GeoPark Ltd | CIK:0001464591 |

Amounts in US$'000		Oil &; gas properties				Furniture, equipment and vehicles			Production facilities and machinery			Buildings and improvements			Construction in progress			Exploration and evaluation assets(b)				Total
Cost at 1 January 2015			749,947				12,057			111,646			9,527			59,425			140,444				1,083,046
Additions			(4,640)	(a)			954			-			272			36,543			12,299				45,428
Currency translation differences			(27,522)				(182)			(2,577)			(92)			-			(1,510)				(31,883)
Disposals			(241)				(13)			(1,685)			(84)			-			-				(2,023)
Write-off / Impairment loss			(128,956)				-			(13,242)			-			(7,376)			(30,084)	(c)			(179,658)
Transfers			60,404				929			30,690			895			(58,769)			(34,149)				-
Cost at 31 December 2015			648,992				13,745			124,832			10,518			29,823			87,000				914,910
Additions			(3,531)	(a)			406			466			-			20,322			18,181				35,844
Currency translation differences			16,132				126			2,077			35			73			790				19,233
Disposals			-				(22)			-			-			-			-				(22)
Write-off / Impairment reversal			5,664				-			-			-			-			(31,366)	(d)			(25,702)
Transfers			24,984				102			5,038			-			(17,292)			(12,832)				-
Cost at 31 December 2016			692,241				14,357			132,413			10,553			32,926			61,773				944,263
Additions			7,997	(a)			954			-			-			66,953			49,455				125,359
Currency translation differences			(1,142)				(12)			(147)			(3)			(62)			(104)				(1,470)
Disposals			-				(112)			-			(189)			-			-				(301)
Write-off / Impairment reversal			-				-			-			-			-			(5,834)	(e)			(5,834)
Transfers			77,408				211			25,130			-			(61,827)			(40,922)				-
Cost at 31 December 2017			776,504				15,398			157,396			10,361			37,990			64,368				1,062,017
Depreciation and write-down at 1 January 2015			(240,439)				(4,449)			(45,147)			(2,244)			-			-				(292,279)
Depreciation			(84,849)				(2,850)			(15,467)			(874)			-			-				(104,040)
Disposals			-				8			-			15			-			-				23
Currency translation differences			4,115				(26)			-			(92)			-			-				3,997
Depreciation and write-down at 31 December 2015			(321,173)				(7,317)			(60,614)			(3,195)			-			-				(392,299)
Depreciation			(61,080)				(2,702)			(10,788)			(920)			-			-				(75,490)
Disposals			-				8			-			-			-			-				8
Currency translation differences			(2,486)				(38)			(296)			(16)			-			-				(2,836)
Depreciation and write-down at 31 December 2016			(384,739)				(10,049)			(71,698)			(4,131)			-			-				(470,617)
Depreciation			(57,725)				(1,948)			(14,558)			(844)			-			-				(75,075)
Disposals			-				73			-			38			-			-				111
Currency translation differences			930				8			24			5			-			-				967
Depreciation and write-down at 31 December 2017			(441,534)				(11,916)			(86,232)			(4,932)			-			-				(544,614)
Carrying amount at 31 December 2015			327,819				6,428			64,218			7,323			29,823			87,000				522,611
Carrying amount at 31 December 2016			307,502				4,308			60,715			6,422			32,926			61,773				473,646
Carrying amount at 31 December 2017			334,970				3,482			71,164			5,429			37,990			64,368				517,403

^(a) Corresponds to the effect of change in estimate of assets retirement obligations.

 

^(b) Exploration wells movement and balances are shown in the table below; seismic and other exploratory assets amount to US$ 53,764,000 (US$ 53,523,000 in 2016 and US$ 64,094,000 in 2015).

 

Amounts in US$ '000		Total
Exploration wells at 31 December 2015			22,906
Additions			15,088
Write-offs			(19,949)
Transfers			(9,795)
Exploration wells at 31 December 2016			8,250
Additions			35,299
Write-offs			(3,664)
Transfers			(29,281)
Exploration wells at 31 December 2017			10,604

 

As of 31 December 2017, there were two exploratory wells that have been capitalised for a period less than a year amounting to US$ 4,488,000 and two exploratory wells that have been capitalised for a period over a year amounting to US$ 6,116,000.

 

^(c) Corresponds to the cost of two unsuccessful exploratory wells in Colombia (one well in CPO4 Block and one well in Llanos 32). The charge also includes the loss generated by the write-off of the seismic cost for Flamenco Block in Chile generated by the relinquishment of 143 sq km in November 2015 and the write off of two wells drilled in previous years in the same block for which no additional work would be performed.

 

^(d) Corresponds to the write-off of five wells drilled in previous years in the Chilean blocks for which no additional work would be performed, the loss generated by the write-off of the seismic cost for Llanos 62 Block in Colombia generated by the relinquishment of the area in September 2016. In addition, during September 2016, five blocks in Brazil were relinquished so the associated investment was written off.

 

^(e) Corresponds to five unsuccessful exploratory wells, one well drilled in Colombia (Llanos 34 Block), one well drilled in Brazil (REC-T-94 Block) and three non-operated wells drilled in Argentina (Puelen and Sierra del Nevado Blocks) in 2017. The charge also includes the loss generated by the write-off of the seismic cost for Campanario and Isla Norte Blocks in Chile generated by the relinquishment of 327 sq km in 2017.