Other’ mainly includes environmental obligations in Colombia and Peru.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2023
Trade and other payables.
Schedule of Trade and Other Payables	​ ​ ​ ​ ​ ​ Amounts in US$ ‘000 2023 2022 V.A.T ​ 975 ​ 8,513 Trade payables ​ 108,977 ​ 102,125 Customer advance payments ​ — ​ 481 Other short-term advance payments (a) ​ 450 ​ — Outstanding commitments in Chile (b) ​ 5,869 ​ — Staff costs to be paid ​ 10,852 ​ 9,306 Royalties to be paid ​ 791 ​ 9,403 Taxes and other debts to be paid ​ 9,381 ​ 8,963 To be paid to co-venturers (Note 34) ​ 522 ​ 2,815 ​ ​ 137,817 ​ 141,606 Classified as follows: ​ ​ ​ ​ Current ​ 137,817 ​ 141,606 Non-current ​ — ​ — (a) Advance payment collected in relation with the sale of the Group´s business in Chile (see Note 36.1). (b) Investment commitments in the Campanario and Isla Norte Blocks as a result of sale agreement of the Group´s business in Chile (see Note 36.1).

Share-based payment (Tables)

Share-based payment (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Share Based Payment [Abstract]
Schedule of Share-based Payment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Awards at the Awards granted Awards Awards Awards at Charged to net profit/loss ​ ​ beginning ​ in the year ​ forfeited ​ exercised ​ year end 2023 2022 2021 Year of issuance ​ No. of Shares ​ Amounts in US$ '000 2023 ​ — ​ 795,412 ​ (105,695) ​ — ​ 689,717 ​ 1,452 ​ — ​ — 2022 ​ 191,400 ​ 12,000 ​ (6,112) ​ (9,444) ​ 187,844 ​ 990 ​ 619 ​ — 2020 ​ 405,919 ​ ​ ​ (253,889) ​ (61,980) ​ 90,050 ​ — ​ 1,691 ​ 862 Subtotal ​ 597,319 ​ 807,412 ​ (365,696) ​ (71,424) ​ 967,611 ​ 2,442 ​ 2,310 ​ 862 Shares granted to Non-Executive Directors ​ — ​ 99,590 ​ — ​ (99,590) ​ — ​ 1,133 ​ 1,041 ​ 861 Shares granted to Executive Directors (a) ​ 375,937 ​ — ​ — ​ (359,271) ​ 16,666 ​ 126 ​ 3,560 ​ 800 VCP (b) ​ — ​ — ​ — ​ — ​ — ​ — ​ 2,016 ​ 4,098 LTIP for executives ​ 571,984 ​ 268,129 ​ — ​ (248,825) ​ 591,288 ​ 3,627 ​ 2,111 ​ — ​ ​ 1,545,240 ​ 1,175,131 ​ (365,696) ​ (779,110) ​ 1,575,565 ​ 7,328 ​ 11,038 ​ 6,621 (a) Includes compensation agreements from CEO transition. (b) The plan named Value Creation Plan (“VCP”), oriented to key management, was approved in 2019. The performance metrics were not achieved to execute this program and is not currently in place.

Interests in Joint operations (

Interests in Joint operations (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Interests in Joint operations [Abstract]
Schedule of Assets, Liabilities and Results of Joint Operations	The following amounts represent the Group’s share in the assets, liabilities and results of the joint operations which have been recognized in the Consolidated Statement of Financial Position and Statement of Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary / ​ ​ Other Total Total Net Assets/ ​ Operating Joint operation ​ Interest ​ PP&E ​ Assets ​ Assets ​ Liabilities ​ (Liabilities) ​ Revenue ​ profit (loss) 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GeoPark Colombia S.A.S. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Llanos 34 Block ​ 45 % 354,361 ​ 5,079 ​ 359,440 ​ (7,641) ​ 351,799 ​ 464,146 ​ 295,556 Llanos 32 Block ​ 12.5 % 2,493 ​ — ​ 2,493 ​ (655) ​ 1,838 ​ 7,811 ​ 5,661 Llanos 86 Block ​ 50 % 5,532 ​ 227 ​ 5,759 ​ — ​ 5,759 ​ — ​ (187) Llanos 87 Block ​ 50 % 16,621 ​ 650 ​ 17,271 ​ (1,211) ​ 16,060 ​ 1,527 ​ (17,722) Llanos 94 Block ​ 50 % — ​ — ​ — ​ (336) ​ (336) ​ — ​ (1,044) Llanos 104 Block ​ 50 % 5,536 ​ 320 ​ 5,856 ​ — ​ 5,856 ​ — ​ (186) Llanos 123 Block ​ 50 % 16,292 ​ 1,035 ​ 17,327 ​ (520) ​ 16,807 ​ 8,648 ​ 4,006 Llanos 124 Block ​ 50 % — ​ 170 ​ 170 ​ (166) ​ 4 ​ — ​ (7,496) CPO-5 Block ​ 30 % 182,484 ​ — ​ 182,484 ​ (1,540) ​ 180,944 ​ 148,594 ​ 50,032 CPO-4-1 Block ​ 50 % 102 ​ 7 ​ 109 ​ — ​ 109 ​ — ​ (96) Amerisur Exploración Colombia Limitada Sucursal Colombia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mecaya Block ​ 50 % 3,948 ​ 51 ​ 3,999 ​ (40) ​ 3,959 ​ — ​ (66) PUT-8 Block ​ 50 % 9,118 ​ 306 ​ 9,424 ​ — ​ 9,424 ​ — ​ (8) PUT-9 Block ​ 50 % 4,454 ​ 68 ​ 4,522 ​ — ​ 4,522 ​ — ​ (66) PUT-36 Block ​ 50 % 2,950 ​ 50 ​ 3,000 ​ — ​ 3,000 ​ — ​ (2) Tacacho Block ​ 50 % — ​ 103 ​ 103 ​ — ​ 103 ​ — ​ (8) Terecay Block ​ 50 % — ​ 36 ​ 36 ​ — ​ 36 ​ — ​ (8) GeoPark Ecuador S.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Espejo ​ 50 % 10,072 ​ 213 ​ 10,285 ​ (467) ​ 9,818 ​ 1,450 ​ (1,897) Perico ​ 50 % 22,231 ​ — ​ 22,231 ​ (889) ​ 21,342 ​ 17,647 ​ 258 GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Manati Field ​ 10 % 5,233 ​ 17,546 ​ 22,779 ​ (12,788) ​ 9,991 ​ 14,019 ​ 4,955 POT-T‑785 ​ 70 % 160 ​ — ​ 160 ​ — ​ 160 ​ — ​ — GeoPark TdF S.p.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Flamenco Block ​ 50 % — ​ — ​ — ​ (1,336) ​ (1,336) ​ — ​ (178) Campanario Block ​ 50 % — ​ — ​ — ​ (5,438) ​ (5,438) ​ — ​ (5,113) Isla Norte Block ​ 60 % — ​ — ​ — ​ (1,018) ​ (1,018) ​ — ​ (1,000) GeoPark Argentina S.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Los Parlamentos Block ​ 50 % — ​ — ​ — ​ — ​ — ​ — ​ (7,086) Puelen Block ​ 18 % — ​ 2 ​ 2 ​ (60) ​ (58) ​ — ​ (51) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary / ​ ​ Other Total Total Net Assets/ ​ Operating Joint operation ​ Interest ​ PP&E ​ Assets ​ Assets ​ Liabilities ​ (Liabilities) ​ Revenue ​ profit (loss) 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GeoPark Colombia S.A.S. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Llanos 34 Block ​ 45 % 295,639 ​ 2,284 ​ 297,923 ​ (2,104) ​ 295,819 ​ 721,326 ​ 402,425 Llanos 32 Block ​ 12.5 % 2,324 ​ — ​ 2,324 ​ (371) ​ 1,953 ​ 9,791 ​ 7,066 Llanos 86 Block ​ 50 % 970 ​ — ​ 970 ​ — ​ 970 ​ — ​ (60) Llanos 87 Block ​ 50 % 15,038 ​ — ​ 15,038 ​ (41) ​ 14,997 ​ — ​ (390) Llanos 94 Block ​ 50 % 576 ​ — ​ 576 ​ (233) ​ 343 ​ — ​ (5,632) Llanos 104 Block ​ 50 % 1,001 ​ — ​ 1,001 ​ — ​ 1,001 ​ — ​ (60) Llanos 123 Block ​ 50 % 1,172 ​ — ​ 1,172 ​ — ​ 1,172 ​ — ​ (60) Llanos 124 Block ​ 50 % 1,207 ​ — ​ 1,207 ​ — ​ 1,207 ​ — ​ (60) CPO-5 Block ​ 30 % 199,748 ​ — ​ 199,748 ​ (344) ​ 199,404 ​ 184,160 ​ 69,422 CPO-4-1 Block ​ 50 % 102 ​ — ​ 102 ​ — ​ 102 ​ — ​ — Amerisur Exploración Colombia Limitada Sucursal Colombia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mecaya Block ​ 50 % 3,908 ​ — ​ 3,908 ​ (17) ​ 3,891 ​ — ​ (62) PUT-8 Block ​ 50 % 7,927 ​ — ​ 7,927 ​ — ​ 7,927 ​ — ​ (61) PUT-9 Block ​ 50 % 4,420 ​ — ​ 4,420 ​ — ​ 4,420 ​ — ​ (62) PUT-36 Block ​ 50 % 2,931 ​ — ​ 2,931 ​ — ​ 2,931 ​ — ​ (60) Tacacho Block ​ 50 % — ​ — ​ — ​ — ​ — ​ — ​ (3,699) Terecay Block ​ 50 % — ​ — ​ — ​ — ​ — ​ — ​ (300) GeoPark Ecuador S.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Espejo ​ 50 % 10,727 ​ 593 ​ 11,320 ​ (5,406) ​ 5,914 ​ — ​ (5,151) Perico ​ 50 % 15,195 ​ 8,506 ​ 23,701 ​ (5,315) ​ 18,386 ​ 10,671 ​ 4,533 GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Manati Field ​ 10 % 5,665 ​ 18,537 ​ 24,202 ​ (12,602) ​ 11,600 ​ 19,873 ​ 11,240 POT-T‑785 ​ 70 % 168 ​ — ​ 168 ​ — ​ 168 ​ — ​ — GeoPark TdF S.p.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Flamenco Block ​ 50 % — ​ — ​ — ​ (1,314) ​ (1,314) ​ — ​ (261) Campanario Block ​ 50 % — ​ — ​ — ​ (422) ​ (422) ​ — ​ (115) Isla Norte Block ​ 60 % — ​ — ​ — ​ (160) ​ (160) ​ — ​ (131) GeoPark Argentina S.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CN-V Block ​ 50 % — ​ — ​ — ​ (14) ​ (14) ​ — ​ (131) Los Parlamentos Block ​ 50 % — ​ — ​ — ​ (93) ​ (93) ​ — ​ (176) Puelen Block ​ 18 % — ​ 10 ​ 10 ​ (105) ​ (95) ​ — ​ (69) Sierra del Nevado Block ​ 18 % — ​ 1 ​ 1 ​ (4) ​ (3) ​ — ​ (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary / ​ ​ Other Total Total Net Assets/ ​ Operating Joint operation ​ Interest ​ PP&E ​ Assets ​ Assets ​ Liabilities ​ (Liabilities) ​ Revenue ​ profit (loss) 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GeoPark Colombia S.A.S. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Llanos 34 Block ​ 45 % 260,589 ​ 1,866 ​ 262,455 ​ (5,573) ​ 256,882 ​ 486,779 ​ 341,473 Llanos 32 Block ​ 12.5 % 2,730 ​ — ​ 2,730 ​ (197) ​ 2,533 ​ 7,690 ​ 5,378 Llanos 86 Block ​ 50 % 408 ​ — ​ 408 ​ — ​ 408 ​ — ​ (60) Llanos 87 Block ​ 50 % 1,220 ​ — ​ 1,220 ​ — ​ 1,220 ​ — ​ (60) Llanos 94 Block ​ 50 % 1,489 ​ — ​ 1,489 ​ (270) ​ 1,219 ​ — ​ (171) Llanos 104 Block ​ 50 % 434 ​ — ​ 434 ​ — ​ 434 ​ — ​ (60) Llanos 123 Block ​ 50 % 907 ​ — ​ 907 ​ — ​ 907 ​ — ​ (60) Llanos 124 Block ​ 50 % 841 ​ — ​ 841 ​ — ​ 841 ​ — ​ (60) CPO-5 Block ​ 30 % 210,154 ​ — ​ 210,154 ​ (929) ​ 209,225 ​ 88,479 ​ 55,131 Amerisur Exploración Colombia Limitada Sucursal Colombia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mecaya Block ​ 50 % 3,837 ​ — ​ 3,837 ​ (84) ​ 3,753 ​ — ​ — PUT-8 Block ​ 50 % 7,070 ​ — ​ 7,070 ​ — ​ 7,070 ​ — ​ — PUT-9 Block ​ 50 % 4,342 ​ — ​ 4,342 ​ — ​ 4,342 ​ — ​ — PUT-36 Block ​ 50 % 2,870 ​ — ​ 2,870 ​ — ​ 2,870 ​ — ​ — Tacacho Block ​ 50 % 3,629 ​ — ​ 3,629 ​ — ​ 3,629 ​ — ​ — Terecay Block ​ 50 % 226 ​ — ​ 226 ​ — ​ 226 ​ — ​ — GeoPark Perú S.A.C. - Sucursal Ecuador ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Espejo ​ 50 % 1,132 ​ 78 ​ 1,210 ​ (610) ​ 600 ​ — ​ (589) Perico ​ 50 % 4,658 ​ 1,449 ​ 6,107 ​ (4,535) ​ 1,572 ​ — ​ (669) GeoPark Brasil Exploração y Produção de Petróleo e Gas Ltda. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Manati Field ​ 10 % 6,851 ​ 18,269 ​ 25,120 ​ (13,657) ​ 11,463 ​ 20,109 ​ 9,899 POT-T‑785 ​ 70 % 157 ​ — ​ 157 ​ — ​ 157 ​ — ​ — GeoPark TdF S.p.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Flamenco Block ​ 50 % — ​ — ​ — ​ (2,082) ​ (2,082) ​ — ​ (137) Campanario Block ​ 50 % — ​ — ​ — ​ (551) ​ (551) ​ — ​ (106) Isla Norte Block ​ 60 % — ​ — ​ — ​ (138) ​ (138) ​ — ​ (122) GeoPark Argentina S.A.U. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CN-V Block ​ 50 % — ​ 149 ​ 149 ​ (528) ​ (379) ​ — ​ (839) Los Parlamentos Block ​ 50 % — ​ — ​ — ​ — ​ — ​ — ​ (285) Puelen Block ​ 18 % — ​ 12 ​ 12 ​ (18) ​ (6) ​ — ​ (55) Sierra del Nevado Block ​ 18 % — ​ 1 ​ 1 ​ (5) ​ (4) ​ — ​ (10)

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Commitments [Abstract]
Schedule of Royalty Commitments	In Colombia, royalties on production are payable to the Colombian Government and are determined on a field-by-field basis using the level of production sliding scale detailed below: ​ ​ ​ ​ Average daily production in barrels Production Royalty rate Up to 5,000 ​ 8% 5,000 to 125,000 ​ 8% + (production - 5,000) * 0.1 125,000 to 400,000 ​ 20% 400,000 to 600,000 ​ 20% + (production - 400,000) * 0.025 Greater than 600,000 ​ 25%

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure Of Related Parties [Abstract]
Schedule of Controlling Interests	The main shareholders of GeoPark Limited as of December 31, 2023, based solely on Schedules 13D and 13G filed with the SEC, are: ​ ​ ​ ​ ​ ​ ​ ​ Common Percentage of outstanding Shareholder ​ shares ​ common shares James F. Park (a) ​ 8,817,251 ​ 15.94 % Gerald E. O’Shaughnessy (b) ​ 3,673,392 ​ 6.64 % Compass Group LLC (c) ​ 3,312,589 ​ 5.99 % Renaissance Technologies LLC (d) ​ 3,091,863 ​ 5.59 % Socoservin Overseas SPF S.à.r.l. ​ 2,889,315 ​ 5.22 % Cobas Asset Management, SGIIC, SA (f) ​ 2,808,406 ​ 5.08 % Other shareholders ​ 30,734,704 ​ 55.54 % ​ ​ 55,327,520 ​ 100.00 % (a) Held by James F. Park directly and indirectly through GoodRock, LLC, which is controlled by Mr. Park. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. Park’s most recent Schedule 13G filed with the SEC on February 14, 2024. 352,400 of Mr. Park’s shares have been pledged pursuant to lending arrangements. (b) Held by Mr. O’Shaughnessy directly and indirectly through GP Investments LLP; GPK Holdings, LLC; The Globe Resources Group, Inc.; and other investment vehicles. The information set forth above and listed in the table is based solely on the disclosure set forth in Mr. O’Shaughnessy most recent Schedule 13D filed with the SEC on February 2, 2024. 3,435,000 of Mr. O’Shaughnessy ’s shares have been pledged pursuant to lending arrangements. (c) The information set forth above and listed in the table is based solely on the disclosure set forth in Compass Group LLC’s most recent Schedule 13G filed with the SEC on February 14, 2024. (d) The information set forth above and listed in the table is based solely on the disclosure set forth in Renaissance’s most recent Schedule 13G filed with the SEC on February 13, 2024. (e) The information set forth above and listed in the table is based solely on the disclosure set forth in Socoservin Overseas’ most recent Schedule 13G filed with the SEC on July 25, 2023. (f) The information set forth above and listed in the table is based solely on the disclosure set forth in Cobas Asset Management’s most recent Schedule 13G filed with the SEC on February 12, 2024.
Schedule of Balances Outstanding and Transactions with Related Parties	​ Balances outstanding and transactions with related parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances ​ ​ ​ ​ Transaction ​ at year ​ ​ ​ ​ Account (Amounts in US$´000) ​ in the year ​ end ​ Related Party ​ Relationship 2023 ​ ​ ​ ​ ​ ​ ​ ​ To be recovered from co-venturers ​ — ​ 8,630 ​ Joint Operations ​ Joint Operations To be paid to co-venturers ​ — ​ (522) ​ Joint Operations ​ Joint Operations 2022 ​ ​ ​ ​ ​ ​ ​ ​ To be recovered from co-venturers ​ — ​ 8,750 ​ Joint Operations ​ Joint Operations To be paid to co-venturers ​ — ​ (2,815) ​ Joint Operations ​ Joint Operations Geological and geophysical expenses ​ 160 ​ — ​ Carlos Gulisano ​ Former Non-Executive Director (a) Administrative expenses ​ 492 ​ — ​ Pedro E. Aylwin ​ Former Executive Director (b) 2021 ​ ​ ​ ​ ​ ​ ​ ​ To be recovered from co-venturers ​ — ​ 4,680 ​ Joint Operations ​ Joint Operations To be paid to co-venturers ​ — ​ (953) ​ Joint Operations ​ Joint Operations Geological and geophysical expenses ​ 160 ​ — ​ Carlos Gulisano ​ Former Non-Executive Director (a) Administrative expenses ​ 656 ​ — ​ Pedro E. Aylwin ​ Former Executive Director (b) (a) Corresponding to consultancy services. Carlos Gulisano acted as a Director of the Company until July 2022. (b) Corresponding to wages and salaries acting as Director of Legal and Governance. In 2022, also includes consultancy services. In addition, Aylwin, Mendoza, Luksic & Valencia Law firm, where Pedro Aylwin is a partner and has a participation through Asesorías e Inversiones A&P Ltda, provided general legal services to all the Chilean entities, in Chilean corporate, labor, environmental, regulatory, and commercial laws.

Auditors Fees (Tables)

Auditors Fees (Tables)	12 Months Ended
	Dec. 31, 2023
Auditors Fees
Schedule of Fees Paid to Auditors	​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 2021 Audit fees ​ 977 ​ 946 ​ 1,088 Audit related fees ​ 34 ​ 24 ​ — Tax services fees ​ 3 ​ 27 ​ 47 Total Auditors Fees ​ 1,014 ​ 997 ​ 1,135

Impairment test on Property, _2

Impairment test on Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Impairment test on Property, plant and equipment
Schedule of Impairment Loss were (Recognized) Reversed	As a consequence of the evaluation, the following amounts of impairment loss were (recognized) reversed: ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 2023 2022 2021 Chile (a) ​ (13,332) ​ — ​ (17,641) Argentina (b) ​ — ​ — ​ 13,307 ​ ​ (13,332) ​ — ​ (4,334) (a) Recognition of impairment loss in the Fell Block due to the known selling price of the related net assets in the context of the transaction described in Note 36.1 in 2023, and due to the decline in the proved reserves estimation in 2021. ​ (b) Reversal of impairment loss in the Aguada Baguales and El Porvenir Blocks due to the known market price of the blocks in the context of the transaction described in Note 36.3 .

Supplemental information on o_2

Supplemental information on oil and gas activities (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental information on oil and gas activities
Schedule of Costs Incurred in Exploration, Property Acquisitions and Development	Development costs include drilling costs and equipment for developmental wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition of properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved ​ — ​ — ​ — ​ — ​ — ​ — Unproved ​ — ​ — ​ — ​ — ​ — ​ — Total property acquisition ​ — ​ — ​ — ​ — ​ — ​ — Exploration ​ 66,953 ​ 13,331 ​ 107 ​ 56 ​ 1,481 ​ 81,928 Development (a) ​ 125,997 ​ 372 ​ 255 ​ (564) ​ — ​ 126,060 Total costs incurred ​ 192,950 ​ 13,703 ​ 362 ​ (508) ​ 1,481 ​ 207,988 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition of properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved ​ — ​ — ​ — ​ — ​ — ​ — Unproved ​ — ​ — ​ — ​ — ​ — ​ — Total property acquisition ​ — ​ — ​ — ​ — ​ — ​ — Exploration ​ 48,771 ​ 26,521 ​ — ​ 116 ​ 779 ​ 76,187 Development (a) ​ 89,231 ​ 648 ​ (212) ​ 9,952 ​ — ​ 99,619 Total costs incurred ​ 138,002 ​ 27,169 ​ (212) ​ 10,068 ​ 779 ​ 175,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 ​ Colombia Brazil Chile Argentina Total Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition of properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved ​ ​ ​ — ​ — ​ — ​ — ​ — Unproved ​ ​ ​ — ​ — ​ — ​ — ​ — Total property acquisition ​ ​ ​ — ​ — ​ — ​ — ​ — Exploration ​ ​ ​ 40,828 ​ 3 ​ 3,940 ​ 998 ​ 45,769 Development (a) ​ ​ ​ 81,310 ​ (2,212) ​ 1,900 ​ 2 ​ 81,000 Total costs incurred ​ ​ ​ 122,138 ​ (2,209) ​ 5,840 ​ 1,000 ​ 126,769 (a) Includes the effect of change in estimate of assets retirement obligations.
Schedule of Capitalized Costs Related to Oil and Gas Producing Activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile (b) Total As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved properties (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, camps and other facilities ​ 165,666 ​ — ​ 4,121 ​ 74,491 ​ 244,278 Mineral interest and wells ​ 841,063 ​ 31,149 ​ 48,448 ​ 330,024 ​ 1,250,684 Other uncompleted projects ​ 15,770 ​ — ​ 11 ​ — ​ 15,781 Unproved properties ​ 69,823 ​ 10,426 ​ 330 ​ — ​ 80,579 Gross capitalized costs ​ 1,092,322 ​ 41,575 ​ 52,910 ​ 404,515 ​ 1,591,322 Accumulated depreciation ​ (447,716) ​ (8,522) ​ (47,388) ​ (379,448) ​ (883,074) Total net capitalized costs ​ 644,606 ​ 33,053 ​ 5,522 ​ 25,067 ​ 708,248 (a) Includes capitalized amounts related to asset retirement obligations and impairment loss recognized in Chile for US$ 13,332,000 . (b) Classified as ‘Assets held for sale’ as of December 31, 2023, due to the divestment process closed in January 2024. See Note 36.1. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Total As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved properties (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, camps and other facilities ​ 144,672 ​ — ​ 3,565 ​ 74,490 ​ 222,727 Mineral interest and wells ​ 672,424 ​ 18,191 ​ 44,716 ​ 343,926 ​ 1,079,257 Other uncompleted projects ​ 16,099 ​ — ​ 268 ​ 113 ​ 16,480 Unproved properties ​ 102,760 ​ 9,991 ​ 290 ​ — ​ 113,041 Gross capitalized costs ​ 935,955 ​ 28,182 ​ 48,839 ​ 418,529 ​ 1,431,505 Accumulated depreciation ​ (354,981) ​ (2,316) ​ (42,885) ​ (371,171) ​ (771,353) Total net capitalized costs ​ 580,974 ​ 25,866 ​ 5,954 ​ 47,358 ​ 660,152 (a) Includes capitalized amounts related to asset retirement obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Brazil Chile Argentina Total As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proved properties (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equipment, camps and other facilities ​ 125,078 ​ 3,333 ​ 72,766 ​ — ​ 201,177 Mineral interest and wells ​ 580,931 ​ 42,008 ​ 334,993 ​ — ​ 957,932 Other uncompleted projects ​ 26,136 ​ 250 ​ 818 ​ — ​ 27,204 Unproved properties (b) ​ 94,419 ​ 271 ​ — ​ — ​ 94,690 Gross capitalized costs ​ 826,564 ​ 45,862 ​ 408,577 ​ — ​ 1,281,003 Accumulated depreciation ​ (282,616) ​ (38,741) ​ (358,417) ​ — ​ (679,774) Total net capitalized costs ​ 543,948 ​ 7,121 ​ 50,160 ​ — ​ 601,229 (b) Includes capitalized amounts related to asset retirement obligations, impairment loss recognized in Chile for US$ 17,641,000 and impairment loss reversed in Argentina for US$ 13,307,000 . (a) Do not include Ecuador capitalized costs.
Schedule of Results of Operations for Oil and Gas Producing Activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 702,401 ​ 19,097 ​ 14,019 ​ 15,644 ​ — ​ 751,161 Production costs, excluding depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ (121,012) ​ (10,242) ​ (3,850) ​ (7,678) ​ — ​ (142,782) Royalties and economic rights in cash ​ (83,233) ​ — ​ (1,096) ​ (548) ​ — ​ (84,877) Total production costs ​ (204,245) ​ (10,242) ​ (4,946) ​ (8,226) ​ — ​ (227,659) Exploration expenses ​ (36,395) ​ (309) ​ (90) ​ (56) ​ (1,481) ​ (38,331) Accretion expense (a) ​ (669) ​ (87) ​ (560) ​ (1,478) ​ — ​ (2,794) Impairment loss for non-financial assets ​ — ​ — ​ — ​ (13,332) ​ — ​ (13,332) Depreciation, depletion and amortization ​ (92,735) ​ (6,205) ​ (1,047) ​ (8,278) ​ — ​ (108,265) Results of operations before income tax ​ 368,357 ​ 2,254 ​ 7,376 ​ (15,726) ​ (1,481) ​ 360,780 Income tax expense ​ (165,761) ​ (564) ​ (2,508) ​ — ​ — ​ (168,833) Results of oil and gas operations ​ 202,596 ​ 1,690 ​ 4,868 ​ (15,726) ​ (1,481) ​ 191,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 978,423 ​ 10,671 ​ 19,873 ​ 29,196 ​ 1,962 ​ 1,040,125 Production costs, excluding depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ (78,323) ​ (3,220) ​ (3,753) ​ (12,961) ​ (1,306) ​ (99,563) Royalties and economic rights in cash ​ (249,303) ​ — ​ (1,546) ​ (1,165) ​ (273) ​ (252,287) Total production costs ​ (327,626) ​ (3,220) ​ (5,299) ​ (14,126) ​ (1,579) ​ (351,850) Exploration expenses ​ (28,424) ​ (4,768) ​ — ​ (116) ​ (779) ​ (34,087) Accretion expense (a) ​ (621) ​ — ​ (504) ​ (1,516) ​ — ​ (2,641) Depreciation, depletion and amortization ​ (72,386) ​ (2,315) ​ (1,509) ​ (12,754) ​ — ​ (88,964) Results of operations before income tax ​ 549,366 ​ 368 ​ 12,561 ​ 684 ​ (396) ​ 562,583 Income tax expense ​ (192,278) ​ (92) ​ (4,271) ​ (103) ​ — ​ (196,744) Results of oil and gas operations ​ 357,088 ​ 276 ​ 8,290 ​ 581 ​ (396) ​ 365,839 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 ​ Colombia Brazil Chile Argentina Total Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ 618,268 ​ 20,109 ​ 21,471 ​ 28,695 ​ 688,543 Production costs, excluding depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ ​ (72,043) ​ (2,954) ​ (10,280) ​ (14,490) ​ (99,767) Royalties and economic rights in cash ​ ​ ​ (106,341) ​ (1,642) ​ (770) ​ (4,270) ​ (113,023) Total production costs ​ ​ ​ (178,384) ​ (4,596) ​ (11,050) ​ (18,760) ​ (212,790) Exploration expenses ​ ​ ​ (11,276) ​ — ​ (4,509) ​ (998) ​ (16,783) Accretion expense (a) ​ ​ ​ (576) ​ (535) ​ (1,319) ​ (710) ​ (3,140) Impairment loss for non-financial assets ​ ​ ​ — ​ — ​ (17,641) ​ 13,307 ​ (4,334) Depreciation, depletion and amortization ​ ​ ​ (54,588) ​ (2,933) ​ (12,806) ​ (8,152) ​ (78,479) Results of operations before income tax ​ ​ ​ 373,444 ​ 12,045 ​ (25,854) ​ 13,382 ​ 373,017 Income tax (expense) benefit ​ ​ ​ (115,768) ​ (4,095) ​ 3,878 ​ (4,684) ​ (120,669) Results of oil and gas operations ​ ​ ​ 257,676 ​ 7,950 ​ (21,976) ​ 8,698 ​ 252,348 (a) Represents accretion of ARO and other environmental liabilities.
Schedule of Reserve Quantity Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ As of December 31, 2022 ​ As of December 31, 2021 ​ As of December 31, 2020 ​ Oil and ​ Oil and ​ Oil and ​ Oil and ​ ​ ​ condensate ​ Natural gas ​ condensate ​ Natural gas ​ condensate ​ Natural gas ​ condensate ​ Natural gas ​ ​ (Mbbl) ​ (MMcf) ​ (Mbbl) ​ (MMcf) ​ (Mbbl) ​ (MMcf) ​ (Mbbl) ​ (MMcf) Net proved developed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Colombia (a) ​ 43,120 ​ 1,075 ​ 46,623 ​ 1,065 ​ 47,766 ​ 1,207 ​ 43,817 ​ 1,695 Ecuador (b) ​ 1,017 ​ — ​ 322 ​ — ​ — ​ — ​ — ​ — Brazil (c) ​ 28 ​ 8,888 ​ 8 ​ 9,443 ​ 43 ​ 13,601 ​ 34 ​ 13,927 Chile (d) ​ 619 ​ 9,956 ​ 1,115 ​ 14,103 ​ 755 ​ 15,196 ​ 798 ​ 19,054 Argentina (e) ​ — ​ — ​ — ​ — ​ 1,186 ​ 3,379 ​ 1,685 ​ 5,599 Total consolidated ​ 44,784 ​ 19,919 ​ 48,068 ​ 24,611 ​ 49,750 ​ 33,383 ​ 46,334 ​ 40,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net proved undeveloped ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Colombia (f) ​ 16,225 ​ — ​ 17,765 ​ — ​ 31,019 ​ — ​ 45,240 ​ — Ecuador (b) ​ 1,278 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Chile (d) ​ 479 ​ 855 ​ 476 ​ — ​ 575 ​ 1,563 ​ 1,229 ​ 5,661 Argentina (g) ​ — ​ — ​ — ​ — ​ 603 ​ — ​ 104 ​ — Total consolidated ​ 17,982 ​ 855 ​ 18,241 ​ — ​ 32,197 ​ 1,563 ​ 46,573 ​ 5,661 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total proved reserves ​ 62,766 ​ 20,774 ​ 66,309 ​ 24,611 ​ 81,947 ​ 34,946 ​ 92,907 ​ 45,936 (a) Various blocks in the Llanos Basin and the Platanillo Block in the Putumayo Basin account for 94% and 6% ( 96% and 4% in 2022, 98% and 2% in 2021, and 97% and 3% in 2020) of the proved developed reserves, respectively. (b) Perico Block accounts for 100% of the reserves (Perico and Espejo Blocks accounted for 85% and 15% of the reserves, respectively, in 2022). (c) BCAM-40 Block accounts for 100% of the reserves. (d) Fell Block accounts for 100% of the reserves. (e) Aguada Baguales, Puesto Touquet and El Porvenir Blocks accounted for 45% , 21% and 33% in 2021 ( 50% , 26% and 24% in 2020) of the proved developed reserves, respectively. (f) Various blocks in the Llanos Basin and the Platanillo Block in the Putumayo Basin account for 97% and 3% ( 95% and 5% in 2022, 97% and 3% in 2021, and 96% and 4% in 2020) of the proved undeveloped reserves, respectively. (g) Aguada Baguales Block accounted for 100% of the proved undeveloped reserves.
Schedule of Net Proved Reserves of Oil, Condensate and Natural Gas	Net proved reserves (developed and undeveloped) of oil and condensate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thousands of barrels ​ Colombia ​ Ecuador ​ Brazil ​ Chile ​ Argentina ​ Total Reserves as of December 31, 2020 ​ 89,057 ​ — ​ 34 ​ 2,027 ​ 1,789 ​ 92,907 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (a) ​ (3,207) ​ — ​ 18 ​ (597) ​ (169) ​ (3,955) Extensions and discoveries (b) ​ 3,375 ​ — ​ — ​ — ​ 603 ​ 3,978 Production ​ (10,440) ​ — ​ (9) ​ (100) ​ (434) ​ (10,983) Reserves as of December 31, 2021 ​ 78,785 ​ — ​ 43 ​ 1,330 ​ 1,789 ​ 81,947 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (c) ​ (2,677) ​ — ​ (27) ​ 422 ​ — ​ (2,282) Extensions and discoveries (d) ​ 204 ​ 632 ​ — ​ — ​ — ​ 836 Disposal of Minerals in place (e) ​ — ​ — ​ — ​ — ​ (1,760) ​ (1,760) Production ​ (11,924) ​ (310) ​ (8) ​ (161) ​ (29) ​ (12,432) Reserves as of December 31, 2022 ​ 64,388 ​ 322 ​ 8 ​ 1,591 ​ — ​ 66,309 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (f) ​ 3,617 ​ 324 ​ 26 ​ (412) ​ — ​ 3,555 Extensions and discoveries (g) ​ 2,549 ​ 1,937 ​ — ​ — ​ — ​ 4,486 Production ​ (11,209) ​ (288) ​ (6) ​ (81) ​ — ​ (11,584) Reserves as of December 31, 2023 ​ 59,345 ​ 2,295 ​ 28 ​ 1,098 ​ — ​ 62,766 (a) For the year ended December 31, 2021, the Group’s oil and condensate proved reserves were revised downward by 4.0 mmbbl. The primary factors leading to the above were: - Lower than expected performance from the existing wells that reduced the proved developed reserves in Colombia (8.9 mmbbl), in Argentina (0.3 mmbbl), and in Chile (0.3 mmbbl). - A decrease of 0.6 mmbbl in Chile due to a change in a previously adopted development plan in the Fell Block. - Such decrease was partially offset by a higher average oil prices resulted in a 5.7 mmbbl, 0.1 mmbbl and 0.3 mmbbl increase in reserves from the blocks in Colombia, Argentina and Chile, respectively. (b) In Colombia, the extensions and discoveries are primary due to the Tigui Field appraisal wells and in Argentina are due to the Aguada Baguales Field. (c) For the year ended December 31, 2022, the Group’s oil and condensate proved reserves were revised downward by 2.3 mmbbl. The primary factors leading to the above were: - A decrease of 3.6 mmbbl in Colombia due to a change in the royalties payment in certain fields from cash to kind. - Such decrease was partially offset by a higher average oil prices resulted in a 0.6 mmbbl and 0.1 mmbbl increase in reserves from the blocks in Colombia and Chile, respectively. - Higher than expected performance from the existing wells that increase the proved reserves in Colombia (0.3 mmbbl) and in Chile (0.3 mmbbl). (d) In Colombia, the extensions and discoveries are primary due to the Cante Flamenco new field in CPO-5 Block and in Ecuador are due to the Jandaya, Yin and Tui new fields in the Perico Block and the Pashuri field in the Espejo Block. (e) The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3). (f) For the year ended December 31, 2023, the Group’s oil and condensate proved reserves were revised upwards by 3.5 mmbbl. The primary factors leading to the above were: - An increase of 1.7 mmbbl in Colombia due to a change in a previously adopted development plan. - An increase of 1.5 mmbbl in Colombia due to higher-than-expected performance from the existing wells. - An increase of 0.4 mmbbl in Colombia due to a change in the royalties’ payment in certain fields from kind to cash. - An increase of 0.3 mmbbl in Ecuador due to higher average oil prices. - Such increase was partially offset by lower-than-expected performance from the existing wells in Chile by 0.4 mmbbl. (g) The extensions and discoveries are primarily due to various fields in the Llanos Basin in Colombia and the Jandaya field extension in the Perico Block in Ecuador. Net proved reserves (developed and undeveloped) of natural gas: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Millions of cubic feet Colombia Brazil Chile Argentina Total Reserves as of December 31, 2020 ​ 1,695 ​ 13,927 ​ 24,715 ​ 5,599 ​ 45,936 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (a) ​ 14 ​ 3,470 ​ (3,553) ​ (636) ​ (705) Production ​ (502) ​ (3,796) ​ (4,403) ​ (1,584) ​ (10,285) Reserves as of December 31, 2021 ​ 1,207 ​ 13,601 ​ 16,759 ​ 3,379 ​ 34,946 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (b) ​ 141 ​ (886) ​ 1,501 ​ — ​ 756 Disposal of Minerals in place (c) ​ — ​ — ​ — ​ (3,227) ​ (3,227) Production ​ (283) ​ (3,272) ​ (4,157) ​ (152) ​ (7,864) Reserves as of December 31, 2022 ​ 1,065 ​ 9,443 ​ 14,103 ​ — ​ 24,611 Increase (decrease) attributable to: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revisions (d) ​ 219 ​ 1,659 ​ (9) ​ — ​ 1,869 Production ​ (209) ​ (2,214) ​ (3,283) ​ — ​ (5,706) Reserves as of December 31, 2023 ​ 1,075 ​ 8,888 ​ 10,811 ​ — ​ 20,774 (a) For the year ended December 31, 2021, the Group’s proved natural gas reserves were revised downward by 0.7 billion cubic feet. This was the combined effect of: - A decrease of proved developed reserves due to lower performance of existing wells in Argentina (1.6 billion cubic feet) and in Chile (2.7 billion cubic feet) partially offset by better-than-expected performance in the Manati Field in Brazil (2.5 billion cubic feet). - A decrease of 3.4 billion cubic feet in Chile due to the revision of the type well associated with the incremental activity that reduced the proved undeveloped reserves. - A decrease of 1.5 billion cubic feet in Chile due to a change in a previously adopted development plan in the Fell Block. -Such decrease was partially offset by higher average prices which resulted in an increase of 4.0 billion cubic feet, 1 billion cubic feet and 1 billion cubic feet in Chile, Brazil, and Argentina, respectively. (b) For the year ended December 31, 2022, the Group’s proved natural gas reserves were revised upwards by 0.8 billion cubic feet. This was the combined effect of: - An increase of proved reserves due to better performance of existing wells in Chile (0.8 billion cubic feet) and the Llanos 32 block in Colombia (0.1 billion cubic feet). - Higher average prices resulted in an increase of 0.7 billion cubic feet and 0.8 billion cubic feet increase in gas reserves in Chile and Brazil, respectively. - The above was partially offset by lower-than-expected performance of Manati Field in Brazil (1.6 billion cubic feet). (c) The disposal in Argentina is due to the decision of selling the Group’s working interest and operatorship in the Aguada Baguales, El Porvenir and Puesto Touquet Blocks in Argentina (see Note 36.3). (d) For the year ended December 31, 2023, the Group’s proved natural gas reserves were revised upwards by 1.9 billion cubic feet. This was the effect of higher-than-expected performance from the existing wells in the Manati Block in Brazil ( 1.7 billion cubic feet) and the Llanos 32 Block in Colombia ( 0.2 billion cubic feet). ​
Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash inflows ​ 4,027,686 ​ 140,607 ​ 75,757 ​ 111,384 ​ — ​ 4,355,434 Future production costs ​ (1,633,889) ​ (45,052) ​ (22,815) ​ (50,343) ​ — ​ (1,752,099) Future development costs ​ (147,045) ​ (13,768) ​ (1,204) ​ (41,359) ​ — ​ (203,376) Future income taxes ​ (764,309) ​ (27,648) ​ (4,036) ​ — ​ — ​ (795,993) Undiscounted future net cash flows ​ 1,482,443 ​ 54,139 ​ 47,702 ​ 19,682 ​ — ​ 1,603,966 10% annual discount ​ (430,250) ​ (11,436) ​ (6,476) ​ 5,205 ​ — ​ (442,957) Standardized measure of discounted future net cash flows ​ 1,052,193 ​ 42,703 ​ 41,226 ​ 24,887 ​ — ​ 1,161,009 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash inflows ​ 5,229,599 ​ 26,553 ​ 65,002 ​ 190,449 ​ — ​ 5,511,603 Future production costs ​ (1,633,818) ​ (8,094) ​ (29,519) ​ (72,411) ​ — ​ (1,743,842) Future development costs ​ (182,701) ​ (297) ​ (1,955) ​ (40,659) ​ — ​ (225,612) Future income taxes ​ (1,191,658) ​ — ​ (1,761) ​ — ​ — ​ (1,193,419) Undiscounted future net cash flows ​ 2,221,422 ​ 18,162 ​ 31,767 ​ 77,379 ​ — ​ 2,348,730 10% annual discount ​ (839,621) ​ (2,504) ​ (8,856) ​ (13,094) ​ — ​ (864,075) Standardized measure of discounted future net cash flows ​ 1,381,801 ​ 15,658 ​ 22,911 ​ 64,285 ​ — ​ 1,484,655 As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future cash inflows ​ 4,381,191 ​ — ​ 89,208 ​ 136,152 ​ 109,678 ​ 4,716,229 Future production costs ​ (1,715,554) ​ — ​ (34,930) ​ (69,067) ​ (61,660) ​ (1,881,211) Future development costs ​ (197,461) ​ — ​ (1,955) ​ (40,339) ​ (49,200) ​ (288,955) Future income taxes ​ (754,205) ​ — ​ (3,449) ​ — ​ (2,947) ​ (760,601) Undiscounted future net cash flows ​ 1,713,971 ​ — ​ 48,874 ​ 26,746 ​ (4,129) ​ 1,785,462 10% annual discount ​ (496,150) ​ — ​ (7,171) ​ 6,121 ​ 4,471 ​ (492,729) Standardized measure of discounted future net cash flows ​ 1,217,821 ​ — ​ 41,703 ​ 32,867 ​ 342 ​ 1,292,733
Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts in US$‘000 Colombia Ecuador Brazil Chile Argentina Total Present value as of December 31, 2020 ​ 759,233 ​ — ​ 25,378 ​ 17,032 ​ (19) ​ 801,624 Sales of hydrocarbon, net of production costs ​ (516,844) ​ — ​ (15,677) ​ (11,520) ​ (16,855) ​ (560,896) Net changes in sales price and production costs ​ 924,875 ​ — ​ 19,393 ​ 64,048 ​ (3,145) ​ 1,005,171 Changes in estimated future development costs ​ 96,364 ​ — ​ 861 ​ (18,731) ​ 20,674 ​ 99,168 Extensions and discoveries less related costs ​ 80,933 ​ — ​ — ​ — ​ (1,020) ​ 79,913 Development costs incurred ​ 87,877 ​ — ​ — ​ 4,111 ​ — ​ 91,988 Revisions of previous quantity estimates ​ (76,850) ​ — ​ 11,957 ​ (23,776) ​ 465 ​ (88,204) Net changes in income taxes ​ (254,618) ​ — ​ (2,780) ​ — ​ 244 ​ (257,154) Accretion of discount ​ 116,851 ​ — ​ 2,571 ​ 1,703 ​ (2) ​ 121,123 Present value as of December 31, 2021 ​ 1,217,821 ​ — ​ 41,703 ​ 32,867 ​ 342 ​ 1,292,733 Sales of hydrocarbon, net of production costs ​ (891,534) ​ (2,732) ​ (14,697) ​ (15,317) ​ — ​ (924,280) Net changes in sales price and production costs ​ 956,926 ​ — ​ (6,909) ​ 39,457 ​ — ​ 989,474 Changes in estimated future development costs ​ 93,657 ​ (10,483) ​ (933) ​ (22,675) ​ — ​ 59,566 Extensions and discoveries less related costs ​ 6,754 ​ 28,873 ​ — ​ — ​ — ​ 35,627 Development costs incurred ​ 94,195 ​ — ​ — ​ 11,153 ​ — ​ 105,348 Revisions of previous quantity estimates ​ (87,851) ​ — ​ (2,441) ​ 15,513 ​ — ​ (74,779) Disposal of Minerals in place ​ — ​ — ​ — ​ — ​ (342) ​ (342) Net changes in income taxes ​ (205,370) ​ — ​ 1,673 ​ — ​ — ​ (203,697) Accretion of discount ​ 197,203 ​ — ​ 4,515 ​ 3,287 ​ — ​ 205,005 Present value as of December 31, 2022 ​ 1,381,801 ​ 15,658 ​ 22,911 ​ 64,285 ​ — ​ 1,484,655 Sales of hydrocarbon, net of production costs ​ (491,525) ​ (6,673) ​ (8,143) ​ (6,362) ​ — ​ (512,703) Net changes in sales price and production costs ​ (596,668) ​ (2,893) ​ 21,490 ​ (33,595) ​ — ​ (611,666) Changes in estimated future development costs ​ 9,461 ​ (17,908) ​ (4,440) ​ 5,142 ​ — ​ (7,745) Extensions and discoveries less related costs ​ 72,757 ​ 63,619 ​ — ​ — ​ — ​ 136,376 Development costs incurred ​ 115,996 ​ 500 ​ — ​ 7 ​ — ​ 116,503 Revisions of previous quantity estimates ​ 104,256 ​ 10,642 ​ 9,159 ​ (11,019) ​ — ​ 113,038 Net changes in income taxes ​ 198,769 ​ (21,808) ​ (2,218) ​ — ​ — ​ 174,743 Accretion of discount ​ 257,346 ​ 1,566 ​ 2,467 ​ 6,429 ​ — ​ 267,808 Present value as of December 31, 2023 ​ 1,052,193 ​ 42,703 ​ 41,226 ​ 24,887 ​ — ​ 1,161,009 ​

Summary of significant accoun_3

Summary of significant accounting policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure summary of significant accounting policies [Line Items]
Cash and cash equivalents	$ 133,036,000	$ 128,843,000	$ 100,604,000	$ 201,907,000
Write-off of Unsuccessful Exploration Efforts	29,563,000	25,789,000	12,262,000
Impairment loss	$ 13,332,000	$ 0	$ 4,334,000
Maximum
Disclosure summary of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Period of lease term	15 years
Minimum
Disclosure summary of significant accounting policies [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Period of lease term	1 year

Financial Instruments-risk ma_3

Financial Instruments-risk management (Schedule of Gearing Ratios) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments-risk management
Total Equity	$ 176,020	$ 115,585	$ (61,945)	$ (109,190)
Net Debt	367,945	368,799
Working capital	$ 39,184	$ 8,989

Financial Instruments-risk ma_4

Financial Instruments-risk management (Narrative) (Details)		12 Months Ended
	Aug. 03, 2023 USD ($)	Dec. 31, 2023 USD ($) item customer	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2023 USD ($)
Disclosure Of Financial Instruments Risk management [Line items]
Foreign exchange gain (loss)		$ (16,820,000)	$ 19,725,000	$ 5,049,000
Uncommitted credit lines	$ 179,600,000	179,600,000
Repayments of borrowings, classified as financing activities		0	172,522,000	274,934,000
Borrowings		500,981,000	497,642,000
Derivative financial instruments					$ 38,000,000
Senior unsecured credit facility
Disclosure Of Financial Instruments Risk management [Line items]
Line of credit facility maximum borrowing capacity	$ 80,000,000	$ 80,000,000
Commitment fee percent	1.85%
Ifrs Scenario Plan [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Price Decrease Additional Percentage Against Actual Price		10%
Price fluctuation gain (loss)		$ 42,393,000	$ 47,330,000	$ 17,899,000
Currency risk [member] | Argentine Peso [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Currency Devaluation Percentage Against Dollar		356%	72%	22%
Currency risk [member] | Chilean Peso [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Currency Devaluation Percentage Against Dollar		3%	1%	19%
Currency risk [member] | Colombian Peso [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Currency Devaluation Percentage Against Dollar			21%	16%
Currency Revaluation Percentage Against Dollar		21%
Currency risk [member] | Brazilian Real [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Currency Devaluation Percentage Against Dollar				7%
Currency Revaluation Percentage Against Dollar		7%	7%
Currency risk [member] | Ifrs Scenario Plan [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Currency Devaluation Additional Percentage Against Dollar		10%
Foreign exchange fluctuation gain (loss)		$ 13,971,000	$ 14,695,000	$ 9,070,000
Currency risk [member] | Ifrs Scenario Plan [Member] | Brazilian Real [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Currency Devaluation Additional Percentage Against Dollar		10%
Foreign exchange fluctuation gain (loss)		$ 728,000	$ 726,000	$ 780,000
Liquidity risk [member]
Disclosure Of Financial Instruments Risk management [Line items]
Cash		$ 133,036,000
Barrels of oil equivalent per day in production at year end | item		38,000
Interest Rate Risk [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Borrowings		$ 0
Interest Rate Risk [Member] | Fixed interest rate [member] | 2027 Notes [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Borrowings, interest rate		5.50%
Borrowings		$ 500,000,000
Credit Risk [Member] | Third Party Supplier for Crude Oil [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Percentage of entity's revenue		1%	1%
Credit Risk [Member] | Ecuador [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Percentage of entity's revenue		3%	1%
Percentage of entity's production sold		100%
Credit Risk [Member] | ENAP [Member] | Chile [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Percentage of entity's revenue		1%	1%	1%
Credit Risk [Member] | Methanex Chile SpA [Member] | Chile [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Percentage of entity's revenue		1%	1%	2%
Credit Risk [Member] | Petrobras Brazil [Member] | Brazil [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Percentage of entity's revenue		2%	2%	3%
Credit Risk [Member] | Three Clients [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Percentage of entity's revenue		89%	90%	89%
Credit Risk [Member] | Three Clients [Member] | Colombian subsidiary [Member]
Disclosure Of Financial Instruments Risk management [Line items]
Concentration risk, number of customers | customer		3
Percentage of entity's revenue		96%	97%	99%

Consolidated Statement of Cas_5

Consolidated Statement of Cash Flow (Schedule of Non-cash Transactions Related to the Consolidated Statement of Cash Flow) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENT OF CASH FLOWS.
Increase (Decrease) in asset retirement obligation	$ 7,374	$ (4,942)	$ (651)
Increase (Decrease) in provisions for other long-term liabilities	2,370	(2,616)	(443)
Purchase of property, plant and equipment	(7,864)	7,864
Additions / changes in estimates of right-of-use assets	$ 137	$ 22,462	$ 5,288

Consolidated Statement of Cas_6

Consolidated Statement of Cash Flow (Schedule of Changes in Working Capital Shown in the Consolidated Statement of Cash Flow) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENT OF CASH FLOWS.
(Increase) Decrease in Inventories		$ (1,330,000)	$ (6,694,000)	$ 1,241,000
Decrease (Increase) in Trade receivables		6,820,000	(1,425,000)	(23,290,000)
Increase in Prepayments and other receivables and Other assets		(33,328,000)	(30,929,000)	(13,817,000)
Increase (Decrease) in Trade and other payables		1,413,000	(999,000)	26,515,000
Decrease in working capital	[1]	(26,425,000)	(40,047,000)	(9,351,000)
Withholding taxes		$ 27,558,000	$ 27,256,000	$ 16,361,000
[1] Includes withholding taxes from clients for US$ 27,558,000 , US$ 27,256,000 and US$ 16,361,000 in 2023, 2022 and 2021, respectively.

Consolidated Statement of Cas_7

Consolidated Statement of Cash Flow - Movements in the borrowings, lease liabilities and payables to related parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statement of Cash Flow [Line Items]
Balances at beginning of period	$ 529,693	$ 694,836	$ 806,933
Proceeds from borrowings	0	0	172,174
Debt issuance costs paid	0	0	(2,019)
Addition to lease liabilities	137	22,462	5,288
Accrual of borrowing's interests	30,839	36,360	44,323
Exchange difference	7,061	(6,426)	(946)
Liabilities associated with assets held for sale	(26)
Foreign currency translation	174	487	(726)
Unwinding of discount	3,168	2,838	1,453
Principal paid	0	(172,522)	(274,934)
Interest paid	(27,500)	(36,514)	(42,592)
Borrowings cancellation costs	0	5,141	6,308
Borrowings cancellation and other costs paid	0	(9,118)	(12,908)
Lease payments	(10,267)	(7,851)	(7,518)
Balances at end of period	533,279	529,693	694,836
Borrowing [Member]
Consolidated Statement of Cash Flow [Line Items]
Balances at beginning of period	497,642	674,092	784,586
Proceeds from borrowings			172,174
Debt issuance costs paid			(2,019)
Accrual of borrowing's interests	30,839	36,360	44,323
Exchange difference			(581)
Foreign currency translation		203	(265)
Principal paid		(172,522)	(274,934)
Interest paid	(27,500)	(36,514)	(42,592)
Borrowings cancellation costs		5,141	6,308
Borrowings cancellation and other costs paid		(9,118)	(12,908)
Balances at end of period	500,981	497,642	674,092
Lease liabilities [member]
Consolidated Statement of Cash Flow [Line Items]
Balances at beginning of period	32,051	20,744	22,347
Addition to lease liabilities	137	22,462	5,288
Exchange difference	7,061	(6,426)	(365)
Liabilities associated with assets held for sale	(26)
Foreign currency translation	174	284	(461)
Unwinding of discount	3,168	2,838	1,453
Lease payments	(10,267)	(7,851)	(7,518)
Balances at end of period	$ 32,298	$ 32,051	$ 20,744

Segment information (Schedule o

Segment information (Schedule of Segment Information by Segment Areas (Geographical Segments) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($) employee
Disclosure of Segment information [Line Items]
Revenue	$ 756,625,000	$ 1,049,579,000	$ 688,543,000
Sale of crude oil	726,947,000	1,004,775,000	647,559,000
Sale of purchased crude oil	5,464,000	9,454,000
Sale of gas	25,024,000	35,350,000	40,984,000
Commodity risk management contracts designated as cash flow hedges	(810,000)
Realized gain (loss) on commodity risk management contracts		(83,244,000)	(109,654,000)
Production and operating costs	(232,325,000)	(359,779,000)	(212,790,000)
Royalties in cash	(12,845,000)	(63,298,000)	(40,000,000)
Economic rights in cash	(72,032,000)	(188,989,000)	(73,023,000)
Share-based payment	(750,000)	(955,000)	(339,000)
Other operating costs	(146,698,000)	(106,537,000)	(99,428,000)
Adjusted EBITDA	451,862,000	540,779,000	300,800,000
Depreciation	(120,934,000)	(96,692,000)	(88,969,000)
Impairment loss for non-financial assets, net	(13,332,000)	0	(4,334,000)
Write-off of unsuccessful exploration efforts	(29,563,000)	(25,789,000)	(12,262,000)
Total assets	$ 1,016,549,000	$ 973,975,000	$ 895,741,000
Employees (average) | employee	469	469	476
Employees at year end | employee	470	482	463
Colombia [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 702,401,000	$ 978,423,000	$ 618,268,000
Sale of crude oil	702,308,000	977,184,000	616,133,000
Sale of gas	903,000	1,239,000	2,135,000
Commodity risk management contracts designated as cash flow hedges	(810,000)
Realized gain (loss) on commodity risk management contracts		(83,244,000)	(109,654,000)
Production and operating costs	(204,245,000)	(327,626,000)	(178,384,000)
Royalties in cash	(11,201,000)	(60,314,000)	(33,385,000)
Economic rights in cash	(72,032,000)	(188,989,000)	(72,956,000)
Share-based payment	(671,000)	(843,000)	(334,000)
Other operating costs	(120,341,000)	(77,480,000)	(71,709,000)
Adjusted EBITDA	446,835,000	525,593,000	294,847,000
Depreciation	(101,666,000)	(78,775,000)	(61,279,000)
Impairment loss for non-financial assets, net	0		0
Write-off of unsuccessful exploration efforts	(29,563,000)	(21,318,000)	(7,827,000)
Total assets	$ 895,900,000	$ 797,390,000	$ 689,401,000
Employees (average) | employee	400	362	308
Employees at year end | employee	412	388	321
Chile [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 15,644,000	$ 29,196,000	$ 21,471,000
Sale of crude oil	5,052,000	14,460,000	6,297,000
Sale of gas	10,592,000	14,736,000	15,174,000
Realized gain (loss) on commodity risk management contracts		0	0
Production and operating costs	(8,226,000)	(14,126,000)	(11,050,000)
Royalties in cash	(548,000)	(1,165,000)	(770,000)
Economic rights in cash		0
Share-based payment	(72,000)	(103,000)	(31,000)
Other operating costs	(7,606,000)	(12,858,000)	(10,249,000)
Adjusted EBITDA	4,952,000	11,753,000	7,639,000
Depreciation	(9,815,000)	(14,076,000)	(14,275,000)
Impairment loss for non-financial assets, net	(13,332,000)	0	(17,641,000)
Write-off of unsuccessful exploration efforts	0	0	(4,435,000)
Total assets	$ 36,192,000	$ 63,379,000	$ 71,515,000
Employees (average) | employee	33	53	55
Employees at year end | employee	27	49	52
Brazil [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 14,019,000	$ 19,873,000	$ 20,109,000
Sale of crude oil	490,000	796,000	661,000
Sale of gas	13,529,000	19,077,000	19,448,000
Realized gain (loss) on commodity risk management contracts		0	0
Production and operating costs	(4,946,000)	(5,299,000)	(4,596,000)
Royalties in cash	(1,096,000)	(1,546,000)	(1,575,000)
Economic rights in cash		0	(67,000)
Share-based payment	0	0	0
Other operating costs	(3,850,000)	(3,753,000)	(2,954,000)
Adjusted EBITDA	6,374,000	11,654,000	12,569,000
Depreciation	(2,332,000)	(2,796,000)	(4,082,000)
Impairment loss for non-financial assets, net	0		0
Write-off of unsuccessful exploration efforts	0	0	0
Total assets	$ 27,891,000	$ 34,329,000	$ 38,846,000
Employees (average) | employee	4	5	4
Employees at year end | employee	4	4	4
Argentina [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 0	$ 1,962,000	$ 28,695,000
Sale of crude oil	0	1,664,000	24,468,000
Sale of gas	0	298,000	4,227,000
Realized gain (loss) on commodity risk management contracts		0	0
Production and operating costs	0	(1,579,000)	(18,760,000)
Royalties in cash	0	(273,000)	(4,270,000)
Economic rights in cash		0
Share-based payment	0	1,000	26,000
Other operating costs	0	(1,307,000)	(14,516,000)
Adjusted EBITDA	(2,620,000)	(3,643,000)	2,124,000
Depreciation	(22,000)	(254,000)	(9,130,000)
Impairment loss for non-financial assets, net	0	0	13,307,000
Write-off of unsuccessful exploration efforts	0	0	0
Total assets	$ 357,000	$ 1,296,000	$ 38,111,000
Employees (average) | employee	18	33	92
Employees at year end | employee	15	24	74
Ecuador [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 19,097,000	$ 10,671,000	$ 0
Sale of crude oil	19,097,000	10,671,000	0
Sale of gas	0	0	0
Realized gain (loss) on commodity risk management contracts		0	0
Production and operating costs	(10,242,000)	(3,220,000)	0
Royalties in cash	0	0	0
Economic rights in cash		0
Share-based payment	(7,000)	(10,000)	0
Other operating costs	(10,235,000)	(3,210,000)	0
Adjusted EBITDA	5,159,000	4,197,000	(2,071,000)
Depreciation	(7,096,000)	(788,000)	(200,000)
Impairment loss for non-financial assets, net	0		0
Write-off of unsuccessful exploration efforts	0	(4,471,000)	0
Total assets	$ 40,336,000	$ 35,690,000	$ 7,782,000
Employees (average) | employee	6	7	8
Employees at year end | employee	5	8	3
Corporate [Member] | Other Segments [Member]
Disclosure of Segment information [Line Items]
Revenue	$ 5,464,000	$ 9,454,000	$ 0
Sale of crude oil	0	0	0
Sale of purchased crude oil	5,464,000	9,454,000
Sale of gas	0	0	0
Realized gain (loss) on commodity risk management contracts		0	0
Production and operating costs	(4,666,000)	(7,929,000)	0
Royalties in cash	0	0	0
Economic rights in cash		0
Share-based payment	0	0	0
Other operating costs	(4,666,000)	(7,929,000)	0
Adjusted EBITDA	(8,838,000)	(8,775,000)	(14,308,000)
Depreciation	(3,000)	(3,000)	(3,000)
Impairment loss for non-financial assets, net	0		0
Write-off of unsuccessful exploration efforts	0	0	0
Total assets	$ 15,873,000	$ 41,891,000	$ 50,086,000
Employees (average) | employee	8	9	9
Employees at year end | employee	7	9	9

Segment information (Schedule_2

Segment information (Schedule of Reconciliation of Total Adjusted EBITDA to Total Profit (Loss) Before Income Tax) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Segment information [Line Items]
Adjusted EBITDA for reportable segments	$ 451,862	$ 540,779	$ 300,800
Unrealized gain on commodity risk management contracts		13,023	463
Depreciation	(120,934)	(96,692)	(88,969)
Share-based payment	(7,328)	(11,038)	(6,621)
Others	(146,698)	(106,537)	(99,428)
Operating profit	270,907	429,077	185,809
Financial expenses	(45,815)	(57,073)	(64,112)
Financial income	6,237	3,180	1,652
Foreign exchange (loss) gain	(16,820)	19,725	5,049
Profit before tax	214,509	394,909	128,398
Reportable segments [member]
Disclosure of Segment information [Line Items]
Adjusted EBITDA for reportable segments	451,862	540,779	300,800
Unrealized gain on commodity risk management contracts		13,023	463
Depreciation	(120,934)	(96,692)	(88,969)
Share-based payment	(7,328)	(11,038)	(6,621)
Impairment and write-off of unsuccessful exploration efforts	(42,895)	(25,789)	(16,596)
Lease accounting - IFRS 16	10,267	7,851	7,518
Others		943
Others	(20,065)		(10,786)
Operating profit	270,907	429,077	185,809
Financial expenses	(45,815)	(57,073)	(64,112)
Financial income	6,237	3,180	1,652
Foreign exchange (loss) gain	(16,820)	19,725	5,049
Profit before tax	$ 214,509	$ 394,909	$ 128,398

Segment information (Narrative)

Segment information (Narrative) (Details) - USD ($)		12 Months Ended
	Oct. 27, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Los Parlamentos Block (Argentina) [Member]
Disclosure of Segment information [Line Items]
Working interest transfer	$ (7,023,000)	$ 7,023,000
Colombia [Member]
Disclosure of Segment information [Line Items]
Capital Expenditure Incurred Percentage		89%	82%	93%
Chile [Member]
Disclosure of Segment information [Line Items]
Capital Expenditure Incurred Percentage		0%	7%	3%
Provision for investment commitments		$ 9,742,000
Ecuador [Member]
Disclosure of Segment information [Line Items]
Capital Expenditure Incurred Percentage		11%	11%	4%

Revenue (Schedule of Informatio

Revenue (Schedule of Information on Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Sale of crude oil	$ 726,947	$ 1,004,775	$ 647,559
Sale of purchased crude oil	5,464	9,454
Sale of gas	25,024	35,350	40,984
Commodity risk management contracts designated as cash flow hedges	(810)
Revenue	$ 756,625	$ 1,049,579	$ 688,543

Commodity risk management con_3

Commodity risk management contracts (Summary of Gain (Loss) on the Commodity Risk Management Contracts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Consolidated Statement Of Comprehensive Income [Abstract]
Realized loss on commodity risk management contracts	$ (83,244)	$ (109,654)
Unrealized gain on commodity risk management contracts	13,023	463
Total	$ (70,221)	$ (109,191)

Commodity risk management con_4

Commodity risk management contracts (Schedule of Group's Derivative Contracts) (Details) - Cash flow hedges	12 Months Ended
	Dec. 31, 2023 $ / bbl bbl
January 1, 2023 - March 31, 2023
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, Volume | bbl	9,500
January 1, 2023 - March 31, 2023 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	66.05
January 1, 2023 - March 31, 2023 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	112.59
April 1, 2023 - June 30, 2023
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, Volume | bbl	10,000
April 1, 2023 - June 30, 2023 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	69.25
April 1, 2023 - June 30, 2023 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	110.56
July 1, 2023 - September 30, 2023
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, Volume | bbl	9,000
July 1, 2023 - September 30, 2023 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	70
July 1, 2023 - September 30, 2023 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	94.69
October 1, 2023 - December 31, 2023
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, Volume | bbl	9,000
October 1, 2023 - December 31, 2023 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	69.44
October 1, 2023 - December 31, 2023 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	91.82
January 1, 2024 - March 31, 2024
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, Volume | bbl	8,500
January 1, 2024 - March 31, 2024 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	65.59
January 1, 2024 - March 31, 2024 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	92.04
April 1, 2024 - June 30, 2024
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, Volume | bbl	9,000
April 1, 2024 - June 30, 2024 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	67.50
April 1, 2024 - June 30, 2024 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	96.99
July 1, 2024 - September 30, 2024
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, Volume | bbl	7,000
July 1, 2024 - September 30, 2024 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	66.43
July 1, 2024 - September 30, 2024 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	99.32
October 1, 2024 - December 31, 2024
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative contracts, Type of Instrument	Zero Premium Collars
Derivative contracts, Volume | bbl	1,000
October 1, 2024 - December 31, 2024 | Written put options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	70
October 1, 2024 - December 31, 2024 | Purchased call options [member]
Disclosure Of Consolidated Statement Of Comprehensive Income [Line Items]
Derivative Price	96

Production and operating cost_2

Production and operating costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of attribution of expenses by nature to their function [line items]
Staff costs (Note 11)	$ 13,889,000	$ 13,114,000	$ 16,655,000
Share-based payment (Note 11)	750,000	955,000	339,000
Royalties in cash	12,845,000	63,298,000	40,000,000
Economic rights in cash	72,032,000	188,989,000	73,023,000
Well and facilities maintenance	26,089,000	20,779,000	17,989,000
Operation and maintenance	8,143,000	6,545,000	7,826,000
Consumables	37,556,000	21,789,000	19,270,000
Equipment rental	4,314,000	7,580,000	8,127,000
Transportation costs	5,850,000	4,021,000	3,383,000
Field camp	6,546,000	4,070,000	4,386,000
Safety and Insurance costs	5,487,000	3,745,000	4,216,000
Personnel transportation	3,363,000	2,480,000	2,397,000
Consultant fees	2,291,000	2,133,000	1,732,000
Gas plant costs	1,865,000	1,680,000	2,596,000
Non-operated blocks costs	20,421,000	12,650,000	4,941,000
Crude oil stock variation	2,004,000	(6,449,000)	1,271,000
Purchased crude oil	4,666,000	7,929,000
Other costs	4,214,000	4,471,000	4,639,000
Operating expense	232,325,000	359,779,000	$ 212,790,000
Llanos 34 Block [Member]
Disclosure of attribution of expenses by nature to their function [line items]
Energy costs	$ 26,348,000	$ 6,086,000

Depreciation (Details)

Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Depreciation [Line Items]
Depreciation of property, plant and equipment	$ 110,072	$ 90,980	$ 81,139
Oil and gas properties [Member]
Disclosure Of Depreciation [Line Items]
Depreciation of property, plant and equipment	95,369	76,720	66,011
Production facilities and machinery [Member]
Disclosure Of Depreciation [Line Items]
Depreciation of property, plant and equipment	12,896	12,244	12,468
Buildings and improvements
Disclosure Of Depreciation [Line Items]
Depreciation of property, plant and equipment	503	672	700
Furniture, equipment and vehicles [Member]
Disclosure Of Depreciation [Line Items]
Depreciation of property, plant and equipment	1,304	1,344	1,960
Productive assets [Member]
Disclosure Of Depreciation [Line Items]
Depreciation of property, plant and equipment	108,265	88,964	78,479
Administrative assets [Member]
Disclosure Of Depreciation [Line Items]
Depreciation of property, plant and equipment	$ 1,807	$ 2,016	$ 2,660

Staff costs and Directors Rem_3

Staff costs and Directors Remuneration (Schedule of Staff Costs and Directors Remuneration) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($) employee
Disclosure of Staff costs and Directors Remuneration [Line Items]
Number of employees at year end | employee	470	482	463
Wages and salaries	$ 41,917	$ 38,699	$ 42,516
Share-based payments (Note 31)	7,328	11,038	6,621
Social security charges	5,992	5,593	6,901
Director's fees and allowance	896	1,172	2,853
Employee benefits expense	56,133	56,502	58,891
Salaries and fees	6,081	10,317	9,069
Share-based payments	4,886	8,728	5,759
Other benefits in kind		171	296
Key Management Personnel Compensation	10,967	19,216	15,124
Production and operating costs [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Employee benefits expense	14,639	14,069	16,994
Geological and geophysical expenses [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Employee benefits expense	8,407	7,490	6,219
Administrative expenses [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Employee benefits expense	32,604	34,533	35,360
Selling expenses [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Employee benefits expense	$ 483	$ 410	$ 318

Staff costs and Directors Rem_4

Staff costs and Directors Remuneration (Schedule of Directors' Remuneration) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) shares
James F. Park [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Director Fees Paid as Shares | shares	0
Andrs Ocampo [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Director Fees Paid as Shares | shares	0
Robert Bedingfield [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 240,000
Director Fees Paid as Shares | shares	21,098
Constantine Papadimitriou [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 220,000
Director Fees Paid as Shares | shares	8,791
Somit Varma [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 230,000
Director Fees Paid as Shares | shares	20,219
Sylvia Escovar Gomez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 262,500
Director Fees Paid as Shares | shares	23,109
Brian Maxted [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 220,000
Director Fees Paid as Shares | shares	8,791
Carlos Macellari [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 305,000
Director Fees Paid as Shares | shares	8,791
Marcela Vaca [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 200,000
Director Fees Paid as Shares | shares	8,791
Non-Executive Directors' Fees | James F. Park [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 0
Non-Executive Directors' Fees | Andrs Ocampo [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Non-Executive Directors' Fees | Robert Bedingfield [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Non-Executive Directors' Fees | Constantine Papadimitriou [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	120,000
Non-Executive Directors' Fees | Somit Varma [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Non-Executive Directors' Fees | Sylvia Escovar Gomez [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	0
Non-Executive Directors' Fees | Brian Maxted [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	120,000
Non-Executive Directors' Fees | Carlos Macellari [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	205,000
Non-Executive Directors' Fees | Marcela Vaca [Member]
Disclosure of Staff costs and Directors Remuneration [Line Items]
Key management personnel compensation	$ 100,000

Geological and geophysical ex_3

Geological and geophysical expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Geological and geophysical expenses
Staff costs (Note 11)	$ 7,879	$ 7,097	$ 6,042
Share-based payment (Notes 11)	528	393	177
Communication and IT costs	2,139	1,743	1,071
Consultant fees	1,373	917	854
Allocation to capitalised project	(1,254)	(416)	(953)
Other services	527	795	700
Geological and geophysical expenses	$ 11,192	$ 10,529	$ 7,891

Administrative expenses (Detail

Administrative expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Administrative expenses
Staff costs (Note 11)	$ 25,675	$ 23,671	$ 26,402
Share-based payment (Notes 11)	6,033	9,690	6,105
Consultant fees	10,645	9,574	10,806
Safety and insurance costs	3,890	3,834	3,142
Travel expenses	1,730	2,336	719
Non-operated blocks expenses	1,568	1,390	799
Director's fees and allowance (Note 11)	896	1,172	2,853
Communication and IT costs	3,760	3,419	4,214
Allocation to joint operations	(13,986)	(9,642)	(8,574)
Other administrative expenses	3,758	4,580	362
Administrative expenses	$ 43,969	$ 50,024	$ 46,828

Selling expenses (Details)

Selling expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Selling expenses
Staff costs (Note 11)	$ 466	$ 410	$ 318
Share-based payment (Note 11)	17
Transportation	9,022	4,881	4,233
Selling taxes and other	3,579	2,704	4,179
Selling expenses	$ 13,084	$ 7,995	$ 8,730

Financial results (Details)

Financial results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial expenses
Interest and amortization of debt issue costs	$ (30,839)	$ (36,360)	$ (44,713)
Borrowings cancellation costs		(5,141)	(6,308)
Bank charges and other financial results	(8,520)	(9,546)	(8,012)
Unwinding of long-term liabilities	(6,456)	(6,026)	(5,079)
Financial expenses total	(45,815)	(57,073)	(64,112)
Financial income
Interest received	6,237	3,180	1,652
Financial income total	6,237	3,180	1,652
Foreign exchange gains and losses
Foreign exchange gain (loss), net	(19,729)	19,725	5,049
Realized result on currency risk management contracts	2,909
Foreign exchange gains and losses total	(16,820)	19,725	5,049
Total Financial results	$ (56,398)	$ (34,168)	$ (57,411)

Tax reforms Colombia (Narrative

Tax reforms Colombia (Narrative) (Details) - Colombia [Member]	Nov. 30, 2022
Disclosure of Tax reforms [Line Items]
Term of average bend price	10 years
Percentage of bent price	30%

Tax reforms Colombia (Summary o

Tax reforms Colombia (Summary of Surcharge Rate) (Details) - Colombia [Member] - $ / bbl	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of Tax reforms [Line Items]
Surcharge rate		10%
Maximum
Disclosure of Tax reforms [Line Items]
Surcharge rate		15%
Minimum
Disclosure of Tax reforms [Line Items]
Surcharge rate		0%
Less than US$ 67.18 /bbl [Member]
Disclosure of Tax reforms [Line Items]
Surcharge price triggers per barrel	67.18
Surcharge rate	0%
US$ 67.18 to US$ 76.39 /bbl [Member]
Disclosure of Tax reforms [Line Items]
Surcharge rate	5%
US$ 67.18 to US$ 76.39 /bbl [Member] | Maximum
Disclosure of Tax reforms [Line Items]
Surcharge price triggers per barrel	76.39
US$ 67.18 to US$ 76.39 /bbl [Member] | Minimum
Disclosure of Tax reforms [Line Items]
Surcharge price triggers per barrel	67.18
US$ 76.39 to US$ 79.87 /bbl [Member]
Disclosure of Tax reforms [Line Items]
Surcharge rate	10%
US$ 76.39 to US$ 79.87 /bbl [Member] | Maximum
Disclosure of Tax reforms [Line Items]
Surcharge price triggers per barrel	79.87
US$ 76.39 to US$ 79.87 /bbl [Member] | Minimum
Disclosure of Tax reforms [Line Items]
Surcharge price triggers per barrel	76.39
Greater than US$ 79.87 /bbl [Member]
Disclosure of Tax reforms [Line Items]
Surcharge price triggers per barrel	79.87
Surcharge rate	15%

Income tax (Schedule of Compone

Income tax (Schedule of Components of Income Tax) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Current income tax liabilities	$ 44,269	$ 65,002
Total current tax liabilities	44,269	65,002
Current income tax charge	(107,740)	(126,269)	$ (49,291)
Deferred income tax benefit (charge) (Note 18)	4,299	(44,205)	(17,980)
Income tax	$ (103,441)	$ (170,474)	$ (67,271)

Income tax (Summary of Income T

Income tax (Summary of Income Tax Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Profit before tax	$ 214,509	$ 394,909	$ 128,398
Tax losses from non-taxable jurisdictions	39,526	53,005	91,351
Taxable profit	254,035	447,914	219,749
Income tax calculated at domestic tax rates applicable to Profit in the respective countries	(123,202)	(157,315)	(71,086)
Tax losses where no deferred income tax benefit is recognized	(6,918)	(2,832)	(7,510)
Effect of currency translation on tax base	36,691	(10,797)	(10,354)
Effect of inflation adjustment for tax purposes			2,482
Changes in the income tax rate (Note 16)	(8,853)	(3,820)	(1,703)
Write-down of deferred income tax benefits previously recognized	(3,895)	(2,938)	(7,261)
Previously unrecognized tax losses	632	9,067	9,593
Income tax on dividends	(2,595)	(3,038)
Fiscal recognition of property, plant and equipment			8,919
Non-taxable results	4,699	1,199	9,649
Income tax	$ (103,441)	$ (170,474)	$ (67,271)

Income tax (Summary of Tax Loss

Income tax (Summary of Tax Losses Accumulated) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Income tax [Line Items]
Total tax losses as of December 31	$ 357,134	$ 386,772	$ 373,010
Colombia [Member]
Disclosure Of Income tax [Line Items]
Total tax losses as of December 31		4,837	15,557
Brazil [Member]
Disclosure Of Income tax [Line Items]
Total tax losses as of December 31	26,808	26,736	26,781
Chile [Member]
Disclosure Of Income tax [Line Items]
Total tax losses as of December 31	313,409	323,929	285,456
Argentina [Member]
Disclosure Of Income tax [Line Items]
Total tax losses as of December 31	9,981	24,065	35,773
Spain [Member]
Disclosure Of Income tax [Line Items]
Total tax losses as of December 31	$ 6,936	$ 7,205	$ 9,443

Income tax (Schedule of Expirin

Income tax (Schedule of Expiring Dates for Tax Losses) (Details)	Dec. 31, 2023 USD ($)
2024
Disclosure Of Income tax [Line Items]
Tax losses	$ 2,551,000
2025
Disclosure Of Income tax [Line Items]
Tax losses	939,000
2026
Disclosure Of Income tax [Line Items]
Tax losses	2,297,000
2027
Disclosure Of Income tax [Line Items]
Tax losses	927,000
2028
Disclosure Of Income tax [Line Items]
Tax losses	$ 3,267,000

Income tax (Narrative) (Details

Income tax (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023
Minimum | Colombia [Member]
Disclosure Of Income tax [Line Items]
Applicable tax rate	35%
Minimum | Other countries where the group operates
Disclosure Of Income tax [Line Items]
Applicable tax rate	15%
Maximum | Colombia [Member]
Disclosure Of Income tax [Line Items]
Applicable tax rate	50%
Maximum | Other countries where the group operates
Disclosure Of Income tax [Line Items]
Applicable tax rate	34%

Deferred income tax (Schedule o

Deferred income tax (Schedule of Gross Movement on the Deferred Income Tax Account) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax
Deferred income tax as of January 1	$ (51,180)	$ (6,875)
Currency translation differences	107	383
Income tax expense relating to cash flow hedges recognized in OCI	(1,369)	(483)
Income statement benefit (charge)	4,299	(44,205)
Deferred income tax as of December 31	$ (48,143)	$ (51,180)

Deferred income tax (Schedule_2

Deferred income tax (Schedule of Breakdown and Movement of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of deferred income tax [Line Items]
At the beginning of year	$ 18,943	$ 14,072
Charged to net profit	(2,574)	4,488
Currency translation differences	107	383
Reclassified to assets	15,920	18,943
Reclassified from assets	(556)
At end of year	15,920	18,943
At the beginning of year	(70,123)	(20,947)
Charged to net profit	6,873	(48,693)
Income tax relating to components of other comprehensive income	(1,369)	(483)
Reclassified from liabilities	(64,063)	(70,123)
Reclassified to Liabilities	556
At end of year	(64,063)	(70,123)
Difference in depreciation rates and other
Disclosure of deferred income tax [Line Items]
At the beginning of year	(70,123)
Charged to net profit	6,873
Income tax relating to components of other comprehensive income	(1,369)
Reclassified from liabilities	556
At end of year	(64,063)	(70,123)
Difference in depreciation rates and other.
Disclosure of deferred income tax [Line Items]
Charged to net profit	8,911
Currency translation differences	(108)
Reclassified to assets	(556)
At the beginning of year	(4,759)
At end of year		(4,759)
At end of year	13,006
Taxable losses.
Disclosure of deferred income tax [Line Items]
At the beginning of year	14,184
Charged to net profit	(11,485)
Currency translation differences	215
Reclassified from assets	$ 2,914
At end of year		$ 14,184

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Profit (Loss) for the year	$ 111,068	$ 224,435	$ 61,127
Denominator:
Weighted average number of shares used in basic EPS	56,836,682	59,330,421	60,901,109
Earnings after tax per share (US$) - basic	$ 1.95	$ 3.78	$ 1
Stock awards at US$ 0.001	359,587	552,466	559,012
Weighted average number of common shares for the purposes of diluted earnings per shares	57,196,269	59,882,887	61,460,121
Earnings after tax per share (US$) - diluted	$ 1.94	$ 3.75	$ 0.99
Par value per share	$ 0.001	$ 0.001	$ 0.001

Property, plant and equipment_2

Property, plant and equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	$ 666,879	$ 614,047
Depreciation	(110,072)	(90,980)	$ (81,139)
Property, plant and equipment at year-end	686,824	666,879	614,047
Oil and gas properties [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	436,977	394,775
Depreciation	(95,369)	(76,720)	(66,011)
Property, plant and equipment at year-end	490,515	436,977	394,775
Furniture, equipment and vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	2,294	2,044
Depreciation	(1,304)	(1,344)	(1,960)
Property, plant and equipment at year-end	2,666	2,294	2,044
Production facilities and machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	93,654	84,560
Depreciation	(12,896)	(12,244)	(12,468)
Property, plant and equipment at year-end	96,306	93,654	84,560
Buildings and improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	4,433	4,994
Depreciation	(503)	(672)	(700)
Property, plant and equipment at year-end	977	4,433	4,994
Construction in Progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	16,480	27,204
Property, plant and equipment at year-end	15,781	16,480	27,204
Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	113,041	100,470
Property, plant and equipment at year-end	80,579	113,041	100,470
Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	1,461,625	1,317,157	1,297,057
Additions / ARO change	200,920	169,114	128,164
Currency translation differences	3,851	3,233	(3,637)
Disposals	(3,492)	(2,090)	(7,350)
Write-off / Impairment	(42,895)	(25,789)	(16,596)
Transfers	0	0	0
Assets held for sale	(416,022)		(80,481)
Property, plant and equipment at year-end	1,203,987	1,461,625	1,317,157
Gross carrying amount [member] | Oil and gas properties [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	1,079,257	957,932	968,617
Additions / ARO change	9,744
Retirements, property, plant and equipment		(7,558)	(1,094)
Currency translation differences	3,477	2,921	(3,284)
Disposals	0	0	0
Write-off / Impairment	(13,332)	0	(1,575)
Transfers	171,538	125,962	68,315
Assets held for sale	(330,024)		(73,047)
Property, plant and equipment at year-end	920,660	1,079,257	957,932
Gross carrying amount [member] | Furniture, equipment and vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	19,093	18,712	20,707
Additions / ARO change	1,683	1,620	930
Currency translation differences	46	37	(43)
Disposals	(1,223)	(1,290)	(1,762)
Write-off / Impairment	0	0	0
Transfers	93	14	58
Assets held for sale	(6,559)		(1,178)
Property, plant and equipment at year-end	13,133	19,093	18,712
Gross carrying amount [member] | Production facilities and machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	222,727	201,177	197,829
Additions / ARO change	12	6	0
Currency translation differences	277	232	(246)
Disposals	0	(26)	(900)
Write-off / Impairment	0	0	(2,759)
Transfers	21,262	21,338	13,305
Assets held for sale	(74,491)		(6,052)
Property, plant and equipment at year-end	169,787	222,727	201,177
Gross carrying amount [member] | Buildings and improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	11,027	11,662	12,442
Additions / ARO change	17		0
Retirements, property, plant and equipment		(14)
Currency translation differences	8	6	(16)
Disposals	(2,150)	(774)	(978)
Write-off / Impairment	0	0	0
Transfers	93	147	391
Assets held for sale	(4,948)		(177)
Property, plant and equipment at year-end	4,047	11,027	11,662
Gross carrying amount [member] | Construction in Progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	16,480	27,204	18,848
Additions / ARO change	116,304	107,171	82,094
Currency translation differences	21	18	(18)
Disposals	(119)	0	(3,372)
Write-off / Impairment	0	0	0
Transfers	(116,905)	(117,913)	(70,321)
Assets held for sale	0		(27)
Property, plant and equipment at year-end	15,781	16,480	27,204
Gross carrying amount [member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	113,041	100,470	78,614
Additions / ARO change	73,160	67,889	46,234
Currency translation differences	22	19	(30)
Disposals	0	0	(338)
Write-off / Impairment	(29,563)	(25,789)	(12,262)
Transfers	(76,081)	(29,548)	(11,748)
Assets held for sale	0		0
Property, plant and equipment at year-end	80,579	113,041	100,470
Accumulated depreciation, amortisation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(794,746)	(703,110)	(682,392)
Currency translation differences	(3,505)	(2,673)	2,518
Depreciation	(110,072)	(90,980)	(81,139)
Disposals	3,066	2,017	3,063
Assets held for sale	388,094		54,840
Property, plant and equipment at year-end	(517,163)	(794,746)	(703,110)
Accumulated depreciation, amortisation and impairment [member] | Oil and gas properties [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(642,280)	(563,157)	(548,445)
Currency translation differences	(3,179)	(2,403)	2,219
Depreciation	(95,369)	(76,720)	(66,011)
Disposals	0	0	0
Assets held for sale	310,683		49,080
Property, plant and equipment at year-end	(430,145)	(642,280)	(563,157)
Accumulated depreciation, amortisation and impairment [member] | Furniture, equipment and vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(16,799)	(16,668)	(16,985)
Currency translation differences	(41)	(33)	37
Depreciation	(1,304)	(1,344)	(1,960)
Disposals	1,189	1,246	1,325
Assets held for sale	6,488		915
Property, plant and equipment at year-end	(10,467)	(16,799)	(16,668)
Accumulated depreciation, amortisation and impairment [member] | Production facilities and machinery [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(129,073)	(116,617)	(109,987)
Currency translation differences	(277)	(231)	246
Depreciation	(12,896)	(12,244)	(12,468)
Disposals	0	19	900
Assets held for sale	68,765		4,692
Property, plant and equipment at year-end	(73,481)	(129,073)	(116,617)
Accumulated depreciation, amortisation and impairment [member] | Buildings and improvements
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	(6,594)	(6,668)	(6,975)
Currency translation differences	(8)	(6)	16
Depreciation	(503)	(672)	(700)
Disposals	1,877	752	838
Assets held for sale	2,158		153
Property, plant and equipment at year-end	(3,070)	(6,594)	(6,668)
Accumulated depreciation, amortisation and impairment [member] | Construction in Progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	0	0	0
Currency translation differences	0	0	0
Depreciation	0	0	0
Disposals	0	0	0
Assets held for sale	0		0
Property, plant and equipment at year-end	0	0	0
Accumulated depreciation, amortisation and impairment [member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at the beginning	0	0	0
Currency translation differences	0	0	0
Depreciation	0	0	0
Disposals	0	0	0
Assets held for sale	0		0
Property, plant and equipment at year-end	$ 0	$ 0	$ 0

Property, plant and equipment_3

Property, plant and equipment (Schedule of Exploration Wells Movement and Balances) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at year-end	$ 686,824,000	$ 666,879,000	$ 614,047,000
Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at year-end	80,579,000	113,041,000	100,470,000
Exploration Wells [Member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Additions	61,500,000	56,491,000
Write-offs	(24,815,000)	(21,460,000)
Transfers	(45,687,000)	(28,335,000)
Property, plant and equipment at year-end	$ 7,998,000	$ 17,000,000	$ 10,304,000

Property, plant and equipment_4

Property, plant and equipment (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Disclosure of detailed information about property, plant and equipment [line items]
Number of Exploratory Wells | item	2
Property, plant and equipment.	$ 686,824,000	$ 666,879,000	$ 614,047,000
Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment.	80,579,000	113,041,000	100,470,000
Construction in Progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment.	15,781,000	16,480,000	27,204,000
seismic and other exploratory assets [Member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment.	72,581,000	$ 96,041,000	90,166,000
Exploration Wells [Member] | Exploration and evaluation assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Number of Exploratory Wells | item		4
Property, plant and equipment.	$ 7,998,000	$ 17,000,000	$ 10,304,000
Number of unsuccessful exploration wells | item	3		2

Subsidiary undertakings (Summar

Subsidiary undertakings (Summary of Subsidiaries and Joint Operations) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Colombia S.A.S. Sucursal Panama (Panama)
Proportion of ownership interest in subsidiaries	100%
Flamenco Block (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Flamenco Block (Chile)
Proportion of ownership interest in joint operation	50%
Campanario Block (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Campanario Block (Chile)
Proportion of ownership interest in joint operation	50%
Isla Norte Block (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Isla Norte Block (Chile)
Proportion of ownership interest in joint operation	60%
Llanos 34 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 34 Block (Colombia)
Proportion of ownership interest in joint operation	45%
Llanos 32 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 32 Block (Colombia)
Proportion of ownership interest in joint operation	12.50%
Puelen Block (Argentina) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Puelen Block (Argentina)
Proportion of ownership interest in joint operation	18%
Los Parlamentos Block (Argentina) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Los Parlamentos (Argentina)
Proportion of ownership interest in joint operation	50%
Manati Field (Brazil)
Disclosure of subsidiaries [line items]
Name of joint venture	Manati Field (Brazil)
Proportion of ownership interest in joint operation	10%
POT-T-785 Block (Brazil) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	POT-T-785 Block (Brazil)
Proportion of ownership interest in joint operation	70%
Espejo Block (Ecuador) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Espejo Block (Ecuador)
Proportion of ownership interest in joint operation	50%
Perico Block (Ecuador) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Perico Block (Ecuador)
Proportion of ownership interest in joint operation	50%
Llanos 86 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 86 Block (Colombia)
Proportion of ownership interest in joint operation	50%
Llanos 87 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 87 Block (Colombia)
Proportion of ownership interest in joint operation	50%
Llanos 104 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 104 Block (Colombia)
Proportion of ownership interest in joint operation	50%
Llanos 123 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 123 Block (Colombia)
Proportion of ownership interest in joint operation	50%
Llanos 124 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 124 Block (Colombia)
Proportion of ownership interest in joint operation	50%
CPO-5 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	CPO-5 Block (Colombia)
Proportion of ownership interest in joint operation	30%
Mecaya Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Mecaya Block (Colombia)
Proportion of ownership interest in joint operation	50%
PUT-8 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	PUT-8 Block (Colombia)
Proportion of ownership interest in joint operation	50%	50%	50%
PUT-9 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	PUT-9 Block (Colombia)
Proportion of ownership interest in joint operation	50%
Tacacho Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Tacacho Block (Colombia)
Proportion of ownership interest in joint operation	50%
Terecay Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Terecay Block (Colombia)
Proportion of ownership interest in joint operation	50%	50%	50%
Llanos 94 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	Llanos 94 Block (Colombia)
Proportion of ownership interest in joint operation	50%	50%	50%
Working interest percentage	50%
PUT-36 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	PUT-36 Block (Colombia)
Proportion of ownership interest in joint operation	50%
CPO-4-1 Block (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of joint venture	CPO-4-1 Block (Colombia)
Proportion of ownership interest in joint operation	50%
Espejo and Perico Blocks [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in joint operation	50%
GeoPark Argentina Limited - Argentinean Branch (Argentina) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Argentina S.A. (Argentina)
Proportion of ownership interest in subsidiaries	100%
GeoPark Brazil Explorao y Produo de Petrleo e Gs Ltda. (Brazil) [member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Brasil Exploração e Produção de Petróleo e Gás Ltda. (Brazil)
Proportion of ownership interest in subsidiaries	100%
GeoPark Chile S.A. (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Chile S.p.A. (Chile)
Proportion of ownership interest in subsidiaries	100%
GeoPark Fell S.p.A. (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Fell S.p.A. (Chile)
Proportion of ownership interest in subsidiaries	100%
GeoPark Magallanes Limitada (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Magallanes Limitada (Chile)
Proportion of ownership interest in subsidiaries	100%
GeoPark TdF S.A. (Chile) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark TdF S.p.A. (Chile)
Proportion of ownership interest in subsidiaries	100%
GeoPark Colombia S.A.S. (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Colombia S.A.S. (Colombia)
Proportion of ownership interest in subsidiaries	100%
GeoPark Colombia Coperatie U.A. (The Netherlands) [member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Colombia, S.L.U. (Spain)
Proportion of ownership interest in subsidiaries	100%
GeoPark Per S.A.C. (Peru) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Perú S.A.C. (Peru)
Proportion of ownership interest in subsidiaries	100%
GeoPark Mexico S.A.P.I. de C.V. (Mexico) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Mexico S.A.P.I. de C.V. (Mexico)
Proportion of ownership interest in subsidiaries	100%
GeoPark E&P S.A.P.I. de C.V. (Mexico) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark E&P S.A.P.I. de C.V. (Mexico)
Proportion of ownership interest in subsidiaries	100%
GeoPark Per S.A.C. Sucursal Ecuador (Ecuador) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark Ecuador S.A. (Ecuador)
Proportion of ownership interest in subsidiaries	100%
GeoPark (UK) Limited (United Kingdom) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	GeoPark (UK) Limited (United Kingdom)
Proportion of ownership interest in subsidiaries	100%
Amerisur Resources Limited (United Kingdom) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisur Resources Limited (United Kingdom)
Proportion of ownership interest in subsidiaries	100%
Amerisur Exploracin Colombia Limited (British Virgin Islands) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisur Exploración Colombia Limited (British Virgin Islands)
Proportion of ownership interest in subsidiaries	100%
Amerisur Exploracin Colombia Limited Sucursal Colombia (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisur Exploración Colombia Limited Sucursal Colombia (Colombia)
Proportion of ownership interest in subsidiaries	100%
Yarumal S.A.S. (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Yarumal S.A.S. (Colombia)
Proportion of ownership interest in subsidiaries	100%
Fenix Oil & Gas Limited (British Virgin Islands) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Fenix Oil & Gas Limited (British Virgin Islands)
Proportion of ownership interest in subsidiaries	100%
Fenix Oil & Gas Limited Sucursal Colombia (Colombia) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Fenix Oil & Gas Limited Sucursal Colombia (Colombia)
Proportion of ownership interest in subsidiaries	100%
Amerisurexplor Ecuador S.A. (Ecuador) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisurexplor Ecuador S.A. (Ecuador)
Proportion of ownership interest in subsidiaries	100%
Amerisur S.A. (Paraguay) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Amerisur S.A. (Paraguay)
Proportion of ownership interest in subsidiaries	100%
Market Access LLP (United States) [Member]
Disclosure of subsidiaries [line items]
Name of subsidiaries	Market Access LLP (United States)
Proportion of ownership interest in subsidiaries	9%

Prepayments and other receiva_3

Prepayments and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepayments and other receivables
V.A.T.	$ 4,310	$ 1,826
Income tax payments in advance	3,685	3,156
Other prepaid taxes	23	37
To be recovered from co-venturers (Note 34)	8,630	8,750
Prepayments and other receivables	12,311	8,458
Total prepayments and accrued income	28,959	22,227
Current	25,896	22,106
Non current	$ 3,063	$ 121

Prepayments and other receiva_4

Prepayments and other receivables (Schedule of Movements on the Group Provision for Impairment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Prepayments and other receivables
At 1 January	$ 14	$ 7
Additions		10
Foreign exchange (loss) income	4	(3)
At 31 December	$ 18	$ 14

Inventories Disclosure (Details

Inventories Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventories
Crude oil	$ 9,441	$ 12,630
Materials and spares	4,111	1,804
Inventories	$ 13,552	$ 14,434

Trade receivables (Schedule of

Trade receivables (Schedule of Trade Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade receivables.
Trade receivables	$ 65,049	$ 71,794

Trade receivables (Narrative) (

Trade receivables (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Trade receivables	$ 65,049,000	$ 71,794,000
Trade receivables [member]
Disclosure of financial assets [line items]
Credit period for trade receivables	30 days
Later than three months [member] | Trade receivables [member]
Disclosure of financial assets [line items]
Trade receivables	$ 0	0
Later than one month and not later than two months [member] | Trade receivables [member]
Disclosure of financial assets [line items]
Trade receivables	$ 0	$ 0

Financial instruments by cate_3

Financial instruments by category (Schedule of Total Financial Assets) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Transfers of fair values between level 2 or level 3 during the period for assets or liabilities	$ 0	$ 0
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss	3,775,000	1,209,000
Other financial assets at amortized cost
Financial assets at amortised cost	219,279,000	222,022,000
Financial assets	223,054,000	223,231,000
Derivative Financial Instrument Assets [Member]
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss	3,775,000	967,000
Cash and cash equivalents [Member]
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss		242,000
Other financial assets at amortized cost
Financial assets at amortised cost	133,036,000	128,601,000
Trade receivables [member]
Other financial assets at amortized cost
Financial assets at amortised cost	65,049,000	71,794,000
Financial assets	65,049,000	71,794,000
To be recovered from co-venturers [Member]
Other financial assets at amortized cost
Financial assets at amortised cost	8,630,000	8,750,000
Other financial assets [Member]
Other financial assets at amortized cost
Financial assets at amortised cost	$ 12,564,000	$ 12,877,000

Financial instruments by cate_4

Financial instruments by category (Schedule of Total Financial Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Liabilities at fair value through profit and loss
Financial liabilities	$ 642,848	$ 634,652
Derivative financial instrument liabilities	70	19
Financial liabilities at fair value through profit or loss	70	19
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	642,778	634,633
Trade payables [Member]
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	108,977	102,125
To be paid to co-venturers [Member]
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	522	2,815
Lease liabilities [member]
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	32,298	32,051
Borrowing [Member]
Other Financial Liabilities At Amortised Cost
Other financial liabilities at amortised cost	$ 500,981	$ 497,642

Financial instruments by cate_5

Financial instruments by category (Schedule of Credit Quality of Financial Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Financial instruments by category [Line Items]
Financial assets	$ 223,054	$ 223,231
Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	65,049	71,794
Financial instruments not credit-impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	44,144	37,342
Moody's, Aa3 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	0	2,013
Moody's, A3 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	949	1,557
Moody's, Baa1 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	1,721	99
Moody's, Baa3 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	151	198
Moody's, Ba1 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	15,068	23,755
Moody's, Ba2 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	2,953	0
Moody's, Ba3 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	0	2,745
Moody's, B2 Rating [Member] | Financial instruments not credit-impaired [member] | Trade receivables [member]
Disclosure of Financial instruments by category [Line Items]
Financial assets	$ 63	$ 4,085

Financial instruments by cate_6

Financial instruments by category (Schedule of Cash at Bank and Other Financial Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Financial instrument category [Line Items]
Financial assets	$ 223,054	$ 223,231
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	145,587	141,708
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Aa3 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	0	10,362
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, A1 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	91,747	96,077
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, A2 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	268	57
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, A3 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	16,147	10,389
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Baa1 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	18	39
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Baa2 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	17,585	7,030
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Baa3 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	125	1,352
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Ba1 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	0	64
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Ba2 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	6,528	268
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, Ba3 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	5	3,066
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Moody's, B3 Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	593	51
Financial instruments not credit-impaired [member] | Cash at bank and other financial asset [Member] | Counterparties Without an External Credit Rating [Member]
Disclosure of Financial instrument category [Line Items]
Financial assets	$ 12,571	$ 12,953

Financial instruments by cate_7

Financial instruments by category (Schedule of Financial Liabilities - contractual undiscounted cash flows) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Lease liabilities	$ 32,298	$ 32,051	$ 20,744
Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	522	2,815	$ 953
Less than 1 year [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings	27,500	27,500
Lease liabilities	9,416	10,939
Trade payables	108,977	102,125
Non-derivative financial liabilities, undiscounted cash flows	146,415	143,379
Less than 1 year [member] | Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	522	2,815
Between 1 and 2 years [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings	27,500	27,500
Lease liabilities	6,515	5,653
Trade payables	0	0
Non-derivative financial liabilities, undiscounted cash flows	34,015	33,153
Between 1 and 2 years [member] | Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	0	0
Between 2 and 5 years [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings	541,250	568,750
Lease liabilities	11,719	11,209
Trade payables	0	0
Non-derivative financial liabilities, undiscounted cash flows	552,969	579,959
Between 2 and 5 years [member] | Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	0	0
Over 5 years [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings	0	0
Lease liabilities	25,134	25,012
Trade payables	0	0
Non-derivative financial liabilities, undiscounted cash flows	25,134	25,012
Over 5 years [member] | Entities with joint control or significant influence over entity [member]
Disclosure of detailed information about financial instruments [line items]
To be paid to co-venturers	$ 0	$ 0

Financial instruments by cate_8

Financial instruments by category (Schedule of Fair Value Hierarchy) (Details) - Recurring fair value measurement [member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Categories of financial assets [abstract]
Derivative financial assets	$ 3,775	$ 1,209
Liabilities
Derivative financial liabilities	70	19
Money Market Fund [Member]
Categories of financial assets [abstract]
Derivative financial assets		242
Level 1 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets	0	242
Liabilities
Derivative financial liabilities	0	0
Level 1 of fair value hierarchy [member] | Money Market Fund [Member]
Categories of financial assets [abstract]
Derivative financial assets		242
Level 2 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets	3,775	967
Liabilities
Derivative financial liabilities	70	19
Level 2 of fair value hierarchy [member] | Money Market Fund [Member]
Categories of financial assets [abstract]
Derivative financial assets		0
Commodity price risk [member]
Categories of financial assets [abstract]
Derivative financial assets	3,775	967
Liabilities
Derivative financial liabilities	70	19
Commodity price risk [member] | Level 1 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets	0	0
Liabilities
Derivative financial liabilities	0	0
Commodity price risk [member] | Level 2 of fair value hierarchy [member]
Categories of financial assets [abstract]
Derivative financial assets	3,775	967
Liabilities
Derivative financial liabilities	$ 70	$ 19

Financial instruments by cate_9

Financial instruments by category (Narrative) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial instruments by category
Cash on hand	$ 13,000	$ 12,000	$ 17,000
Financial liabilities, at fair value	$ 443,690,000	$ 431,660,000

Equity (Schedule of Share Capit

Equity (Schedule of Share Capital) (Details) - USD ($)	Dec. 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Share capital [Line Items]
Common stock (amounts in US$ '000)	$ 55,000		$ 58,000	$ 60,000
Common shares, of nominal US$ 0.001	55,327,520	246,110	57,621,998
US$ per share	$ 0.001		$ 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
Ordinary shares [member]
Disclosure Of Share capital [Line Items]
Common shares, of nominal US$ 0.001	55,327,520		57,621,998

Equity (Schedule of Outstanding

Equity (Schedule of Outstanding Common Shares) (Details) $ in Thousands	1 Months Ended											12 Months Ended
	Dec. 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	May 31, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Feb. 28, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Sep. 30, 2022 USD ($) shares	Jul. 31, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) Vote shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Disclosure Of Share capital [Line Items]
Number of shares issued	55,327,520					246,110	57,621,998					55,327,520	57,621,998
Treasury Stock Purchased, Shares												(3,073,588)	(2,743,722)	(960,454)
Number of shares outstanding	55,300,000						57,600,000					55,300,000	57,600,000	60,200,000
Issued capital | $	$ 55						$ 58					$ 55	$ 58	$ 60
Common Shares, Number Of Votes | Vote												1
Stock awards One [Member]
Disclosure Of Share capital [Line Items]
Date of common shares movement				May 01, 2023		Feb. 01, 2023			Jul. 01, 2022
Number of shares issued				100,000		600,000			100,000
Number of shares outstanding				57,700,000		58,200,000			59,600,000
Issued capital | $				$ 58		$ 58			$ 60
Buyback program [Member]
Disclosure Of Share capital [Line Items]
Date of common shares movement	Dec. 01, 2023	Sep. 01, 2023	Jun. 01, 2023		Mar. 01, 2023		Dec. 01, 2022	Sep. 01, 2022		Jun. 01, 2022	Mar. 01, 2022
Treasury Stock Purchased, Shares	(800,000)	(500,000)	(1,100,000)		(600,000)		(900,000)	(1,100,000)		(500,000)	(200,000)
Number of shares outstanding	55,300,000	56,100,000	56,600,000		57,600,000		57,600,000	58,500,000		59,500,000	60,000,000	55,300,000	57,600,000
Issued capital | $	$ 55	$ 56	$ 57		$ 58		$ 58	$ 59		$ 60	$ 60	$ 55	$ 58

Equity (Schedule of Cash Distri

Equity (Schedule of Cash Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands													12 Months Ended
	Dec. 11, 2023	Sep. 07, 2023	May 31, 2023	Mar. 31, 2023	Dec. 07, 2022	Sep. 08, 2022	Jun. 10, 2022	Mar. 31, 2022	Dec. 07, 2021	Aug. 31, 2021	May 28, 2021	Apr. 13, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity
Cash distributions, per share	$ 0.1340	$ 0.1320	$ 0.1300	$ 0.1300	$ 0.1270	$ 0.1270	$ 0.0820	$ 0.0820	$ 0.0410	$ 0.0410	$ 0.0205	$ 0.0205
Cash distributions, Total amount	$ 7,449	$ 7,383	$ 7,378	$ 7,505	$ 7,281	$ 7,345	$ 4,809	$ 4,847	$ 2,429	$ 2,442	$ 1,220	$ 1,133	$ 29,715	$ 24,282	$ 7,224

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)				12 Months Ended
	Nov. 08, 2023	Feb. 03, 2023	Jul. 15, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Share capital [Line items]
Purchase of treasury shares					$ 31,239,000	$ 36,265,000	$ 11,841,000
Treasury Stock Purchased, Shares					3,073,588	2,743,722	960,454
Percentage of number of shares repurchase	10%
Maximum shares can buyback	5,611,797
Maximum value of stocks that can be repurchased under company's authority from BOD on standalone basis				$ 50,000,000
Number of share options granted in share-based payment arrangement					1,175,131
Non Executive Directors [Member] | Share Capital [Member].
Disclosure Of Share capital [Line items]
Number of shares issued during the period					99,590	75,636	64,269
Non Executive Directors [Member] | Share Premium [Member]
Disclosure Of Share capital [Line items]
Share premium, common shares issued to Non-Executive Directors					$ 1,133,000	$ 1,040,000	$ 861,000
Former Chief Executive Officer [Member]
Disclosure Of Share capital [Line items]
Number of shares issued during the period			52,058			104,439
Share Premium, Common Shares Issued To Former Chief Executive Officer			$ 800,000			$ 800,000
Chief executive officer
Disclosure Of Share capital [Line items]
Number of shares issued during the period		350,938
Share Premium, Common Shares Issued To Former Chief Executive Officer		$ 4,799,000
LTIP for executives
Disclosure Of Share capital [Line items]
Number of shares issued during the period		246,110
Share premium, common shares issued to key management		$ 1,505,000
Number of share options granted in share-based payment arrangement					268,129
Other equity incentive plans
Disclosure Of Share capital [Line items]
Number of shares issued during the period					82,472
Other equity incentive plans | Former Chief Executive Officer [Member]
Disclosure Of Share capital [Line items]
Share Premium, Common Shares Issued To Former Chief Executive Officer					$ 281,000

Borrowings (Schedule of Share C

Borrowings (Schedule of Share Capital) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Borrowings [Line Items]
Borrowings	$ 500,981	$ 497,642
Current borrowings	12,528	12,528
Non-current borrowings	488,453	485,114
Notes due 2027
Disclosure Of Borrowings [Line Items]
Borrowings	$ 500,981	$ 497,642

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details) - USD ($)		6 Months Ended	12 Months Ended
	Aug. 03, 2023	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2021	Jan. 17, 2020
Disclosure Of Borrowings [Line Items]
Uncommitted credit lines	$ 179,600,000		$ 179,600,000
Payments for debt issue costs			0	$ 0	$ 2,019,000
Maximum
Disclosure Of Borrowings [Line Items]
Ratio Of Net Debt To Adjusted EBITDA							3.25
Minimum
Disclosure Of Borrowings [Line Items]
Ratio Of Adjusted EBITDA To Interest							2.5
Notes due 2024
Disclosure Of Borrowings [Line Items]
Borrowings, interest rate		6.50%
Notional amount		$ 255,000,000
Company repurchased and cancelled the remaining nominal amount		425,000,000
Notes due 2027
Disclosure Of Borrowings [Line Items]
Borrowings, interest rate							5.50%
Notional amount						$ 150,000,000	$ 350,000,000
Debt Instrument Issued Price, Percent						101.875%	99.285%
Company repurchased and cancelled the remaining nominal amount		$ 170,000,000
Borrowings Yield Rate						5.117%	5.625%
Senior unsecured credit facility
Disclosure Of Borrowings [Line Items]
Line of credit facility maximum borrowing capacity	$ 80,000,000		$ 80,000,000
Commitment fee percent	1.85%
Senior unsecured credit facility | Ifrs Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Disclosure Of Borrowings [Line Items]
Adjustment to base rate	3.70%

Leases - Statement of Financial

Leases - Statement of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets	$ 28,451	$ 37,011
Lease Liabilities
Current	8,911	10,000
Non-current	23,387	22,051
Total lease liabilities	32,298	32,051	$ 20,744
Production facilities and machinery [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets	24,201	32,034
Buildings and improvements
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets	$ 4,250	$ 4,977

Leases - Statement of Income (D

Leases - Statement of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation charge of Right of use assets	$ (8,650)	$ (7,045)	$ (6,662)
Unwinding of long-term liabilities (included in Financial results)	(3,168)	(2,838)	(1,453)
Expenses related to short-term leases (included in Production and operating cost and Administrative expenses)	(838)	(2,614)	(1,101)
Expenses related to low-value leases (include in Administrative expenses)	(775)	(708)	(906)
Production facilities and machinery [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation charge of Right of use assets	(7,858)	(6,057)	(5,526)
Buildings and improvements
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation charge of Right of use assets	$ (792)	$ (988)	$ (1,136)

Leases - Recognition of assets

Leases - Recognition of assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets, Beginning balance	$ 37,011
Depreciation	(8,650)	$ (7,045)	$ (6,662)
Right-of-use assets, Ending balance	28,451	37,011
IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets, Beginning balance	37,011	21,014
Additions / changes in estimates	137	22,462
Foreign currency translation	444	580
Assets held for sale	(491)
Depreciation	(8,650)	(7,045)
Right-of-use assets, Ending balance	$ 28,451	$ 37,011	$ 21,014

Leases - Recognition of lease l

Leases - Recognition of lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Lease liabilities, Beginning balance	$ 32,051	$ 20,744
Additions / changes in estimates	137	22,462
Exchange difference	7,061	(6,426)
Foreign currency translation	(174)	(284)
Liabilities associated with assets held for sale	(26)
Unwinding of discount	3,168	2,838
Lease payments	(10,267)	(7,851)
Lease liabilities, Ending balance	$ 32,298	$ 32,051

Provisions and other long-ter_3

Provisions and other long-term liabilities (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 06, 2023 USD ($)	Feb. 06, 2023 GBP (£)	Jan. 08, 2020 GBP (£)
Disclosure of other provisions [line items]
Other provisions at beginning of period	$ 51,947,000	$ 62,848,000
Addition to provision / changes in estimates	9,834,000	(7,612,000)
Exchange difference	1,912,000	(1,983,000)
Foreign currency translation	704,000	(563,000)
Amortization	(127,000)	(2,407,000)
Unwinding of discount	3,288,000	3,188,000
Amounts used during the year	(6,553,000)	(1,524,000)
Liabilities associated with assets held for sale	(26,922,000)
Other provisions at end of period	34,083,000	51,947,000
Amount of Assets Under Freeze			$ 409,000	£ 330,022	£ 4,465,600
Generating gain from previously recognized contingent liability	2,568,000
Provision for decommissioning, restoration and rehabilitation costs [member]
Disclosure of other provisions [line items]
Other provisions at beginning of period	40,903,000	45,842,000
Addition to provision / changes in estimates	7,374,000	(4,942,000)
Exchange difference	1,172,000	(669,000)
Foreign currency translation	717,000	(577,000)
Amortization		0
Unwinding of discount	2,794,000	2,641,000
Amounts used during the year	(2,502,000)	(1,392,000)
Liabilities associated with assets held for sale	(26,922,000)
Other provisions at end of period	23,536,000	40,903,000
Provision For Deferred Income [member]
Disclosure of other provisions [line items]
Other provisions at beginning of period	757,000	3,331,000
Addition to provision / changes in estimates	0	0
Exchange difference	180,000	(167,000)
Amortization	(127,000)	(2,407,000)
Unwinding of discount	0
Other provisions at end of period	810,000	757,000
Miscellaneous other provisions [member]
Disclosure of other provisions [line items]
Other provisions at beginning of period	10,287,000	13,675,000
Addition to provision / changes in estimates	2,460,000	(2,670,000)
Exchange difference	560,000	(1,147,000)
Foreign currency translation	(13,000)	14,000
Amortization		0
Unwinding of discount	494,000	547,000
Amounts used during the year	(4,051,000)	(132,000)
Other provisions at end of period	$ 9,737,000	$ 10,287,000

Trade and other payables (Sched

Trade and other payables (Schedule of Trade and Other Payables) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables.
V.A.T	$ 975	$ 8,513
Trade payables	108,977	102,125
Customer advance payments		481
Other short-term advance payments	450
Outstanding commitments in Chile	5,869
Staff costs to be paid	10,852	9,306
Royalties to be paid	791	9,403
Taxes and other debts to be paid	9,381	8,963
To be paid to co-venturers	522	2,815
Total trade and other payables	137,817	141,606
Current	$ 137,817	$ 141,606

Trade and other payables (Narra

Trade and other payables (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables.
Average credit period Expressed As Creditor Days	90 days	69 days

Share-based payment (Schedule o

Share-based payment (Schedule of Share-based Payment) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	1,545,240
Number of share options granted in share-based payment arrangement	1,175,131
Number of share options forfeited in share-based payment arrangement	(365,696)
Number of share options exercised in share-based payment arrangement	(779,110)
Number of share options outstanding in share-based payment arrangement	1,575,565	1,545,240
Expense from share-based payment transactions with employees | $	$ 7,328	$ 11,038	$ 6,621
Shares granted to Non-Executive Directors
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	0
Number of share options granted in share-based payment arrangement	99,590
Number of share options exercised in share-based payment arrangement	(99,590)
Number of share options outstanding in share-based payment arrangement	0	0
Expense from share-based payment transactions with employees | $	$ 1,133	$ 1,041	861
Shares granted to Executive Directors
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	375,937
Number of share options exercised in share-based payment arrangement	(359,271)
Number of share options outstanding in share-based payment arrangement	16,666	375,937
Expense from share-based payment transactions with employees | $	$ 126	$ 3,560	800
VCP
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	0
Number of share options exercised in share-based payment arrangement	0
Number of share options outstanding in share-based payment arrangement	0	0
Expense from share-based payment transactions with employees | $	$ 0	$ 2,016	4,098
LTIP for executives
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	571,984
Number of share options granted in share-based payment arrangement	268,129
Number of share options exercised in share-based payment arrangement	(248,825)
Number of share options outstanding in share-based payment arrangement	591,288	571,984
Expense from share-based payment transactions with employees | $	$ 3,627	$ 2,111	0
Year Of Issuance 2023 [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	0
Number of share options granted in share-based payment arrangement	795,412
Number of share options forfeited in share-based payment arrangement	(105,695)
Number of share options exercised in share-based payment arrangement	0
Number of share options outstanding in share-based payment arrangement	689,717	0
Expense from share-based payment transactions with employees | $	$ 1,452	$ 0	0
Year Of Issuance 2022 [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	191,400
Number of share options granted in share-based payment arrangement	12,000
Number of share options forfeited in share-based payment arrangement	(6,112)
Number of share options exercised in share-based payment arrangement	(9,444)
Number of share options outstanding in share-based payment arrangement	187,844	191,400
Expense from share-based payment transactions with employees | $	$ 990	$ 619	0
Year of issuance 2020 [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	405,919
Number of share options forfeited in share-based payment arrangement	(253,889)
Number of share options exercised in share-based payment arrangement	(61,980)
Number of share options outstanding in share-based payment arrangement	90,050	405,919
Expense from share-based payment transactions with employees | $	$ 0	$ 1,691	862
Issuance [Member]
Disclosure Of Share-based Payment [Line Items]
Number of share options outstanding in share-based payment arrangement	597,319
Number of share options granted in share-based payment arrangement	807,412
Number of share options forfeited in share-based payment arrangement	(365,696)
Number of share options exercised in share-based payment arrangement	(71,424)
Number of share options outstanding in share-based payment arrangement	967,611	597,319
Expense from share-based payment transactions with employees | $	$ 2,442	$ 2,310	$ 862

Share-based payment (Narrative)

Share-based payment (Narrative) (Details)			1 Months Ended	12 Months Ended
	Feb. 14, 2023 shares	Mar. 08, 2022 shares	Dec. 31, 2022 installment shares	Dec. 31, 2023 item installment shares	Dec. 31, 2020 instrument	Dec. 31, 2018 shares	Feb. 28, 2023 shares	Feb. 17, 2023 shares
Disclosure Of Share-based Payment [Line Items]
Number of instruments granted in share-based payment arrangement | instrument					800,000
Performance conditions established in the program and approved								152,030
Number of shares issued			57,621,998	55,327,520			246,110
Description of maximum term of options granted for share-based payment arrangement						10-year
Employee Benefit Trust [Member]
Disclosure Of Share-based Payment [Line Items]
Performance conditions established in the program and approved	197,197
Vesting period	3 years		3 years
Employee Benefit Trust [Member] | Time Based Restricted Share Units [Member]
Disclosure Of Share-based Payment [Line Items]
Percentage of vesting award			30%
Number of installments | installment			3
Employee Benefit Trust [Member] | Absolute Performance Share Units [Member]
Disclosure Of Share-based Payment [Line Items]
Percentage of vesting award			40%
Employee Benefit Trust [Member] | Ifrs Performance Shares [Member]
Disclosure Of Share-based Payment [Line Items]
Vesting period			3 years
Percentage of vesting award			30%
Long-Term Incentive Program Oriented to Senior Management [Member]
Disclosure Of Share-based Payment [Line Items]
Number of shares authorized		215,000
Vesting period		3 years
Long-Term Incentive Program Oriented to Senior Management [Member] | Time Based Restricted Share Units [Member]
Disclosure Of Share-based Payment [Line Items]
Percentage of vesting award				20%
Number of installments | installment				3
Number of anniversaries of grant date | item				3
Long-Term Incentive Program Oriented to Senior Management [Member] | Relative Performance Share Units [Member]
Disclosure Of Share-based Payment [Line Items]
Vesting period				3 years
Percentage of vesting award				35%
Long-Term Incentive Program Oriented to Senior Management [Member] | Absolute Performance Share Units [Member]
Disclosure Of Share-based Payment [Line Items]
Vesting period				3 years
Percentage of vesting award				45%
Maximum
Disclosure Of Share-based Payment [Line Items]
Number of shares issued						5,000,000

Interests in Joint operations_2

Interests in Joint operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Interests in Joint operations [Line Items]
PP and E	$ 686,824	$ 666,879	$ 614,047
Total Assets	1,016,549	973,975	895,741
Total Liabilities	(840,529)	(858,390)
Revenue.	$ 756,625	$ 1,049,579	$ 688,543
Llanos 34 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	45%	45%	45%
PP and E	$ 354,361	$ 295,639	$ 260,589
Other Assets	5,079	2,284	1,866
Total Assets	359,440	297,923	262,455
Total Liabilities	(7,641)	(2,104)	(5,573)
Net Assets/ (Liabilities)	351,799	295,819	256,882
Revenue.	464,146	721,326	486,779
Operating profit (loss)	$ 295,556	$ 402,425	$ 341,473
Llanos 32 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	12.50%	12.50%	12.50%
PP and E	$ 2,493	$ 2,324	$ 2,730
Other Assets	0	0	0
Total Assets	2,493	2,324	2,730
Total Liabilities	(655)	(371)	(197)
Net Assets/ (Liabilities)	1,838	1,953	2,533
Revenue.	7,811	9,791	7,690
Operating profit (loss)	$ 5,661	$ 7,066	$ 5,378
Llanos 86 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 5,532	$ 970	$ 408
Other Assets	227	0	0
Total Assets	5,759	970	408
Total Liabilities	0	0
Net Assets/ (Liabilities)	5,759	970	408
Revenue.	0	0	0
Operating profit (loss)	$ (187)	$ (60)	$ (60)
Llanos 87 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 16,621	$ 15,038	$ 1,220
Other Assets	650	0	0
Total Assets	17,271	15,038	1,220
Total Liabilities	(1,211)	(41)
Net Assets/ (Liabilities)	16,060	14,997	1,220
Revenue.	1,527	0	0
Operating profit (loss)	$ (17,722)	$ (390)	$ (60)
Llanos 94 Block (Colombia) [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 0	$ 576	$ 1,489
Other Assets	0	0	0
Total Assets		576	1,489
Total Liabilities	(336)	(233)	(270)
Net Assets/ (Liabilities)	(336)	343	1,219
Revenue.	0	0	0
Operating profit (loss)	$ (1,044)	$ (5,632)	$ (171)
Llanos 104 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 5,536	$ 1,001	$ 434
Other Assets	320	0	0
Total Assets	5,856	1,001	434
Total Liabilities	0	0
Net Assets/ (Liabilities)	5,856	1,001	434
Revenue.	0	0	0
Operating profit (loss)	$ (186)	$ (60)	$ (60)
Llanos 123 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 16,292	$ 1,172	$ 907
Other Assets	1,035	0	0
Total Assets	17,327	1,172	907
Total Liabilities	(520)	0
Net Assets/ (Liabilities)	16,807	1,172	907
Revenue.	8,648	0	0
Operating profit (loss)	$ 4,006	$ (60)	$ (60)
Llanos 124 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 0	$ 1,207	$ 841
Other Assets	170	0	0
Total Assets	170	1,207	841
Total Liabilities	(166)	0
Net Assets/ (Liabilities)	4	1,207	841
Revenue.	0	0	0
Operating profit (loss)	$ (7,496)	$ (60)	$ (60)
CPO-5 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	30%	30%	30%
PP and E	$ 182,484	$ 199,748	$ 210,154
Other Assets	0	0	0
Total Assets	182,484	199,748	210,154
Total Liabilities	(1,540)	(344)	(929)
Net Assets/ (Liabilities)	180,944	199,404	209,225
Revenue.	148,594	184,160	88,479
Operating profit (loss)	$ 50,032	$ 69,422	$ 55,131
CPO-4-1 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%
PP and E	$ 102	$ 102
Other Assets	7	0
Total Assets	109	102
Total Liabilities	0	0
Net Assets/ (Liabilities)	109	102
Revenue.	0	0
Operating profit (loss)	$ (96)	$ 0
Mecaya Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 3,948	$ 3,908	$ 3,837
Other Assets	51	0	0
Total Assets	3,999	3,908	3,837
Total Liabilities	(40)	(17)	(84)
Net Assets/ (Liabilities)	3,959	3,891	3,753
Revenue.	0	0	0
Operating profit (loss)	$ (66)	$ (62)	$ 0
PUT-8 Block (Colombia) [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 9,118	$ 7,927	$ 7,070
Other Assets	306	0	0
Total Assets	9,424	7,927	7,070
Total Liabilities	0	0
Net Assets/ (Liabilities)	9,424	7,927	7,070
Revenue.	0	0	0
Operating profit (loss)	$ (8)	$ (61)	$ 0
PUT-9 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 4,454	$ 4,420	$ 4,342
Other Assets	68	0	0
Total Assets	4,522	4,420	4,342
Total Liabilities	0	0
Net Assets/ (Liabilities)	4,522	4,420	4,342
Revenue.	0	0	0
Operating profit (loss)	$ (66)	$ (62)	$ 0
PUT-36 Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 2,950	$ 2,931	$ 2,870
Other Assets	50	0	0
Total Assets	3,000	2,931	2,870
Total Liabilities	0	0
Net Assets/ (Liabilities)	3,000	2,931	2,870
Revenue.	0	0	0
Operating profit (loss)	$ (2)	$ (60)	$ 0
Tacacho Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 0	$ 0	$ 3,629
Other Assets	103	0	0
Total Assets	103	0	3,629
Total Liabilities	0	0
Net Assets/ (Liabilities)	103	0	3,629
Revenue.	0	0	0
Operating profit (loss)	$ (8)	$ (3,699)	$ 0
Terecay Block (Colombia) [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 0	$ 0	$ 226
Other Assets	36	0	0
Total Assets	36	0	226
Total Liabilities	0	0
Net Assets/ (Liabilities)	36	0	226
Revenue.	0	0	0
Operating profit (loss)	$ (8)	$ (300)	$ 0
Flamenco Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 0	$ 0	$ 0
Other Assets	0	0	0
Total Assets		0
Total Liabilities	(1,336)	(1,314)	(2,082)
Net Assets/ (Liabilities)	(1,336)	(1,314)	(2,082)
Revenue.	0	0	0
Operating profit (loss)	$ (178)	$ (261)	$ (137)
Campanario Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 0	$ 0	$ 0
Other Assets	0	0	0
Total Assets		0
Total Liabilities	(5,438)	(422)	(551)
Net Assets/ (Liabilities)	(5,438)	(422)	(551)
Revenue.	0	0	0
Operating profit (loss)	$ (5,113)	$ (115)	$ (106)
Isla Norte Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	60%	60%	60%
PP and E	$ 0	$ 0	$ 0
Other Assets	0	0	0
Total Assets		0
Total Liabilities	(1,018)	(160)	(138)
Net Assets/ (Liabilities)	(1,018)	(160)	(138)
Revenue.	0	0	0
Operating profit (loss)	$ (1,000)	$ (131)	$ (122)
Manati field [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	10%	10%	10%
PP and E	$ 5,233	$ 5,665	$ 6,851
Other Assets	17,546	18,537	18,269
Total Assets	22,779	24,202	25,120
Total Liabilities	(12,788)	(12,602)	(13,657)
Net Assets/ (Liabilities)	9,991	11,600	11,463
Revenue.	14,019	19,873	20,109
Operating profit (loss)	$ 4,955	$ 11,240	$ 9,899
POT T 785 [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	70%	70%	70%
PP and E	$ 160	$ 168	$ 157
Other Assets	0	0	0
Total Assets	160	168	157
Total Liabilities	0	0
Net Assets/ (Liabilities)	160	168	157
Revenue.	0	0	0
Operating profit (loss)	$ 0	$ 0	$ 0
CN-V Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest		50%	50%
PP and E		$ 0	$ 0
Other Assets		0	149
Total Assets		0	149
Total Liabilities		(14)	(528)
Net Assets/ (Liabilities)		(14)	(379)
Revenue.		0	0
Operating profit (loss)		$ (131)	$ (839)
Los Parlamentos Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 0	$ 0	$ 0
Other Assets	0	0	0
Total Assets		0
Total Liabilities	0	(93)
Net Assets/ (Liabilities)		(93)
Revenue.	0	0	0
Operating profit (loss)	$ (7,086)	$ (176)	$ (285)
Puelen Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	18%	18%	18%
PP and E	$ 0	$ 0	$ 0
Other Assets	2	10	12
Total Assets	2	10	12
Total Liabilities	(60)	(105)	(18)
Net Assets/ (Liabilities)	(58)	(95)	(6)
Revenue.	0	0	0
Operating profit (loss)	$ (51)	$ (69)	$ (55)
Sierra del Nevado Block [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest		18%	18%
PP and E		$ 0	$ 0
Other Assets		1	1
Total Assets		1	1
Total Liabilities		(4)	(5)
Net Assets/ (Liabilities)		(3)	(4)
Revenue.		0	0
Operating profit (loss)		$ (8)	$ (10)
Espejo [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 10,072	$ 10,727	$ 1,132
Other Assets	213	593	78
Total Assets	10,285	11,320	1,210
Total Liabilities	(467)	(5,406)	(610)
Net Assets/ (Liabilities)	9,818	5,914	600
Revenue.	1,450	0	0
Operating profit (loss)	$ (1,897)	$ (5,151)	$ (589)
Perico [Member]
Disclosure Of Interests in Joint operations [Line Items]
Interest	50%	50%	50%
PP and E	$ 22,231	$ 15,195	$ 4,658
Other Assets	0	8,506	1,449
Total Assets	22,231	23,701	6,107
Total Liabilities	(889)	(5,315)	(4,535)
Net Assets/ (Liabilities)	21,342	18,386	1,572
Revenue.	17,647	10,671	0
Operating profit (loss)	$ 258	$ 4,533	$ (669)

Commitments (Schedule of Royalt

Commitments (Schedule of Royalty Commitments) (Details)	12 Months Ended
	Dec. 31, 2023
up to 5,000 [Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	Up to 5,000
Description Of Applicable Production Royalty Rate	8%
5,000 to 125,000[Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	5,000 to 125,000
Description Of Applicable Production Royalty Rate	8% + (production - 5,000) * 0.1
125,000 to 400,000[Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	125,000 to 400,000
Description Of Applicable Production Royalty Rate	20%
400,000 to 600,000[Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	400,000 to 600,000
Description Of Applicable Production Royalty Rate	20% + (production - 400,000) * 0.025
Greater than 600,000[Member]
Disclosure Of Commitments [Line Items]
Average Daily Production In Barrel	Greater than 600,000
Description Of Applicable Production Royalty Rate	25%

Commitments (Narrative) (Detail

Commitments (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) item bbl	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure Of Commitments [Line Items]
Royalty maximum production benchmark | item	15
Royalty benchmark percentage of total calculation	75%
Accumulated production of fields benchmark minimum | bbl	5,000,000
Capital commitments	$ 5,869,000
Llanos 32, Llanos 34 and Llanos 123 Blocks
Disclosure Of Commitments [Line Items]
Additional Applicable Economical Right Production Royalty Rate	1%
Llanos 87 Block [Member]
Disclosure Of Commitments [Line Items]
Additional Applicable Economical Right Production Royalty Rate	3%
CPO-5 Block [Member]
Disclosure Of Commitments [Line Items]
Additional Applicable Economical Right Production Royalty Rate	23%
Platanillo Block [Member]
Disclosure Of Commitments [Line Items]
Additional Applicable Economical Right Production Royalty Rate	0%
Campanario and Isla Norte Blocks [Member]
Disclosure Of Commitments [Line Items]
Investment Assumption Percentage	100%
Campanario Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 5,002,000
Isla Norte Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	867,000
REC-T-58 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	151,000
REC-T-67 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	151,000
REC-T-77 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	151,000
POT-T-834 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 151,000
Espejo and Perico Blocks [Member]
Disclosure Of Commitments [Line Items]
Working interest percentage	50%
Pott785Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 72,000
Llanos 87 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	13,663,000
Llanos 94 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 3,467,000
Working interest percentage	50%
Llanos 123 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 7,130,000
Llanos 124 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	10,422,000
CPO-4-1 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	2,922,000
CPO-5 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	2,794,000
CPO-5, Private Agreement With Other Partner In Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	9,313,000
Coati Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	4,500,000
Mecaya Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	2,000,000
Mecaya, Private Agreement With Other Partner in Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	600,000
PUT-8 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	13,107,000
PUT-9 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	10,550,000
PUT-9, Private Agreement With Other Partner In Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	4,365,000
Tacacho Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	4,080,000
Tacacho, Other Partner in Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	1,224,000
Terecay Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	4,046,000
Terecay Other Partner in Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	2,856,000
Llanos 86 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	9,849,000
Llanos 104 Block (Colombia) [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	8,752,000
PUT-14 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	16,122,000
PUT-36 Block [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 11,742,000
Investment commitment term (in years)	3 years
Espejo Blocks [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	$ 20,912,000
Perico Blocks [Member]
Disclosure Of Commitments [Line Items]
Capital commitments	18,084,000
Previous Owners of Block [Member]
Disclosure Of Commitments [Line Items]
Accrued Overriding Royalty Payments	$ 27,453,000	$ 34,032,000	$ 22,562,000
Previous Owners of Block [Member] | Llanos 34 Blocks [Member]
Disclosure Of Commitments [Line Items]
Overriding Royalty rate	4%
Previous Owners of Block [Member] | CPO-5 Block [Member]
Disclosure Of Commitments [Line Items]
Overriding Royalty rate	2.50%
Brazilian National Petroleum, Natural Gas and Biofuels Agency [Member] | Gas [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	7.50%
Chilean Government [Member] | Fell Block [Member] | Crude Oil [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	5%
Chilean Government [Member] | Fell Block [Member] | Gas [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	3%
Chilean Government [Member] | Fell Block [Member] | Oil And Natural Gases [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	5%
Minimum | Coati, Mecaya, PUT-8, PUT-9, Tacacho and Terecay Blocks [Member]
Disclosure Of Commitments [Line Items]
Overriding Royalty rate	1.20%
Minimum | Brazilian National Petroleum, Natural Gas and Biofuels Agency [Member] | Oil And Natural Gases [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	5%
Maximum
Disclosure Of Commitments [Line Items]
Capital commitments	$ 54,640,000
Maximum | Coati, Mecaya, PUT-8, PUT-9, Tacacho and Terecay Blocks [Member]
Disclosure Of Commitments [Line Items]
Overriding Royalty rate	8.50%
Maximum | Brazilian National Petroleum, Natural Gas and Biofuels Agency [Member] | Oil And Natural Gases [Member]
Disclosure Of Commitments [Line Items]
Royalties Percentage	10%

Related parties (Schedule of Co

Related parties (Schedule of Controlling Interests) (Details) - shares	Dec. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Number of shares issued	55,327,520	246,110	57,621,998
Percentage of voting equity interests acquired	100%
James F. Park [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	8,817,251
Percentage of voting equity interests acquired	15.94%
Compass Group LLC [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	3,312,589
Percentage of voting equity interests acquired	5.99%
Gerald O'Shaughnessy [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	3,673,392
Percentage of voting equity interests acquired	6.64%
Renaissance Technologies LLC
Disclosure of classes of share capital [line items]
Number of shares issued	3,091,863
Percentage of voting equity interests acquired	5.59%
Socoservin Overseas SPF S..r.l.
Disclosure of classes of share capital [line items]
Number of shares issued	2,889,315
Percentage of voting equity interests acquired	5.22%
Cobas Asset Management, SGIIC, SA
Disclosure of classes of share capital [line items]
Number of shares issued	2,808,406
Percentage of voting equity interests acquired	5.08%
Other shareholders [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	30,734,704
Percentage of voting equity interests acquired	55.54%

Related parties (Schedule of Ba

Related parties (Schedule of Balances Outstanding and Transactions with Related Parties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Related parties [Line Items]
Amounts receivable, related party transactions	$ 8,630	$ 8,750
Geological and geophysical expenses.	11,192	10,529	$ 7,891
Administrative expenses.	43,969	50,024	46,828
Entities with joint control or significant influence over entity [member]
Disclosure Of Related parties [Line Items]
Amounts receivable, related party transactions	8,630	8,750	4,680
Amounts payable, related party transactions	$ (522)	$ (2,815)	$ (953)
Description of nature of related party relationship	Joint Operations	Joint Operations	Joint Operations
Carlos Gulisano [Member]
Disclosure Of Related parties [Line Items]
Geological and geophysical expenses.		$ 160	$ 160
Description of nature of related party relationship		Former Non-Executive Director (a)	Former Non-Executive Director (a)
Pedro Aylwin [Member]
Disclosure Of Related parties [Line Items]
Administrative expenses.		$ 492	$ 656
Description of nature of related party relationship		Former Executive Director (b)	Former Executive Director (b)

Related parties (Narrative) (De

Related parties (Narrative) (Details) - shares	Feb. 14, 2024	Feb. 02, 2024
James F. Park [Member]
Disclosure of classes of share capital held by him personally [Line Items]
Shares pledged under lending arrangements	352,400
Gerald O'Shaughnessy [Member]
Disclosure of classes of share capital held by him personally [Line Items]
Shares pledged under lending arrangements		3,435,000

Auditors Fees (Details)

Auditors Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Auditors Fees
Audit fees	$ 977	$ 946	$ 1,088
Audit related fees	34	24
Tax services fees	3	27	47
Total Auditors Fees	$ 1,014	$ 997	$ 1,135

Business transactions (Narrativ

Business transactions (Narrative) (Details)						1 Months Ended	12 Months Ended
	Jan. 18, 2024 USD ($) item	Dec. 20, 2023 USD ($)	Oct. 27, 2023 USD ($)	Apr. 30, 2022 USD ($)	Nov. 03, 2021 USD ($)	Aug. 31, 2021	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 01, 2022 USD ($)
Disclosure of detailed information about business combination [line items]
Capital commitments							$ 5,869,000
Assets held for sale							28,419,000	$ 0
Liabilities associated with assets held for sale							$ 26,948,000	0
Percentage of voting equity interests acquired							100%
Impairment loss							$ 13,332,000	0	$ 4,334,000
REC-T-128 [Member]
Disclosure of detailed information about business combination [line items]
Percent of Ownership Interest Sold									70%
Total Consideration Receivable									$ 1,100,000
Fixed consideration receivable								$ 710,000		$ 710,000
Aguada Baguales El Porvenir And Puesto Touquet Blocks [Member]
Disclosure of detailed information about business combination [line items]
Total Consideration Receivable					$ 16,000,000
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations					$ 1,600,000
Impairment loss recognised in profit or loss, property, plant and equipment									0
Reversal of impairment loss									$ 13,307,000
Payment of adjustments for working capital				$ 370,000
Percentage of working interest agreed to transfer						100%
Result of the transaction recognized gain				$ 3,983,000
Los Parlamentos Block (Argentina)
Disclosure of detailed information about business combination [line items]
Percentage of working interest agreed to transfer			50%
Net loss of working interest			$ (2,939,000)
Working interest transfer			(7,023,000)				7,023,000
Foreign exchange (loss) gain			$ 4,084,000
Chile S.p.A And It's Subsidiaries [Member]
Disclosure of detailed information about business combination [line items]
Revenue derived		95%
Deferred income tax assets							2,533,000
Advance payments received		$ 450,000
Assets held for sale							28,419,000
Liabilities associated with assets held for sale							26,948,000
Total Consideration		4,000,000
Impairment loss							13,332,000
Restructuring and other costs							$ 3,873,000
Campanario Blocks (Chile)
Disclosure of detailed information about business combination [line items]
Capital commitments		5,002,000
Isla Norte Blocks (Chile
Disclosure of detailed information about business combination [line items]
Capital commitments		$ 867,100
Disposal of major subsidiary | Chile S.p.A And It's Subsidiaries [Member]
Disclosure of detailed information about business combination [line items]
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations	$ 2,792,000
Adjustment For Working Capital	486,000
Outstanding amount	$ 758,000
Monthly equal installments | item	23

Impairment test on Property, _3

Impairment test on Property, plant and equipment (Schedule of Amounts of Impairment Loss (Recognized) Reversed) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Impairment loss reversed (recognized)	$ (13,332)	$ 0	$ (4,334)
Chile [Member]
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Impairment loss reversed (recognized)	(13,332)	0	(17,641)
Brazil [Member]
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Impairment loss reversed (recognized)	0		0
Argentina [Member]
Disclosure Of Impairment test on Property, plant and equipment [Line Items]
Impairment loss reversed (recognized)	$ 0	$ 0	$ 13,307

Supplemental information on o_3

Supplemental information on oil and gas activities (Schedule of Costs Incurred in Exploration, Property Acquisitions and Development) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Acquisition of properties, Proved	$ 0	$ 0
Acquisition of properties, Unproved	0	0
Total property acquisition	0	0
Exploration	81,928	76,187	$ 45,769
Development	126,060	99,619	81,000
Total costs incurred	207,988	175,806	126,769
Colombia
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Acquisition of properties, Proved	0	0	0
Acquisition of properties, Unproved	0	0	0
Total property acquisition	0	0	0
Exploration	66,953	48,771	40,828
Development	125,997	89,231	81,310
Total costs incurred	192,950	138,002	122,138
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Acquisition of properties, Proved	0	0	0
Acquisition of properties, Unproved	0	0	0
Total property acquisition	0	0	0
Exploration	56	116	3,940
Development	(564)	9,952	1,900
Total costs incurred	(508)	10,068	5,840
Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Acquisition of properties, Proved	0	0	0
Acquisition of properties, Unproved	0	0	0
Total property acquisition	0	0	0
Exploration	107	0	3
Development	255	(212)	(2,212)
Total costs incurred	362	(212)	(2,209)
Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Acquisition of properties, Proved	0	0	0
Acquisition of properties, Unproved	0	0	0
Total property acquisition	0	0	0
Exploration	1,481	779	998
Development	0	0	2
Total costs incurred	1,481	779	$ 1,000
Ecuador [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Acquisition of properties, Proved	0	0
Acquisition of properties, Unproved	0	0
Total property acquisition	0	0
Exploration	13,331	26,521
Development	372	648
Total costs incurred	$ 13,703	$ 27,169

Supplemental information on o_4

Supplemental information on oil and gas activities (Schedule of Capitalized Costs Related to Oil and Gas Producing Activities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities	$ 244,278	$ 222,727	$ 201,177
Proved properties, Mineral interest and wells	1,250,684	1,079,257	957,932
Proved properties, Other uncompleted projects	15,781	16,480	27,204
Unproved properties	80,579	113,041	94,690
Gross capitalised costs	1,591,322	1,431,505	1,281,003
Accumulated depreciation	(883,074)	(771,353)	(679,774)
Total net capitalised costs	708,248	660,152	601,229
Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities	165,666	144,672	125,078
Proved properties, Mineral interest and wells	841,063	672,424	580,931
Proved properties, Other uncompleted projects	15,770	16,099	26,136
Unproved properties	69,823	102,760	94,419
Gross capitalised costs	1,092,322	935,955	826,564
Accumulated depreciation	(447,716)	(354,981)	(282,616)
Total net capitalised costs	644,606	580,974	543,948
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities	74,491	74,490	72,766
Proved properties, Mineral interest and wells	330,024	343,926	334,993
Proved properties, Other uncompleted projects		113	818
Unproved properties		0
Gross capitalised costs	404,515	418,529	408,577
Accumulated depreciation	(379,448)	(371,171)	(358,417)
Total net capitalised costs	25,067	47,358	50,160
Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities	4,121	3,565	3,333
Proved properties, Mineral interest and wells	48,448	44,716	42,008
Proved properties, Other uncompleted projects	11	268	250
Unproved properties	330	290	271
Gross capitalised costs	52,910	48,839	45,862
Accumulated depreciation	(47,388)	(42,885)	(38,741)
Total net capitalised costs	5,522	5,954	$ 7,121
Ecuador [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved properties, Equipment, camps and other facilities		0
Proved properties, Mineral interest and wells	31,149	18,191
Proved properties, Other uncompleted projects		0
Unproved properties	10,426	9,991
Gross capitalised costs	41,575	28,182
Accumulated depreciation	(8,522)	(2,316)
Total net capitalised costs	$ 33,053	$ 25,866

Supplemental information on o_5

Supplemental information on oil and gas activities (Schedule of Results of Operations for Oil and Gas Producing Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	$ 751,161	$ 1,040,125	$ 688,543
Production costs, excluding depreciation
Operating costs	(142,782)	(99,563)	(99,767)
Royalties and economic rights in cash	(84,877)	(252,287)	(113,023)
Total production costs	(227,659)	(351,850)	(212,790)
Exploration expenses	(38,331)	(34,087)	(16,783)
Accretion expense	(2,794)	(2,641)	(3,140)
Impairment loss for non-financial assets	(13,332)		(4,334)
Depreciation, depletion and amortization	(108,265)	(88,964)	(78,479)
Results of operations before income tax	360,780	562,583	373,017
Income tax expense	(168,833)	(196,744)	(120,669)
Results of oil and gas operations	191,947	365,839	252,348
Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	702,401	978,423	618,268
Production costs, excluding depreciation
Operating costs	(121,012)	(78,323)	(72,043)
Royalties and economic rights in cash	(83,233)	(249,303)	(106,341)
Total production costs	(204,245)	(327,626)	(178,384)
Exploration expenses	(36,395)	(28,424)	(11,276)
Accretion expense	(669)	(621)	(576)
Depreciation, depletion and amortization	(92,735)	(72,386)	(54,588)
Results of operations before income tax	368,357	549,366	373,444
Income tax expense	(165,761)	(192,278)	(115,768)
Results of oil and gas operations	202,596	357,088	257,676
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	15,644	29,196	21,471
Production costs, excluding depreciation
Operating costs	(7,678)	(12,961)	(10,280)
Royalties and economic rights in cash	(548)	(1,165)	(770)
Total production costs	(8,226)	(14,126)	(11,050)
Exploration expenses	(56)	(116)	(4,509)
Accretion expense	(1,478)	(1,516)	(1,319)
Impairment loss for non-financial assets	(13,332)		(17,641)
Depreciation, depletion and amortization	(8,278)	(12,754)	(12,806)
Results of operations before income tax	(15,726)	684	(25,854)
Income tax expense	0	(103)	3,878
Results of oil and gas operations	(15,726)	581	(21,976)
Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	14,019	19,873	20,109
Production costs, excluding depreciation
Operating costs	(3,850)	(3,753)	(2,954)
Royalties and economic rights in cash	(1,096)	(1,546)	(1,642)
Total production costs	(4,946)	(5,299)	(4,596)
Exploration expenses	(90)
Accretion expense	(560)	(504)	(535)
Depreciation, depletion and amortization	(1,047)	(1,509)	(2,933)
Results of operations before income tax	7,376	12,561	12,045
Income tax expense	(2,508)	(4,271)	(4,095)
Results of oil and gas operations	4,868	8,290	7,950
Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue		1,962	28,695
Production costs, excluding depreciation
Operating costs		(1,306)	(14,490)
Royalties and economic rights in cash		(273)	(4,270)
Total production costs	0	(1,579)	(18,760)
Exploration expenses	(1,481)	(779)	(998)
Accretion expense		0	(710)
Impairment loss for non-financial assets			13,307
Depreciation, depletion and amortization	0	0	(8,152)
Results of operations before income tax	(1,481)	(396)	13,382
Income tax expense	0	0	(4,684)
Results of oil and gas operations	(1,481)	(396)	$ 8,698
Ecuador [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Revenue	19,097	10,671
Production costs, excluding depreciation
Operating costs	(10,242)	(3,220)
Royalties and economic rights in cash	0
Total production costs	(10,242)	(3,220)
Exploration expenses	(309)	(4,768)
Accretion expense	(87)
Impairment loss for non-financial assets	0
Depreciation, depletion and amortization	(6,205)	(2,315)
Results of operations before income tax	2,254	368
Income tax expense	(564)	(92)
Results of oil and gas operations	$ 1,690	$ 276

Supplemental information on o_6

Supplemental information on oil and gas activities (Schedule of Reserve Quantity Information) (Details)	Dec. 31, 2023 MBbls MMcf	Dec. 31, 2022 MBbls MMcf	Dec. 31, 2021 MMcf MBbls	Dec. 31, 2020 MMcf MBbls
Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net	44,784	48,068	49,750	46,334
Undeveloped reserves for properties, net	17,982	18,241	32,197	46,573
Proved developed and undeveloped reserves for properties, net	62,766	66,309	81,947	92,907
Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	19,919	24,611	33,383	40,275
Undeveloped reserves for properties, net | MMcf	855	0	1,563	5,661
Proved developed and undeveloped reserves for properties, net | MMcf	20,774	24,611	34,946	45,936
Colombia [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net	43,120	46,623	47,766	43,817
Undeveloped reserves for properties, net	16,225	17,765	31,019	45,240
Proved developed and undeveloped reserves for properties, net	59,345	64,388	78,785	89,057
Colombia [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	1,075	1,065	1,207	1,695
Undeveloped reserves for properties, net | MMcf	0	0	0	0
Proved developed and undeveloped reserves for properties, net | MMcf	1,075	1,065	1,207	1,695
Chile [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net	619	1,115	755	798
Undeveloped reserves for properties, net	479	476	575	1,229
Proved developed and undeveloped reserves for properties, net	1,098	1,591	1,330	2,027
Chile [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	9,956	14,103	15,196	19,054
Undeveloped reserves for properties, net | MMcf	855	0	1,563	5,661
Proved developed and undeveloped reserves for properties, net | MMcf	10,811	14,103	16,759	24,715
Brazil [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net	28	8	43	34
Proved developed and undeveloped reserves for properties, net	28	8	43	34
Brazil [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	8,888	9,443	13,601	13,927
Proved developed and undeveloped reserves for properties, net | MMcf	8,888	9,443	13,601	13,927
Argentina [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net	0	0	1,186	1,685
Undeveloped reserves for properties, net	0	0	603	104
Proved developed and undeveloped reserves for properties, net			1,789	1,789
Argentina [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	0	0	3,379	5,599
Undeveloped reserves for properties, net | MMcf	0	0	0	0
Proved developed and undeveloped reserves for properties, net | MMcf			3,379	5,599
Ecuador [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net	1,017	322	0
Undeveloped reserves for properties, net	1,278	0	0
Proved developed and undeveloped reserves for properties, net	2,295	322
Ecuador [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved Reserves For Properties Net | MMcf	0	0	0
Undeveloped reserves for properties, net | MMcf	0	0	0

Supplemental information on o_7

Supplemental information on oil and gas activities (Schedule of Net Proved Reserves of Oil, Condensate and Natural Gas) (Details)	12 Months Ended
	Dec. 31, 2023 MMcf MBbls	Dec. 31, 2022 MMcf MBbls	Dec. 31, 2021 MMcf MBbls
Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves	66,309	81,947	92,907
Increase (decrease) attributable to:
Revisions	3,555	(2,282)	(3,955)
Extensions and discoveries	4,486	836	3,978
Purchase or (Disposal) of Minerals in place		(1,760)
Production	(11,584)	(12,432)	(10,983)
Reserves	62,766	66,309	81,947
Oil And Condensates [Member] | Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves	64,388	78,785	89,057
Increase (decrease) attributable to:
Revisions	3,617	(2,677)	(3,207)
Extensions and discoveries	2,549	204	3,375
Production	(11,209)	(11,924)	(10,440)
Reserves	59,345	64,388	78,785
Oil And Condensates [Member] | Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves	1,591	1,330	2,027
Increase (decrease) attributable to:
Revisions	(412)	422	(597)
Production	(81)	(161)	(100)
Reserves	1,098	1,591	1,330
Oil And Condensates [Member] | Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves	8	43	34
Increase (decrease) attributable to:
Revisions	26	(27)	18
Production	(6)	(8)	(9)
Reserves	28	8	43
Oil And Condensates [Member] | Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves		1,789	1,789
Increase (decrease) attributable to:
Revisions			(169)
Extensions and discoveries			603
Purchase or (Disposal) of Minerals in place		(1,760)
Production		(29)	(434)
Reserves			1,789
Oil And Condensates [Member] | Ecuador [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves	322
Increase (decrease) attributable to:
Revisions	324
Extensions and discoveries	1,937	632
Production	(288)	(310)
Reserves	2,295	322
Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves | MMcf	24,611	34,946	45,936
Increase (decrease) attributable to:
Revisions | MMcf	1,869	756	(705)
Purchase or (Disposal) of Minerals in place | MMcf		(3,227)
Production | MMcf	(5,706)	(7,864)	(10,285)
Reserves | MMcf	20,774	24,611	34,946
Naturals gas [Member] | Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves | MMcf	1,065	1,207	1,695
Increase (decrease) attributable to:
Revisions | MMcf	219	141	14
Purchase or (Disposal) of Minerals in place | MMcf		0
Production | MMcf	(209)	(283)	(502)
Reserves | MMcf	1,075	1,065	1,207
Naturals gas [Member] | Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves | MMcf	14,103	16,759	24,715
Increase (decrease) attributable to:
Revisions | MMcf	(9)	1,501	(3,553)
Purchase or (Disposal) of Minerals in place | MMcf		0
Production | MMcf	(3,283)	(4,157)	(4,403)
Reserves | MMcf	10,811	14,103	16,759
Naturals gas [Member] | Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves | MMcf	9,443	13,601	13,927
Increase (decrease) attributable to:
Revisions | MMcf	1,659	(886)	3,470
Purchase or (Disposal) of Minerals in place | MMcf		0
Production | MMcf	(2,214)	(3,272)	(3,796)
Reserves | MMcf	8,888	9,443	13,601
Naturals gas [Member] | Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves | MMcf		3,379	5,599
Increase (decrease) attributable to:
Revisions | MMcf			(636)
Purchase or (Disposal) of Minerals in place | MMcf		(3,227)
Production | MMcf		(152)	(1,584)
Reserves | MMcf			3,379

Supplemental information on o_8

Supplemental information on oil and gas activities (Schedule of Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Future cash inflows	$ 4,355,434	$ 5,511,603	$ 4,716,229
Future production costs	(1,752,099)	(1,743,842)	(1,881,211)
Future development costs	(203,376)	(225,612)	(288,955)
Future income taxes	(795,993)	(1,193,419)	(760,601)
Undiscounted future net cash flows	1,603,966	2,348,730	1,785,462
10% annual discount	(442,957)	(864,075)	(492,729)
Standardized measure of discounted future net cash flows	1,161,009	1,484,655	1,292,733	$ 801,624
Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Future cash inflows	4,027,686	5,229,599	4,381,191
Future production costs	(1,633,889)	(1,633,818)	(1,715,554)
Future development costs	(147,045)	(182,701)	(197,461)
Future income taxes	(764,309)	(1,191,658)	(754,205)
Undiscounted future net cash flows	1,482,443	2,221,422	1,713,971
10% annual discount	(430,250)	(839,621)	(496,150)
Standardized measure of discounted future net cash flows	1,052,193	1,381,801	1,217,821	759,233
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Future cash inflows	111,384	190,449	136,152
Future production costs	(50,343)	(72,411)	(69,067)
Future development costs	(41,359)	(40,659)	(40,339)
Future income taxes	0	0
Undiscounted future net cash flows	19,682	77,379	26,746
10% annual discount	5,205	(13,094)	6,121
Standardized measure of discounted future net cash flows	24,887	64,285	32,867	17,032
Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Future cash inflows	75,757	65,002	89,208
Future production costs	(22,815)	(29,519)	(34,930)
Future development costs	(1,204)	(1,955)	(1,955)
Future income taxes	(4,036)	(1,761)	(3,449)
Undiscounted future net cash flows	47,702	31,767	48,874
10% annual discount	(6,476)	(8,856)	(7,171)
Standardized measure of discounted future net cash flows	41,226	22,911	41,703	25,378
Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Future cash inflows			109,678
Future production costs			(61,660)
Future development costs			(49,200)
Future income taxes	0	0	(2,947)
Undiscounted future net cash flows			(4,129)
10% annual discount			4,471
Standardized measure of discounted future net cash flows	0	0	342	$ (19)
Ecuador [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Future cash inflows	140,607	26,553	0
Future production costs	(45,052)	(8,094)	0
Future development costs	(13,768)	(297)	0
Future income taxes	(27,648)	0	0
Undiscounted future net cash flows	54,139	18,162	0
10% annual discount	(11,436)	(2,504)	0
Standardized measure of discounted future net cash flows	$ 42,703	$ 15,658	$ 0

Supplemental information on o_9

Supplemental information on oil and gas activities (Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	$ 1,484,655	$ 1,292,733	$ 801,624
Sales of hydrocarbon, net of production costs	(512,703)	(924,280)	(560,896)
Net changes in sales price and production costs	(611,666)	989,474	1,005,171
Changes in estimated future development costs	(7,745)	59,566	99,168
Extensions and discoveries less related costs	136,376	35,627	79,913
Development costs incurred	116,503	105,348	91,988
Revisions of previous quantity estimates	113,038	(74,779)	(88,204)
Purchase or (Disposal) of Minerals in place		(342)
Net changes in income taxes	174,743	(203,697)	(257,154)
Accretion of discount	267,808	205,005	121,123
Balance Ending	1,161,009	1,484,655	1,292,733
Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	1,381,801	1,217,821	759,233
Sales of hydrocarbon, net of production costs	(491,525)	(891,534)	(516,844)
Net changes in sales price and production costs	(596,668)	956,926	924,875
Changes in estimated future development costs	9,461	93,657	96,364
Extensions and discoveries less related costs	72,757	6,754	80,933
Development costs incurred	115,996	94,195	87,877
Revisions of previous quantity estimates	104,256	(87,851)	(76,850)
Purchase or (Disposal) of Minerals in place		0
Net changes in income taxes	198,769	(205,370)	(254,618)
Accretion of discount	257,346	197,203	116,851
Balance Ending	1,052,193	1,381,801	1,217,821
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	64,285	32,867	17,032
Sales of hydrocarbon, net of production costs	(6,362)	(15,317)	(11,520)
Net changes in sales price and production costs	(33,595)	39,457	64,048
Changes in estimated future development costs	5,142	(22,675)	(18,731)
Extensions and discoveries less related costs	0	0	0
Development costs incurred	7	11,153	4,111
Revisions of previous quantity estimates	(11,019)	15,513	(23,776)
Purchase or (Disposal) of Minerals in place		0
Net changes in income taxes	0	0	0
Accretion of discount	6,429	3,287	1,703
Balance Ending	24,887	64,285	32,867
Brazil [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	22,911	41,703	25,378
Sales of hydrocarbon, net of production costs	(8,143)	(14,697)	(15,677)
Net changes in sales price and production costs	21,490	(6,909)	19,393
Changes in estimated future development costs	(4,440)	(933)	861
Extensions and discoveries less related costs	0	0	0
Development costs incurred	0	0	0
Revisions of previous quantity estimates	9,159	(2,441)	11,957
Purchase or (Disposal) of Minerals in place		0
Net changes in income taxes	(2,218)	1,673	(2,780)
Accretion of discount	2,467	4,515	2,571
Balance Ending	41,226	22,911	41,703
Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	0	342	(19)
Sales of hydrocarbon, net of production costs	0	0	(16,855)
Net changes in sales price and production costs	0	0	(3,145)
Changes in estimated future development costs	0	0	20,674
Extensions and discoveries less related costs	0	0	(1,020)
Development costs incurred	0	0	0
Revisions of previous quantity estimates	0	0	465
Purchase or (Disposal) of Minerals in place		(342)
Net changes in income taxes	0	0	244
Accretion of discount	0	0	(2)
Balance Ending	0	0	342
Ecuador [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Balance Beginning	15,658	0
Sales of hydrocarbon, net of production costs	(6,673)	(2,732)
Net changes in sales price and production costs	(2,893)
Changes in estimated future development costs	(17,908)	(10,483)
Extensions and discoveries less related costs	63,619	28,873
Development costs incurred	500
Revisions of previous quantity estimates	10,642
Net changes in income taxes	(21,808)
Accretion of discount	1,566
Balance Ending	$ 42,703	$ 15,658	$ 0

Supplemental information on _10

Supplemental information on oil and gas activities (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) MMBbls MMcf	Dec. 31, 2022 USD ($) MMBbls Bcf	Dec. 31, 2021 USD ($) MMBbls Bcf	Dec. 31, 2020
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Impairment loss | $	$ 13,332,000	$ 0	$ 4,334,000
Discount rate used in current estimate of value in use	10%	10%	10%
Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions	3.5	2.3	4
Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions | Bcf		0.8	0.7
Proved developed and undeveloped reserves due to better performance than expected increase | MMcf	1.9
Proved developed and undeveloped reserves from impact of higher average prices revisions | Bcf			4
Proved developed and undeveloped reserves due to better performance revisions | Bcf		0.8
Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Asset retirement obligations and impairment loss | $	$ 13,332,000		$ 17,641,000
Chile [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions		0.1	0.3
Proved developed and undeveloped reserves from change in development plan revisions			0.6
Proved developed and undeveloped reserves from impact of higher average prices revisions		0.3
Proved developed and undeveloped reserves due to lower performance than expected decrease	0.4
Chile [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves due to lower performance revisions | Bcf			2.7
Proved developed and undeveloped reserves due to revisions associated with incremental activity | Bcf			3.4
Proved developed and undeveloped reserves from change in development plan revisions | Bcf			1.5
Proved developed and undeveloped reserves from impact of higher average prices revisions | Bcf		0.7
Brazil [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves due to better performance than expected increase | Bcf			2.5
Proved developed and undeveloped reserves from impact of higher average prices revisions | Bcf		0.8	1
Proved developed and undeveloped reserves due to lower performance than expected decrease | Bcf		1.6
Colombia [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions		0.6	5.7
Proved developed and undeveloped reserves from change in development plan revisions	1.7	3.6
Proved developed and undeveloped reserves from impact of higher average prices revisions	1.5	0.3
Proved developed and undeveloped reserves from change in royalty payment from kind to cash	0.4
Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Impairment loss | $			$ 13,307,000
Argentina [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves, revisions			0.1
Argentina [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves due to lower performance revisions | Bcf			1.6
Proved developed and undeveloped reserves from impact of higher average prices revisions | Bcf			1
Ecuador [Member] | Oil And Condensates [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves from impact of higher average prices revisions	0.3
Oil and gas properties [Member] | Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves from existing wells revisions			0.3
Oil and gas properties [Member] | Colombia [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves from existing wells revisions			8.9
Oil and gas properties [Member] | Argentina [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves from existing wells revisions			0.3
Llanos 32 Blocks [Member] | Colombia [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves due to better performance than expected increase | MMcf	0.2
Proved developed and undeveloped reserves due to better performance revisions | Bcf		0.1
Llanos Basin [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportion of net proved developed reserve	94%	96%	98%	97%
Reserves proportion of Net proved undeveloped reserve	97%	95%	97%	96%
Manati Block | Brazil [Member] | Naturals gas [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Proved developed and undeveloped reserves due to better performance than expected increase | MMcf	1.7
Platanillo Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportion of net proved developed reserve	6%	4%	2%	3%
Reserves proportion of Net proved undeveloped reserve	3%	5%	3%	4%
BCAM-40 Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportion of net proved developed reserve	100%
Aguada Baguales Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportion of net proved developed reserve			45%	50%
Reserves proportion of Net proved undeveloped reserve	100%
Puesto Touquet Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportion of net proved developed reserve			21%	26%
El Porvenir Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportion of net proved developed reserve			33%	24%
Fell Block in Chile [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportion of net proved developed reserve	100%
Perico Block [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportion of net proved developed reserve	100%	85%
Espejo Block Account [Member]
Disclosure Of Supplemental information on oil and gas activities [Line Items]
Reserves, proportion of net proved developed reserve		15%