<SEC-DOCUMENT>0000950103-20-004620.txt : 20200304
<SEC-HEADER>0000950103-20-004620.hdr.sgml : 20200304
<ACCEPTANCE-DATETIME>20200304172106
ACCESSION NUMBER:		0000950103-20-004620
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200304
FILED AS OF DATE:		20200304
DATE AS OF CHANGE:		20200304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GeoPark Ltd
		CENTRAL INDEX KEY:			0001464591
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36298
		FILM NUMBER:		20688380

	BUSINESS ADDRESS:	
		STREET 1:		NUESTRA SENORA DE LOS ANGELES 179
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO
		STATE:			F3
		ZIP:			00000
		BUSINESS PHONE:		562-2242-9600

	MAIL ADDRESS:	
		STREET 1:		NUESTRA SENORA DE LOS ANGELES 179
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO
		STATE:			F3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GeoPark Holdings Ltd
		DATE OF NAME CHANGE:	20090520
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp122688_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of March 2020</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">__________________</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-36298</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GeoPark Limited</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Nuestra
Se&ntilde;ora de los &Aacute;ngeles 179</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Las Condes,
Santiago, Chile</B></FONT> </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">X</FONT></P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%"><FONT STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%"><FONT STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">X</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%"><FONT STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">X</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>GEOPARK
LIMITED</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 90%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding-left: 0.125in; font-size: 10pt"><FONT STYLE="font-size: 10pt">GeoPark Limited Consolidated Financial Statements
    as of and for the year ended December 31, 2019 &nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: right; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: -12pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>GEOPARK
LIMITED</B></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONSOLIDATED</B></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>FINANCIAL
STATEMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>As
of and for the year ended December 31, 2019</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 460.7pt"><B>GEOPARK LIMITED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 460.7pt"><B>DECEMBER 31, 2019</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 460.7pt">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Contents</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated Statement of Income</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated Statement of Comprehensive Income</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated Statement of Financial Position</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated Statement of Changes in Equity</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated Statement of Cash Flow</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 460.7pt"><B>GEOPARK LIMITED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 460.7pt"><B>DECEMBER 31, 2019</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 460.7pt">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Report
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
the Board of Directors and Shareholders of GeoPark Limited</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Opinion
on the Financial Statements</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have audited the accompanying consolidated statement of financial position of GeoPark Limited and its subsidiaries (the &quot;Company&quot;)
as of December 31, 2019 and 2018, and the related consolidated statements of income and of comprehensive income, changes in equity
and cash flows, for each of the three years in the period ended December 31, 2019, including the related notes (collectively referred
to as the &ldquo;consolidated financial statements&rdquo;). In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations
and its cash flows for each of the three years in the period ended December 31, 2019 in conformity with International Financial
Reporting Standards as issued by the International Accounting Standards Board.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Basis
for Opinion </I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
consolidated financial statements are the responsibility of the Company&rsquo;s management. Our responsibility is to express an
opinion on the Company&rsquo;s consolidated financial statements based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to
the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements
are free of material misstatement, whether due to error or fraud.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.</FONT><BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Critical
Audit Matters</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements
that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that
are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.
The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken
as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit
matter or on the accounts or disclosures to which it relates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>The
Impact of estimates of proven and probable Oil and Natural Gas Reserves on Property, Plant and Equipment, net</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
described in Note 2, 4 and 20 to the consolidated financial statements, the Company&rsquo;s consolidated property, plant &amp;
equipment, net was $567.8 million at December 31, 2019, depreciation expense and impairment loss for non-financial assets for
the year ended December 31, 2019 was $102.9 million and $7.6 million, respectively. The Company follows the successful efforts
method of accounting for its oil and gas activities. Under this method, all capitalized costs of proved oil and gas properties
are amortized by the units-of-production method using proven and probable reserves and incorporating the estimated future cost
of developing and extracting those reserves. Periodic revisions to the estimated oil and natural gas reserves and related future
net cash flows may be necessary as a result of a number of factors, including expected reservoir characteristics based on geological,
geophysical and engineering assessments; future production rates based on historical performance and expected future operating
and investment activities; future oil and natural gas prices and quality differentials; assumed effects of regulation by governmental
agencies; and future development and operating costs. The Company&rsquo;s estimates of oil and natural gas reserves have been
developed by specialists, specifically petroleum engineers, and certified by independent specialist engaged by the Company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
principal considerations for our determination that performing procedures relating to the impact of estimates of proven and probable
oil and natural gas reserves on property, plant and equipment, net is a critical audit matter are there was significant judgment
by management, including the use of specialists, when developing the estimates of proven and probable oil and natural gas reserves.
This in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating the significant
assumptions used in developing those estimates, including future production rates, future oil and natural gas prices and quality
differentials, and future development and operating costs. In addition, the audit effort involved the use of professionals with
specialized skill and knowledge to assist in performing these procedures and evaluating the audit evidence obtained.</FONT><BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Addressing
the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the
consolidated financial statements. These procedures included testing the effectiveness of controls relating to management&rsquo;s
estimates of proven and probable oil and natural gas reserves, the calculation of depreciation expense, and the impairment assessment
of property, plant and equipment. These procedures also included, among others, evaluating the methods and significant assumptions
used by management in developing these estimates, including future production rates, future oil and natural gas prices and quality
differentials, and future development and operating costs, and testing the unit-of production rate used to calculate depreciation
expense. The work of management&rsquo;s specialists was used in performing the procedures to evaluate the reasonableness of these
estimates of proven and probable oil and natural gas reserves. As a basis for using this work, the specialists&rsquo; qualifications
and objectivity were understood, as well as the methods and assumptions used by the specialists. The procedures performed also
included tests of the data used by the specialists and an evaluation of their findings. Evaluating the significant assumptions
relating to the estimates of proven and probable oil and natural gas reserves also involved obtaining evidence to support the
reasonableness of the assumptions, including whether the assumptions used were reasonable considering the past and current performance
of the Company, and whether they were consistent with evidence obtained in other areas of the audit. In addition, for impairment
tests, the audit effort involved the use of professionals with specialized skill and knowledge to assist in performing these procedures
and evaluating the audit evidence obtained, comprising the Company&rsquo;s discounted cash flow model and certain significant
assumptions, including the discount.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
        PRICE WATERHOUSE &amp; CO. S.R.L.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Partner)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Hern&aacute;n Rodriguez Cancelo</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 14.2pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Autonomous
City of Buenos Aires, Argentina<BR>
March 4, 2020</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have served as the Company's auditor since 2009.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; width: 54%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CONSOLIDATED STATEMENT OF INCOME</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; width: 10%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ &acute;000</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Note</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>REVENUE</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">628,907</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">601,161</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330,122</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commodity risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(22,523)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,173</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,448)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production and operating costs </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(168,964)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(174,260)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(98,987)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Geological and geophysical expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,593)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,951)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,694)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60,818)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(52,074)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(42,054)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,113)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,023)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,136)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(105,532)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(92,240)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(74,885)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-off of unsuccessful exploration efforts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,290)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,389)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,834)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment loss (recognized) reversed for non-financial assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20-37</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,559)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,982</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,840)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,887)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,088)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>OPERATING PROFIT</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>210,675</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>256,492</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>78,996</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(41,070)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,321)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(53,511)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,059</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,016</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign exchange loss</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,446)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(11,323)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,193)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>PROFIT BEFORE INCOME TAX</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>169,519</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>208,907</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25,308</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.7pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax expense </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(111,762)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(106,240)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(43,145)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>PROFIT (LOSS) FOR THE YEAR </B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>57,757</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>102,667</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(17,837)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners of the Company</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,757</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,415</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,228)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 20pt; white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,252</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,391</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; padding-right: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Earnings (Losses) per share (in US$) for profit (loss) attributable to owners of the Company. Basic</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.96</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.19</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.40)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; padding-right: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Earnings (Losses) per share (in US$) for profit (loss) attributable to owners of the Company. Diluted</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.92</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.11</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.40)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">The notes on
pages 10 to 89 are an integral part of these Consolidated Financial Statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 54%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ &acute;000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Profit (Loss) for the year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,757</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102,667</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,837)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other comprehensive income: </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Items that may be subsequently reclassified to profit or loss</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 6.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,498)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,401)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(512)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 6.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gains on cash flow hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,770</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 6.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax relating to gains on cash flow hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,166)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Other comprehensive profit (loss) for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,106</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4,401)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(512)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-left: 6.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total comprehensive profit (loss) for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,863</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>98,266</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(18,349)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners of the Company</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,863</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,014</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,740)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,252</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,391</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The notes
on pages 10 to 89 are an integral part of these Consolidated Financial Statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 66%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ &acute;000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Note</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>NON-CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">567,788</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">557,170</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right-of-use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,462</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prepayments and other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,031</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,494</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other financial assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,985</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,570</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income tax asset</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,934</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,793</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>TOTAL NON-CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>626,200</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>603,027</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,447</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,309</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,178</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,215</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prepayments and other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,659</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative financial instrument assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,097</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,539</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other financial assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">898</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,180</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127,727</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assets held for sale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.2</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,286</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>TOTAL CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>225,932</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>259,633</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>TOTAL ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>852,132</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>862,660</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>EQUITY</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Equity attributable to owners of the Company</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share capital</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.1</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share premium</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">173,716</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">237,840</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112,471</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,809</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated losses </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(153,361)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(206,688)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Attributable to owners of the Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>132,885</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>143,021</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>TOTAL EQUITY</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>132,885</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>143,021</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>NON-CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">420,138</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">429,027</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,801</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provisions and other long-term liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62,062</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,577</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income tax liability</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,850</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,801</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,475</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,789</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>TOTAL NON-CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>504,326</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>501,194</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,281</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,975</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,442</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative financial instrument liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">952</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current income tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,901</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58,776</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131,345</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131,420</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liabilities associated with assets held for sale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.2</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,274</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>TOTAL CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>214,921</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>218,445</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>TOTAL LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>719,247</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>719,639</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>TOTAL EQUITY AND LIABILITIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>852,132</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>862,660</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The notes
on pages 10 to 89 are an integral part of these Consolidated Financial Statements.</FONT><BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-top: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Attributable to owners of the Company</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; width: 32%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amount in US$ '000 </B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Share</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Capital&nbsp;</B></P></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Share</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Premium</B></P></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Other</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Reserve</B></P></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Translation Reserve</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>(Accumulated
Losses)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Retained Earnings&nbsp;</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Non-controlling Interest</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity at January 1, 2017</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>236,046</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>127,527</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,591</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(260,459)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35,828</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>141,593</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive income:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Loss) Profit for the year</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,228)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,391</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,837)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other comprehensive loss for the year</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(512)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(512)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total Comprehensive (loss) profit for the year 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(512)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(24,228)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,391</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(18,349)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transactions with owners:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment (Note 31)</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,145</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">754</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">175</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,075</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends distribution to non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(479)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(479)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,145</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>754</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(304)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,596</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Balances at December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>61</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>239,191</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>127,527</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,079</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(283,933)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>41,915</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>126,840</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive income:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Profit for the year</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,415</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,252</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102,667</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other comprehensive loss for the year</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,401)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,401)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total Comprehensive (loss) profit for the year 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4,401)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>72,415</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30,252</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>98,266</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transactions with owners:</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment (Note 31)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">449</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,830</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">167</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,446</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Repurchase of shares (Note 26.1)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,800)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,801)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends distribution to non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,089)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,089)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transactions with non-controlling interest (Note 36.1)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,396)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(64,245)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(77,641)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,351)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,396)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,830</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(72,167)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(82,085)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Balances at December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>237,840</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>114,131</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,322)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(206,688)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>143,021</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comprehensive income:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Profit for the year</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,757</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,757</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other comprehensive income (loss) for the year</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,604</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,498)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,106</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total Comprehensive profit (loss) for the year 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,604</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,498)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>57,757</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,863</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transactions with owners:</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment (Note 31)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,144</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,430)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,717</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Repurchase of shares (Note 26.1)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(71,268)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(71,272)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash distribution (Note 26.2)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,444)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,444)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(64,124)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,444)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4,430)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(70,999)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; border-bottom: #99CCFF 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Balances at December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>173,716</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>116,291</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3,820)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(153,361)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>132,885</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The notes
on pages 10 to 89 are an integral part of these Consolidated Financial Statements.</FONT><BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>CONSOLIDATED STATEMENT OF CASH FLOW </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 54%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Note</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Cash flows from operating activities </B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Profit (Loss) for the year </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,757</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102,667</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,837)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjustments for:</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax expense</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,762</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106,240</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,145</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105,532</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92,240</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74,885</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss on disposal of property, plant and equipment </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">272</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">190</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment loss for non-financial assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20-37</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,559</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,982)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-off of unsuccessful exploration efforts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,290</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,389</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,834</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrual of borrowing&rsquo;s interests</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,573</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,444</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,879</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings cancellation costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,575</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amortization of other long-term liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(429)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,005)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(657)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unwinding of long-term liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,560</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,505</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,779</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrual of share-based payment</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,717</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,446</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,075</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign exchange loss</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,446</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,323</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,193</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized loss (gain) on commodity risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,411</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(42,271)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,300</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 13pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 13pt; text-align: right; text-indent: -13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(88,638)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 13pt; text-align: right; text-indent: -13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(67,704)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 13pt; text-align: right; text-indent: -13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,925)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in working capital</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(42,254)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,358)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,278)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Cash flows from operating activities &ndash; net</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>235,429</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>256,206</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>142,158</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Cash flows from investing activities </B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of property, plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(126,316)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(124,744)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(105,604)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of business</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.4</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,850)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from disposal of long-term assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.2</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,066</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Cash flows used in investing activities &ndash; net</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(119,250)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(164,594)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(105,604)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Cash flows from financing activities </B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,017</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,000</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Debt issuance costs paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,683)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,790)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,073)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(355,022)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,099)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,695)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,688)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings cancellation costs paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,315)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease payments</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,855)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Repurchase of shares</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.1</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(71,272)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,801)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from cash calls from related parties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,155</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends distribution to non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,089)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(479)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash distribution</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.2</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,444)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments for transactions with non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.1</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,000)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(81,000)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Cash flows (used in) from financing activities - net</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(132,460)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(97,641)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23,968</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Net (decrease) increase in cash and cash equivalents </B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(16,281)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6,029)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,522</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents at January 1</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127,727</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134,755</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">73,563</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(266)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(999)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">670</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Cash and cash equivalents at the end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111,180</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>127,727</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>134,755</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ending Cash and cash equivalents are specified as follows:</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash in bank and bank deposits</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,159</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127,707</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134,734</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash in hand </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111,180</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>127,727</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>134,755</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 467.7pt; text-align: justify; text-indent: -467.7pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 467.7pt; text-align: justify; text-indent: -467.7pt"><FONT STYLE="font-size: 10pt">The
notes on pages 10 to 89 are an integral part of these Consolidated Financial Statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 467.7pt; text-align: justify; text-indent: -467.7pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1</B></TD><TD><B>General Information</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">GeoPark Limited (the &ldquo;Company&rdquo;)
is a company incorporated under the law of Bermuda. The Registered Office address is Clarendon House, 2 Church Street, Hamilton
HM11, Bermuda.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The principal activities of the Company
and its subsidiaries (the &ldquo;Group&rdquo; or &ldquo;GeoPark&rdquo;) are exploration, development and production for oil and
gas reserves in Colombia, Chile, Brazil, Argentina, Peru and Ecuador.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">These Consolidated Financial Statements
were authorized for issue by the Board of Directors on March 4, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.1</B></TD><TD><B>Basis of preparation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Consolidated Financial Statements of
GeoPark Limited have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued
by the International Accounting Standards Board (&ldquo;IASB&rdquo;), 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 &ndash;
measured at fair value less costs to sell.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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&rsquo;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 &ldquo;Accounting estimates and assumptions&rdquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">All the information included in these Consolidated
Financial Statements corresponds to the Group, except where otherwise indicated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2019,
the Group income tax expense included an out of period adjustment related to prior periods that increased the income tax expense
for US$ 9,910,000. The adjustment is related to the increase in deferred tax liabilities as a result of computing as temporary
differences originally considered permanent, generated between the tax and book basis of Property, plant and equipment. The Group
concluded that this adjustment was not material to the current year or to any previously reported Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.1</B></TD><TD><B>Basis of preparation (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.1.1 Changes in accounting policy and
disclosure</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>New and amended standards adopted by
the Group</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following standards have been adopted
by the Group for the first time for the financial year beginning on or after January 1, 2019:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IFRS 16 Leases</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prepayment Features with Negative Compensation
&ndash; Amendments to IFRS 9</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Long-term Interests in Associates and Joint
Ventures &ndash; Amendments to IAS 28</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Annual Improvements to IFRS Standards 2015
&ndash; 2017 Cycle</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Plan Amendment, Curtailment or Settlement
&ndash; Amendments to IAS 19</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interpretation 23 Uncertainty over Income
Tax Treatments.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group also elected to adopt the following
amendments early:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Definition of Material &ndash; Amendments
to IAS 1 and IAS 8.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>IFRS 16 - Leases</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group has adopted IFRS 16 following
the simplified approach, and has not restated comparative figures for previous reporting periods, as permitted under the specific
transitional provisions in the standard. The impacts arising from the new leasing rules are therefore recognized in the opening
balance sheet on January 1, 2019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On adoption of IFRS 16, the Group recognized
lease liabilities in relation to leases which had previously been classified as &lsquo;operating leases&rsquo; under the principles
of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee&rsquo;s
incremental borrowing rate as of January 1, 2019. The weighted average lessee&rsquo;s incremental borrowing rate applied to the
lease liabilities on January 1, 2019 was 9.4%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The table below summarizes the initial measurement
of lease liabilities:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 88%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating lease commitments disclosed as at December 31, 2018 (Note 33.3)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69,938</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Less) Contracts reassessed as not being lease contracts in accordance with IFRS 16</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(34,239)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Less) Short-term leases not recognized as a liability</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,537)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Less) Low-value leases not recognized as a liability</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(341)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lease liabilities recognized as at January 1, 2019 (at nominal value)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17,821</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lease liabilities recognized as at January 1, 2019 (at present value)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,610</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Classified as follows:</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,967</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-current</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,643</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.1</B></TD><TD><B>Basis of preparation (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.1.1 Changes in accounting policy and
disclosure (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The table below summarizes the recognition
of assets related to the adoption of IFRS 16:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 88%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right-of-use assets at January 1, 2019</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,610</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,496</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation during the period</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,644)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Right-of-use assets at December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,462</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Impact on segment information</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As a result of the change in the accounting
policy, segment assets as of December 31, 2019 increased for the amount of the Right-of-use assets. Nevertheless, there is no impact
on Adjusted EBITDA as a consequence of the adoption of this new standard, as specified in the indenture governing the Notes issued
by the Company which considers IFRS in effect as of September 21, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Practical expedients applied </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In applying IFRS 16 for the first time,
the Group has used the following practical expedients permitted by the standard:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the use of a single discount rate to a
portfolio of leases with reasonably similar characteristics,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">reliance on previous assessments on whether
leases are onerous,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the accounting for operating leases with
a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the exclusion of initial direct costs for
the measurement of the right-of-use asset at the date of initial application, and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the use of hindsight in determining the
lease term where the contract contains options to extend or terminate the lease.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Accounting for the Group&rsquo;s leasing
activities </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group leases various offices, facilities,
machinery and equipment. Lease contracts are typically made for fixed periods of 1 to 7 years but may have extension options. Lease
terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do
not impose any covenants, but leased assets may not be used as security for borrowing purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Until the 2018 financial year, leases of
property, plant and equipment were classified as either finance or operating leases. Payments made under operating leases (net
of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.1</B></TD><TD><B>Basis of preparation (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.1.1 Changes in accounting policy and
disclosure (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From January 1, 2019, leases are recognized
as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.
Each lease payment is allocated between the liability and finance expenses. The finance expense is charged to the Condensed Consolidated
Statement of Income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term
on a straight-line basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Assets and liabilities arising from a lease
are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">fixed payments, less any lease incentives
receivable,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">variable lease payments that are based
on an index or a rate,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounts expected to be payable by the lessee
under residual value guarantees,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the exercise price of a purchase option
if the lessee is reasonably certain to exercise that option, and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">payments of penalties for terminating the
lease, if the lease term reflects the lessee exercising that option. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The lease payments are discounted using
the interest rate implicit in the lease. If that rate cannot be determined, the lessee&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Right-of-use assets are measured at cost
comprising the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the amount of the initial measurement of
lease liability,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any lease payments made at or before the
commencement date less any lease incentives received,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any initial direct costs, and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">restoration costs.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Payments associated with short-term leases
and leases of low-value assets are recognized on a straight-line basis as an expense in the Condensed Consolidated Statement of
Income. Short-term leases are leases with a lease term of 12 months or less. Low-value asses comprise IT equipment and small items
of office furniture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The adoption of the other amendments listed
above did not have any impact on the amounts recognized in prior and current periods and are not expected to significantly affect
future periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>New standards, amendments and interpretations
issued but not effective for the financial year beginning January 1, 2019 and not early adopted.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Certain new accounting standards and interpretations
have been published that are not mandatory for December 31, 2019 reporting periods and have not been early adopted by the Group.
These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable
future transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.2</B></TD><TD><B>Going concern</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Directors regularly monitor the Group's
cash position and liquidity risks throughout the year to ensure that it has sufficient funds to meet forecast 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Considering macroeconomic environment conditions,
the performance of the operations, the US$ 425,000,000 and US$ 350,000,000 debt fundraisings completed in September 2017 and January
2020, respectively (see Notes 27 and 38.2), the Group&rsquo;s cash position, and the fact that over 96% of its total indebtedness
as of December 31, 2019 matures in 2024, the Directors have formed a judgement, at the time of approving the 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.3</B></TD><TD><B>Consolidation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group applies the acquisition method
to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the&nbsp;assets
transferred, the liabilities incurred by the former owners of the acquiree and the equity interests issued by the Group. The consideration
transferred includes the&nbsp;fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable
assets acquired, and liabilities and contingent liabilities&nbsp;assumed in a business combination are measured initially at their
fair values at the acquisition date. Acquisition-related costs are expensed as incurred.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The excess of the consideration transferred
over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred
is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized
directly in the income statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.4</B></TD><TD><B>Segment reporting</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 CEO, COO, CFO and managers in charge of the Geoscience, Operations, Corporate Governance,
Finance and People departments. This committee reviews the Group&rsquo;s internal reporting in order to assess performance and
allocate resources. Management has determined the operating segments based on these reports.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.5</B></TD><TD><B>Foreign currency translation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.5.1 Functional and presentation currency</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Consolidated Financial Statements are
presented in US Dollars, which is the Group&rsquo;s presentation currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Items included in the financial statements
of each of the Group&rsquo;s entities are measured using the currency of the primary economic environment in which the entity operates
(the &ldquo;functional currency&rdquo;). The functional currency of Group companies incorporated in Colombia, Chile, Argentina,
Peru and Ecuador is the US Dollar, meanwhile for the Group&acute;s Brazilian company the functional currency is the local currency,
which is the Brazilian Real.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.5.2 Transactions and balances</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.6</B></TD><TD><B>Joint arrangements</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.7</B></TD><TD><B>Revenue recognition</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Revenue from the sale of crude oil and gas
is recognized in the Consolidated Statement of Income when control is transferred to the purchaser, and if the revenue can be measured
reliably and is expected to be received. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.8</B></TD><TD><B>Production and operating costs</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 are also included
within this account.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.9</B></TD><TD><B>Financial results</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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. 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 is the weighted average interest rate applicable to the
Group&rsquo;s general borrowings during the year, which was 6.90% at year-end 2019 (6.90% at year-end 2018 and 6.90% in 2017).
Amounts capitalized during the year <FONT STYLE="background-color: white">amounted to </FONT>US$ 366,561 (US$ 257,507 in 2018 and
US$ 610,841 in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.10 Property, plant and equipment</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Exploration and evaluation costs may include:
license acquisition, geological and geophysical studies (i.e.: seismic), direct labour 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 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.10 Property, plant and equipment (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">A charge of US$&nbsp;18,290,000 has been
recognized in the Consolidated Statement of Income within Write-off of unsuccessful exploration efforts (US$ 26,389,000 in 2018
and US$ 5,834,000 in 2017). See Note 20.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 reserves. The calculation of the &ldquo;unit of production&rdquo;
depreciation takes into account 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Depreciation is allocated in the Consolidated
Statement of Income as a separate line to better follow the performance of the business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">An asset&rsquo;s carrying amount is written
down immediately to its recoverable amount if the asset&rsquo;s carrying amount is greater than its estimated recoverable amount
(see Impairment of non-financial assets in Note 2.12).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.11 Provisions and other long-term liabilities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 termination payments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.11 Provisions and other long-term liabilities
(continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.11.1 Asset Retirement Obligation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.11.2 Deferred Income</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Government grants relating to the purchase
of property, plant and equipment and contributions received in cash from the Group&rsquo;s clients to improve the project economics
of gas wells 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.12 Impairment of non-financial assets</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">An impairment loss is recognized for the
excess of the asset&rsquo;s carrying amount over its recoverable amount. The recoverable amount is the higher of an asset&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2019, impairment loss was recognized
for US$ 7,559,000 (impairment loss reversed for US$ 4,982,000 in 2018 and no impairment loss recognized or reversed in 2017). See
Note 37. The write-offs are detailed in Note 20.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.13 Lease contracts</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group has changed its accounting policy
for leases where the Group is the lessee. The new policy and the impact of the change are described in Note 2.1.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">All current lease contracts are considered
to be operating leases on the basis that the lessor retains substantially all the risks and rewards related to the ownership of
the leased asset. Until December 31, 2018, payments related to operating leases and other rental agreements were recognized in
the Consolidated Income Statement on a straight-line basis over the term of the contract. The Group's total commitment relating
to operating leases and rental agreements is disclosed in Note 33.3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Leases in which substantially all of the
risks and rewards of ownership are transferred to the lessee are classified as finance leases. Finance leases has to be recognized,
at the lease&rsquo;s inception, at the fair value of the leased property or, if lower, the present value of the minimum lease payments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.14 Inventories</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Inventories comprise crude oil and materials.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.15 Current and deferred income tax</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The tax expense for the year comprises current
and deferred tax. Tax is recognized in the Consolidated Statement of Income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The current income tax charge is calculated
on the basis of the tax laws enacted or substantially enacted at the balance sheet date in the countries where the Company&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 balance sheet date and are expected to apply when the related deferred income tax asset is realized,
or the deferred income tax liability is settled.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 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&rsquo;s
estimates, taxation charges or credits may arise in future periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.15 Current and deferred income tax
(continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 tax is recognized in respect of the retained earnings of overseas subsidiaries
only if at the date of the statements of financial position, 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. In the event that these differences revert in total (e.g. dividends
are declared and paid), the deferred tax liability which the Group would have to recognize amounts to approximately US$ 4,000,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Deferred tax balances are provided in full,
with no discounting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.16 Non-current assets or disposal groups
held for sale</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.17 Financial assets&#9;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Derecognition of financial assets occurs
when the rights to receive cash flows from the investments expire or are transferred and substantially all of the risks and rewards
of ownership have been transferred. An assessment for impairment is undertaken at each balance sheet date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Any change in their value through impairment
or reversal of impairment is recognized in the Consolidated Statement of Income. All of the Group&rsquo;s financial assets are
classified as amortized cost.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.18 Other financial assets</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Current other financial assets include short-term
investments with original maturities up to twelve months and over three months.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.19 Impairment of financial assets</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.20 Cash and cash equivalents</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.21 Trade and other payables</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Trade payables are recognized initially at
fair value and subsequently measured at amortized cost using the effective interest method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.22 Derivatives and hedging activities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Derivative financial instruments are recognized
in the 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.22.1 Cash flow hedges that qualify
for hedge accounting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effective portion of changes in the
fair value of derivatives that are designated and qualify as cash flow hedges is recognized in Other Reserve within Equity. The
gain or loss relating to the ineffective portion is recognized immediately in the Consolidated Statement of Income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 Reserve
within Equity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.22 Derivatives and hedging activities
(continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.22.1 Cash flow hedges that qualify
for hedge accounting (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For more information about derivatives designated
as cash flow hedges please refer to Note 38.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.22.2 Other Derivatives</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 15.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.23 Borrowings</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Borrowings are obligations to pay cash and
are recognized when the Group becomes a party to the contractual provisions of the instrument.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Direct issue costs are charged to the Consolidated
Statement of Income on an accrual basis using the effective interest method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2</B></TD><TD><B>Summary of significant accounting policies (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.24 Share capital </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Equity comprises the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&quot;Share capital&quot; representing
the nominal value of equity shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&quot;Share premium&quot; representing
the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issuance.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&quot;Other reserve&quot; representing:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the difference between the proceeds from the transaction with non-controlling interests received
against the book value of the shares acquired in the Chilean and Colombian subsidiaries, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the changes in the fair value of the effective portion of derivatives designated as cash flow hedges.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&quot;Translation reserve&quot; representing
the differences arising from translation of investments in overseas subsidiaries.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&quot;(Accumulated losses) Retained earnings&quot;
representing:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">accumulated earnings and losses, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the equity element attributable to shares granted according to IFRS 2 but not issued at year end.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>2.25 Share-based payment</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Fair value of the stock option plan for
employee or contractors services received in exchange for the grant of the options is recognized as an expense. The total amount
to be expensed over the vesting period is determined by reference to the fair value of the options granted calculated using the
Geometric Brownian Motion method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Non-market vesting conditions are included
in assumptions about the number of options that are expected to vest. At each balance sheet 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The fair value of the share awards payments
is determined at the grant date by reference to the market value of the shares and recognized as an expense over the vesting period.
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 when the options are exercised.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3</B></TD><TD><B>Financial Instruments-risk management</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group is exposed through its operations
to the following financial risks:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Currency risk</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Price risk</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Credit risk &ndash; concentration</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Funding and liquidity risk</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest rate risk</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capital risk management</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Currency risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Colombia, Chile, Argentina, Peru and
Ecuador 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 the balances denominated in local currencies. Such is the case of the prepaid taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Colombian, Chilean, Argentinean and Peruvian
subsidiaries most of the balances are denominated in US Dollars, and since it is the functional currency of the subsidiaries, there
is no exposure to currency fluctuation except from receivables or payables originated in local currency mainly corresponding to
VAT and income tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group minimises the local currency positions
in Colombia, Chile, Argentina and Peru 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Since December 2018, GeoPark decided to
manage its future exposure to local currency fluctuation with respect to income tax balances in Colombia. Consequently, the Group
entered into derivative financial instruments with local banks in Colombia, for an amount equivalent to US$ 83,700,000 as of December
31, 2019 (US$ 92,050,000 as of December 31, 2018), in order to anticipate any currency fluctuation with respect to income taxes
to be paid during the first half of the following year. The Group&rsquo;s derivatives are accounted for as non-hedge derivatives
as of December 31, 2019 and 2018 and therefore all changes in the fair values of its derivative contracts are recognized as gains
or losses in the results of the periods in which they occur. See the impact in the Consolidated Statement of Income in Note 15.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2019, the Colombian Peso devalued
by 1% (devalued by 9% in 2018 and revalued by 1% in 2017) against the US Dollar, the Chilean Peso devalued by 8% (devalued by 13%
in 2018 and revalued by 8% in 2017), the Argentine Peso devalued by 59% (102% and 17% in 2018 and 2017) and the Peruvian Peso revalued
by 2% (devalued by 4% in 2018 and revalued by 4% in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3</B></TD><TD><B>Financial Instruments-risk management (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Currency risk (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the Colombian Peso, the Chilean Peso,
the Argentine Peso and the Peruvian 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 lower by US$&nbsp;644,543 (post-tax profit lower by US$&nbsp;57,000 in 2018
and post-tax loss higher by US$ 1,538,000 in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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. The intercompany loan that also used to be denominated in US Dollars
was fully cancelled in October 2018, reducing significantly the exposure to foreign currency fluctuation. The exchange loss generated
by the Brazilian subsidiary during 2019 amounted to US$&nbsp;664,000 (loss of US$ 5,862,000 in 2018 and loss of US$ 1,274,000 in
2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2019, the Brazilian Real devalued
by 4% against the US Dollar (devalued by 17% in 2018 and devalued by 2% in 2017, respectively). If the Brazilian Real had devalued
10% against the US dollar, with all other variables held constant, post-tax profit for the year would have been lower by US$ 927,000
(post-tax profit lower by US$ 515,000 in 2018 and post-tax loss higher by US$ 3,100,000 in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As currency rate changes between the US
Dollar and the local currencies, the Group recognizes gains and losses in the Consolidated Statement of Income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In relation to the cash consideration payable
for the acquisition of Amerisur Resources Plc, GeoPark was exposed to fluctuations of the British Pound Sterling (&ldquo;GBP&rdquo;)
at year end. Consequently, the Group decided to manage this exposure by entering into a &ldquo;Deal Contingent Forward&rdquo; (DCF)
with a UK Bank, in order to anticipate any currency fluctuation. This forward contract was accounted for as a cash flow hedge as
of December 31, 2019 and therefore the effective portion of the changes in its fair value was recognized in Other Reserve within
Equity. See Note 38.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Price risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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, 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Colombia, the realized oil price is linked
to the Vasconia crude reference price, a marker broadly used in the Llanos basin, adjusted for certain marketing and quality discounts
based on, among other things, API, viscosity, sulphur content, water content, delivery point and transport costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3</B></TD><TD><B>Financial Instruments-risk management (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Price risk (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Chile, the oil price is based on Dated
Brent minus certain marketing and quality discounts such as, API, sulphur content and others.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">GeoPark has signed a long-term Gas Supply
Contract with Methanex in Chile. The price of the gas sold under this contract is determined by a formula that considers a basket
of international methanol prices, including US Gulf methanol spot barge prices, methanol spot Rotterdam prices and spot prices
in Asia.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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
Pre&ccedil;os do Mercado), or IGPM.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Argentina, the realized oil prices for
the production in the Neuquen Basin follows the &ldquo;Medanito&rdquo; blend oil price reference, which has traditionally been
linked to ICE Brent adjusted by certain marketing and quality discounts based on API, delivery point and transport costs. Between
August 16, 2019 and November 13, 2019, domestic crude oil prices were regulated industry-wide at a lower price than the international
markets. After that, domestic prices have been deregulated and are agreed between sellers and buyers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Gas sales in Argentina are carried out through
annual contracts that go from May to April. The price of the gas sold under these contracts depends mainly on domestic supply and
demand and regulation affecting the sector.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If oil and methanol 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$&nbsp;38,339,661 (post-tax profit lower by US$&nbsp;13,709,000
in 2018 and post-tax loss higher by US$&nbsp;10,423,000 in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">GeoPark manages part of the exposure to
crude oil price volatility using derivatives. The Group considers these derivative contracts to be an effective manner of properly
managing commodity price risk. The price risk management activities mainly employ combinations of options and key parameters are
based on forecasted production and budget price levels. GeoPark has also obtained credit lines from industry leading counterparties
to minimize the potential cash exposure of the derivative contracts (see Note 8).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Credit risk &ndash; concentration</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s credit risk relates mainly
to accounts receivable where the credit risks correspond to the recognized values of commodities sold. GeoPark considers that there
is no significant risk associated to the Group&rsquo;s major customers and hedging counterparties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3</B></TD><TD><B>Financial Instruments-risk management (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Credit risk &ndash; concentration (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Colombia, during 2019, the Colombian
subsidiaries made 52% of the oil sales to Trafigura (one of the world&rsquo;s leading independent commodity trading and logistics
houses) and 38% to Ecopetrol (the State-owned oil and gas company), with these two clients accounting for 78% of the consolidated
revenue for the same period. With the expiration of the long-term contract with Trafigura in December 2018, GeoPark begun diversifying
its client base in Colombia, allocating sales on a competitive basis to industry leading participants including traders and other
producers. The contracts extend through 2019 with no longer term delivery commitments in place. Delivery points include wellhead
and other locations on the Colombian pipeline system. GeoPark manages its counterparty credit risk associated to sales contracts
by including, in certain contracts, early payment conditions to minimize the exposure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">All the oil produced in Chile as well as
the gas produced by TdF blocks until 2018 (5% of the consolidated revenue, 3% in 2018 and 5% in 2017) is sold to ENAP, the State-owned
oil and gas company. In Chile, most of gas production is sold to the local subsidiary of Methanex, a Canadian public company (3%
of the consolidated revenue, 3% in 2018 and 5% in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Brazil, all the hydrocarbons from Manati
Field are sold to Petrobras, the State-owned company, which is the operator of the Manati Field (4% of the consolidated revenue,
5% in 2018 and 10% in 2017). The crude oil production from the Reconcavo Basin since 2019 (representing less than a 1% of the consolidated
revenue) is sold to local customers in the states of Bahia and Espirito Santo or also to Petrobras.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Argentina, most of the gas produced is
sold to Grupo Albanesi, a leading Argentine privately-held conglomerate focused on the energy market that offers natural gas, power
supply and transport services to its customers. GeoPark has an annual agreement with this client in effect from May 2019 through
April 2020. Gas sales in Argentina account for 1% of the consolidated revenues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The oil sales in Argentina are diversified
across clients and delivery points: i) 42% of the oil produced in Argentina <FONT STYLE="background-color: lightgrey">(</FONT>2%
of the consolidated revenue) is sold locally in Neuquen, delivered at well-head; and ii) 58% of the oil produced in Argentina (3%
of the consolidated revenue) is sold to major Argentinean refineries, delivered via pipeline. GeoPark manages the counterparty
credit risk associated to sales contracts by limiting payment terms offered to minimize the exposure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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&rsquo;s hedging counterparties are leading financial institutions and trading companies, therefore the Directors do not consider
there to be a significant collection risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">See disclosure in Notes 8 and 25.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3</B></TD><TD><B>Financial Instruments-risk management (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Funding and Liquidity risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the past, the Group has been able to
raise capital through different sources of funding including equity, strategic partnerships and financial debt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group is positioned at the end of 2019
with a cash balance of US$ 111,180,000 and over 96% of its total indebtedness matures in 2024. In addition, the Group has a large
portfolio of attractive and largely discretional projects - both oil and gas - in multiple countries with over 42,000 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Indenture governing the Company Notes
2024 includes 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&rsquo;s capacity to incur additional indebtedness, as specified in the indenture governing the
Notes. As of the date of these Consolidated Financial Statements, the Group is in compliance with all the indenture&rsquo;s provisions
and covenants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The most significant funding transactions
executed during the last three years include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In October 2018, the Brazilian subsidiary
executed a loan agreement with Banco Santander for Brazilian Real 77,640,000 (equivalent to US$ 20,000,000 at the moment of the
loan execution) to repay an existing US$-denominated intercompany loan to GeoPark Latin America Limited - Agencia en Chile.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In April 2018, the Colombian subsidiary
executed an offtake and prepayment agreement with Trafigura, one of its customers. The prepayment agreement provided GeoPark with
access to up to US$ 25,000,000 in the form of prepaid future oil sales. The availability period for the prepayment agreement expired
on March 31, 2019. GeoPark did not withdrawn any amount from this prepayment agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In September 2017, the Company successfully
placed US$ 425,000,000 Notes. These Notes carry a coupon of 6.50% per annum and their final maturity will be September 21, 2024.
The net proceeds from the Notes were used by the Group to fully repay the 7.50% senior secured Notes due 2020 and for general corporate
purposes, including capital expenditures and to repay other existing indebtedness.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In addition to that, after the balance sheet
date, the Company successfully placed US$ 350,000,000 Notes. These Notes were priced at 99.285% and carry a coupon of 5.50% per
annum (yield 5.625% per annum). Final maturity of the Notes will be January 17, 2027. See more information in Note 38.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3</B></TD><TD><B>Financial Instruments-risk management (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Interest rate risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s interest rate risk arises
from long-term borrowings issued at variable rates, which expose the Group to interest rate risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group does not face interest rate risk
on its US$ 425,000,000 Notes which carry a fixed rate coupon of 6.50% per annum. Consequently, the accruals and interest payment
are not substantially affected by the market interest rate changes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At December 31, 2019, the outstanding borrowing
affected by a variable rate amounted to US$ 9,607,000, representing 2% of total borrowings. It corresponds to a loan from Santander Bank taken by the Brazilian subsidiary
that has a floating interest rate based on CDI (Interbank certificate of deposit), which represents the average rate of all inter-bank
overnight transactions in Brazil.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group analyses its interest rate exposure
on a dynamic basis. Various scenarios are simulated taking into consideration refinancing, renewal of existing positions, alternative
financing and hedging. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate.
For each simulation, the same interest rate is used for all currencies. The scenarios are run only for liabilities that represent
the major interest-bearing positions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At December 31, 2019, if 1% is added to
interest rates on currency-denominated borrowings with all other variables held constant, post-tax profit for the year would have
been lower by US$&nbsp;93,000 (post-tax profit lower by US$&nbsp;21,000 in 2018 and no exposure to fluctuations in the interest
rate in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Capital risk management</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s objectives when managing
capital are to safeguard the Group&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Consistent with others in the industry,
the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net
debt is calculated as total borrowings (including &lsquo;current and non-current borrowings&rsquo; as shown in the consolidated
balance sheet) less cash and cash equivalents. Total capital is calculated as &lsquo;equity&rsquo; as shown in the consolidated
balance sheet plus net debt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s strategy, due to the market
conditions prevailing during the last years and the growth strategy of the Group, is to keep the gearing ratio within a 60% to
80% range.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3</B></TD><TD><B>Financial Instruments-risk management (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Capital risk management (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The gearing ratios at December 31, 2019
and 2018 were as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 68%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Debt </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326,239</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319,275</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Equity</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,885</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143,021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Capital</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">459,124</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462,296</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gearing Ratio</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4</B></TD><TD><B>Accounting estimates and assumptions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Estimates and assumptions are used in preparing
the 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The key estimates and assumptions used in
these Consolidated Financial Statements are noted below:&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash flow estimates for impairment assessments
of non-financial assets require assumptions about two primary elements: future prices and reserves. 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. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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, 2019 prepared by DeGolyer and MacNaughton, an independent international consultancy to
the oil and gas industry based in Dallas, Texas. It incorporates many factors and assumptions including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4</B></TD><TD><B>Accounting estimates and assumptions (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">expected reservoir characteristics based on geological, geophysical and engineering assessments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">future production rates based on historical performance and expected future operating and investment
activities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">future oil and gas prices and quality differentials;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">assumed effects of regulation by governmental agencies; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">future development and operating costs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Group adopts 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil and gas assets held in property plant
and equipment are mainly depreciated on a unit of production 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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, social and health matters. For example, from time to time, the Group receives notice of environmental, health
and safety violations. Based on what the Management of the Group currently knows, it is not expected any material impact on the
financial statements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5</B></TD><TD><B>Consolidated Statement of Cash Flow</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Consolidated Statement of Cash Flow
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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cash flows from financing activities include
changes in equity, and proceeds from borrowings and repayment of loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents include bank overdraft
and liquid funds with a term of less than three months.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following chart describes non-cash transactions
related to the Consolidated Statement of Cash Flow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (Decrease) in asset retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,299</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,355)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,943</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (Decrease) in provisions for other long-term liabilities </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,867</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,053</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of property, plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(733)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,100</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,759</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Changes in working capital shown in the
Consolidated Statement of Cash Flow are disclosed as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Increase) Decrease in Inventories</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,675)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">511</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,031)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Increase) Decrease in Trade receivables</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,839)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,423</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,344)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in Prepayments and other receivables and Other assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,547)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(36,061)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Customer advance repayments <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,000)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,000)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Security deposit utilised (granted) (Note 36.4)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,600</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,600)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in Trade and other payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,807</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,169</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,122</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(42,254)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6,358)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(25,278)</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In December 2015, the Colombian
subsidiary entered into a prepayment agreement with Trafigura under which GeoPark sells and deliver a portion of its Colombian
crude oil production. Funds committed were repaid by the Group on a monthly basis through oil deliveries until December 2018.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5</B></TD><TD><B>Consolidated Statement of Cash Flow (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The following chart shows the movements in
the borrowings, lease liabilities and payables to related parties for each of the periods presented:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 52%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ &lsquo;000&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Borrowings</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Lease</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #3366FF"><B>liabilities</B></FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Payables to related parties</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At January 1, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>358,672</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27,801</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>386,473</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Debt issuance costs paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,683)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,683)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from cash calls from related parties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,155</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,155</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrual of borrowing&rsquo;s interests</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,651</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,228</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,879</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings cancellation costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,575</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,575</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange difference</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,320)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,742</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">422</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency translation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,334</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,742)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(408)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(355,022)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(355,022)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,688)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,688)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings cancellation costs paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,315)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,315)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>426,204</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>31,184</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>457,388</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,017</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrual of borrowing&rsquo;s interests</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,842</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,602</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,444</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange difference</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,333</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,331</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency translation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,291)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,333)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,624)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,073)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,073)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,695)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,695)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments to related parties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(32,786)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(32,786)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>447,002</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>447,002</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Initial recognition of lease liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,610</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,610</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Addition to lease liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,496</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,496</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrual of borrowing&rsquo;s interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,940</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,940</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange difference</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">566</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">571</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency translation</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(639)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(632)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unwinding of discount</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">419</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">419</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,790)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,790)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,099)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,099)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,855)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,855)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>437,419</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,243</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>450,662</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6</B></TD><TD><B>Segment information</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 CEO, COO, CFO and managers in charge of the Geoscience, Operations, Corporate Governance,
Finance and People departments. This committee reviews the Group&rsquo;s internal reporting in order to assess performance and
to allocate resources. Management has determined the operating segments based on these reports. The committee considers the business
from a geographic perspective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Executive Committee assesses the performance
of the operating segments based on a measure of Adjusted EBITDA. Adjusted EBITDA is defined as profit for the period (determined
as if IFRS 16 <I>Leases</I> has not been adopted, as specified in the indenture governing the 2024 Notes), 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 and other non recurring events. Operating
Netback is equivalent to Adjusted EBITDA before cash expenses included in Administrative, Geological and Geophysical and Other
operating expenses. Other information provided to the Executive Committee is measured in a manner consistent with that in the financial
statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Segment areas (geographical segments):</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; width: 26%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Peru</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Ecuador</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Corporate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">538,917</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,336</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,049</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,605</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">628,907</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sale of crude oil</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">536,986</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,551</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,469</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,024</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">579,030</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sale of gas</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,931</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,785</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,580</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,581</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,877</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Realized gain on commodity risk management
contracts</P></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,888</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,888</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production and operating costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(116,944)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,789)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,953)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,278)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(168,964)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(56,399)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,181)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,855)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,141)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(64,576)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(231)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(31)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(329)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60,314)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,577)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,069)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,099)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(104,059)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating profit (loss)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297,783</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,869)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,750</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(34,124)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,468)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(536)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,861)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,675</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating netback</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413,120</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,218</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,055</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,691</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">447,084</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,058</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,310</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,750</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">868</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,540)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(535)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,576)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">363,335</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46,917)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(34,826)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,445)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,618)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(576)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(149)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(105,532)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Recognition of impairment losses&nbsp;</P></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,559)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,559)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-off</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,120)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,170)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,290)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357,125</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">249,207</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,480</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79,062</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,993</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,119</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,146</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">852,132</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employees (average) <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">89</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">461</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5pt; white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employees at year end <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">439</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Unaudited.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6</B></TD><TD><B>Segment information (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 35%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Peru</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Corporate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">497,870</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,359</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,053</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,879</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">601,161</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sale of crude oil</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">496,341</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,402</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,198</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,549</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">545,490</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sale of gas</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,529</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,957</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,855</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,330</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55,671</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Realized loss on commodity risk management
contracts</P></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,098)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,098)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production and operating costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(118,533)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,899)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,785)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,043)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(174,260)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(62,710)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,473)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,820)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,833)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(71,836)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(461)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(226)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(37)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(154)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(878)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(55,362)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,200)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,928)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,056)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(101,546)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating profit (loss)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309,357</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,139)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,370</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,739)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,529)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,828)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">256,492</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating netback</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352,672</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,153</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,306</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,527</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397,658</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319,447</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,784</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,908</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,576</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,077)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,082)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330,556</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(42,721)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,203)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,395)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,640)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(245)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(36)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(92,240)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Reversal (recognition) of impairment
losses</P></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,531</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,549)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,982</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-off</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,665)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,121)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,020)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(583)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,389)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,450</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">276,449</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70,424</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,259</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,817</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,261</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">862,660</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employees (average) <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">182</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">445</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employees at year end <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">178</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">457</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 35%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Peru</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 9%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Corporate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">263,076</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,738</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,238</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330,122</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sale of crude oil</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">262,309</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,873</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">910</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">279,162</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sale of gas</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">767</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,865</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,328</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,960</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Realized loss on commodity risk management
contracts</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,148)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,148)</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production and operating costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(66,913)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,999)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,737)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(338)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(98,987)</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalties</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,236)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,314)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,134)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,697)</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(248)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(170)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(457)</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(42,429)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,515)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,564)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(325)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(69,833)</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating profit (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116,290</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,675)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,434</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,430)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,850)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,773)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">78,996</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating netback</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">194,013</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,222</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,540</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(467)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228,308</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,303</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,070</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,166</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,183)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,505)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,075)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">175,776</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(40,010)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,730)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,809)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(159)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(139)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(74,885)</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-off</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,625)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(546)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,978)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(685)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,834)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">288,429</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301,931</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">91,604</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,924</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,099</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,176</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">786,163</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employees (average) <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">164</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employees at year end <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Unaudited.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Approximately
61% of capital expenditure was incurred by Colombia (78% in 2018 and 76% in 2017), 8% was incurred by Chile (6% in 2018 and 10%
in 2017), 4% was incurred by Brazil (2% in 2018 and 3% in 2017), 15% was incurred by Argentina (7% in 2018 and 8% in 2017) and
12% was incurred by Peru (7% in 2018 and 3% in 2017).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6</B></TD><TD><B>Segment information (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">A reconciliation of total Operating netback
to total profit before income tax is provided as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating netback</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>447,084</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>397,658</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>228,308</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administrative expenses </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60,130)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,028)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,937)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Geological and geophysical expenses </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,619)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,074)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,595)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA for reportable segments</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>363,335</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>330,556</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>175,776</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized (loss) gain on commodity risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,411)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,271</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,300)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(105,532)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(92,240)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(74,885)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,717)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,446)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,075)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment and write-off of unsuccessful exploration efforts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,849)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,407)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,834)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease accounting - IFRS 16</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,855</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Others <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,994</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,758</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,314</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating profit</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>210,675</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>256,492</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>78,996</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(41,070)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,321)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(53,511)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,360</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,059</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,016</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign exchange loss</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,446)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,323)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,193)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Profit before tax</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>169,519</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>208,907</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25,308</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Net
                                         of capitalized costs for oil stock included in Inventories.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(b)</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Includes
                                         allocation to capitalized projects.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7</B></TD><TD><B>Revenue</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018 </B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sale of crude oil</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">579,030</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">545,490</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">279,162</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sale of gas</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,877</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55,671</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,960</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>628,907</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>601,161</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>330,122</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>8</B></TD><TD><B>Commodity risk management contracts</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group has entered into derivative financial
instruments to manage its exposure to oil price risk. These derivatives are zero-premium collars or zero-premium 3-ways (put spread
plus call), 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&rsquo;s
derivatives are accounted for as non-hedge derivatives and therefore all changes in the fair values of its derivative contracts
are recognized as gains or losses in the results of the periods in which they occur.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>8</B></TD><TD><B>Commodity risk management contracts (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table presents the Group&rsquo;s
derivative contracts in force as of December 31, 2019:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Period</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Type</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Volume bbl/d</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Price US$/bbl</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 1, 2019 &ndash; March 31, 2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BRENT</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zero Premium 3 Way</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.00-55.00 Put 79.02 Call</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 1, 2019 &ndash; March 31, 2020</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BRENT</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zero Premium 3 Way</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.00-55.00 Put 79.00 Call</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">July 1, 2019 &ndash; March 31, 2020</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BRENT</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zero Premium 3 Way</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.00-55.00 Put 81.50 Call</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">October 1, 2019 &ndash; December 31, 2020</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BRENT</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zero Premium 3 Way</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.00-55.00 Put 71.00 Call</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">October 1, 2019 &ndash; December 31, 2020</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BRENT</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zero Premium 3 Way</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.00-55.00 Put 73.80 Call</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November 1, 2019 - December 31, 2020</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BRENT</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zero Premium 3 Way</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.00-55.00 Put 65.20 Call</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">January 1, 2020 &ndash; December 31, 2020</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BRENT</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zero Premium 3 Way</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.00-55.00 Put 69.00 Call</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">January 1, 2020 &ndash; December 31, 2020</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BRENT</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zero Premium 3 Way</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.00-55.00 Put 70.00 Call</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The table below summarizes the gain (loss)
on the commodity risk management contracts:&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: #99CCFF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; padding-left: 31.95pt; text-align: center; text-indent: -31.95pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 31.95pt; text-align: center; text-indent: -31.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Realized gain (loss) on commodity risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,888</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,098)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,148)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized (loss) gain on commodity risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,411)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,271</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,300)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(22,523)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16,173</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(15,448)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the year ending December 31, 2019,
the Group hedged between 13,000 and 15,000 bbl/d via zero premium collars and three-way hedges (US$10/bbl wide put spread and call),
with a minimum average Brent price of US$55/bbl and a maximum average price of US$85/bbl.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table presents the Group&rsquo;s
derivative contracts agreed after the balance sheet date:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; width: 31%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Reference</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Type</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Volume bbl/d</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 25%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Price US$/bbl</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April 1, 2020 &ndash; December 31, 2020</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE BRENT</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zero Premium 3 Way</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000</FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.00-55.00 Put 71.95 Call</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>9</B></TD><TD><B>Production and operating costs</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Staff costs (Note 11)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,213</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,725</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,901</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment (Note 11)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">878</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">457</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,576</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71,836</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,697</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Well and facilities maintenance</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,660</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,262</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,722</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operation and maintenance</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,743</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,756</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,116</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consumables</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,625</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,444</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,902</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equipment rental </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,476</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,317</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,818</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Safety and Insurance costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,107</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,878</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,591</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gas plant costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,414</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,967</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,069</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transportation costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,941</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,628</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,969</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Field camp</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,583</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,959</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,377</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-operated blocks costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,353</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,327</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,213</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,944</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,283</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,155</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>168,964</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>174,260</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>98,987</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>10</B></TD><TD><B>Depreciation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Oil and gas properties</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,276</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,130</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,725</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production facilities and machinery</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,708</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,958</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,558</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Furniture, equipment and vehicles</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,096</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,579</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,948</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buildings and improvements</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">804</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">996</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">844</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Depreciation of property, plant and equipment </B><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>102,884</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>92,663</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>75,075</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Related to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Productive assets</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,984</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90,088</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,283</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administrative assets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,900</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,575</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,792</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Depreciation total </B><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>102,884</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>92,663</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>75,075</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depreciation
                                         without considering capitalized costs for oil stock included in Inventories nor depreciation
                                         of right-of-use assets.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>11</B></TD><TD><B>Staff costs and Directors Remuneration</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 7.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number of employees at year end</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">439</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">457</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 7.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 7.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wages and salaries </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55,325</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,644</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41,775</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 7.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payments (Note 31)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,717</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,446</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,075</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 7.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Social security charges</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,888</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,464</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,364</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 7.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director&rsquo;s fees and allowance</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,266</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,876</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,458</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>68,196</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>68,430</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>54,672</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.45pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.45pt; text-align: left">Recognized as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.45pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; padding-left: 7.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production and operating costs</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,542</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,603</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,358</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 7.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Geological and geophysical expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,448</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,527</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,026</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 7.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,206</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,300</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,288</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>68,196</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>68,430</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>54,672</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.45pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Board of Directors&rsquo; and key managers&rsquo; remuneration </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Salaries and fees</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,483</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,452</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,674</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,251</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,918</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,322</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other benefits in kind</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">262</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">272</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">287</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,996</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,642</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,283</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>11</B></TD><TD><B>Staff costs and Directors Remuneration (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Directors&rsquo; Remuneration</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 30%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Executive Directors&rsquo; Fees (in US$)</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Executive Directors&rsquo; Bonus (in US$)</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Non-Executive Directors&rsquo; Fees (in US$)</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Director Fees Paid in Shares (No. of Shares)</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Cash Equivalent Total Remuneration (in US$)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gerald O&rsquo;Shaughnessy</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James F. Park</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">800,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">909,352</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,709,352</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pedro E. Aylwin <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,625</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">- </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,625</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Juan Crist&oacute;bal Pavez <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,844</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carlos Gulisano <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">108,750</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,844</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208,750</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Robert Bedingfield <SUP>(d)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,844</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jamie Coulter</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90,000</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,844</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">190,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Constantine Papadimitriou</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88,750</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,844</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">188,750</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>a</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pedro
                                         E. Aylwin has a service contract that provides for him to act as Director of Legal and
                                         Governance.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>b</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Compensation
                                         Committee Chairman.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>c</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Technical
                                         Committee Chairman.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>d</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Audit
                                         Committee Chairman.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In January 2020, 439,075 shares were issued
to Directors as a consequence of the vesting of the 2016 Value Creation Plan (&rdquo;VCP&rdquo;). See Note 31.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>12</B></TD><TD><B>Geological and geophysical expenses</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Staff costs (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,312</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,005</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,525</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">522</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">501</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allocation to capitalized project</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,834)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,645)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,402)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other services</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,979</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,069</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,070</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>18,593</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,951</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,694</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>13</B></TD><TD><B>Administrative expenses</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Staff costs (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,688</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,378</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,713</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,252</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,046</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,117</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consultant fees <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,685</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,427</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,120</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Office expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,386</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,021</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,506</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Travel expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,867</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,519</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,772</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Director&rsquo;s fees and allowance (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,266</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,876</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,458</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Communication and IT costs</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,928</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,395</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,109</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allocation to joint operations</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,008)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,774)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,646)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,754</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,186</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,905</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,818</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>52,074</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>42,054</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         increase in consultant fees in 2019 is explained mainly by legal and other advisory services
                                         related to new business efforts.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>14</B></TD><TD><B>Selling expenses</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transportation <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,985</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,638</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">864</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Selling taxes and other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,128</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,385</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">272</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,113</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,136</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(b)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         increase in transportation costs in 2019 is explained primarily due to the difference
                                         in accounting for different points of sale in Colombia and costs associated with the
                                         operation of the flowline connecting Llanos 34 block to the ODL regional pipeline. Sales
                                         at the wellhead have no selling costs associated but generate lower revenue whereas transportation
                                         costs for sales to other delivery points are accounted for as selling expenses.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>15</B></TD><TD><B>Financial results</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest and amortization of debt issue costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,977)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,955)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,823)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest with related parties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,606)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,224)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less: amounts capitalized on qualifying assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">258</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">611</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings cancellation costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,575)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank charges and other financial results</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,900)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,513)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,721)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unwinding of long-term liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,560)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,505)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,779)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(41,070)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(39,321)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(53,511)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial income</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest received</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,059</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,360</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,059</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Foreign exchange gains and losses</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign exchange loss</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,163)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,323)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,193)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Realized gain on currency risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,843</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized gain on currency risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">874</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,446)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,323)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,193)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Total Financial results</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(41,156)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(47,585)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(53,688)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>16</B></TD><TD><B>Tax reforms</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Colombia</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In December 2019, a tax reform was enacted
in Colombia. The approved legislation included significant changes in the corporate income tax but also in other taxes and in tax
related matters (as procedural rules and special regimes). This tax reform is effective 1 January 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The new legislation includes a progressive
reduction of the general corporate income tax rate, previously established at 40% for 2017, 37% for 2018 and 33% for 2019, as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32% in 2020</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31% in 2021</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30% in 2022 and onwards.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Other changes that could affect the Group
are the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The withholding tax rate on dividends for
non-resident shareholders was increased from 7.5% to 10%.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The presumptive taxable income tax rate
was reduced from 1.5% to 0.5% in 2020 and 0% in 2021.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Regarding thin capitalization for income
tax purposes, the maximum amount of intragroup debt which interest can be deducted was reduced from 3 to 2 times the net equity
of the taxpayer as of 31 December of the previous year. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transfers of participations in foreign
entities that represent indirect disposals of assets in Colombia remain subject to income tax or to the capital gains tax, depending
on certain circumstances. New law allows a step up in basis for an indirect purchaser.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Former restriction on the discount of VAT
paid against corporate income tax for acquisition of productive fixed assets was ratified. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An audit benefit was granted by the reform,
establishing that tax returns of FY 2020 and 2021 showing a net income tax 30% or 20% higher, respectively, than the one declared
in the previous year would be considered definitive 6 months or 12 months after became due, also respectively, if there were no
objections or requests from the tax authority.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>16 Tax reforms (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Argentina</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">In December 2019,
driven by a change of government, a tax reform was enacted in Argentina. The most relevant tax changes are the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Corporate income tax rate of 30% in 2020,
as stated for 2018 and 2019. The preceding law established a rate reduction to 25% from 2020, but it was now postponed for 2021.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend withholding tax rate of 7% in
2020, as stated for 2018 and 2019. The preceding law established a rate increase to 13%, but it was now postponed for 2021.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The amount determined as tax inflation
adjustment for 2019 and 2020 is allocated equally over six years. For tax years beginning on or after 1 January 2021, taxpayers
may deduct or tax 100% of the negative or positive inflation adjustment in the year in which the adjustment is calculated.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indirect transfer of assets or shares located
in Argentina between related parties is not treated as a taxable event.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The deductibility of foreign exchange differences
is restricted up to 30% of taxable profit before interests and depreciation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The tax rate on cash withdrawals from local
bank accounts was increased from 0.6% to 1.2% for Argentine entities not considered as micro and small enterprises.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A new tax named &ldquo;Tax for an inclusive
and supportive Argentina&rdquo; was created. This tax levies, for a five-years period, the following transactions:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">Purchases of foreign currency (i.e., &ldquo;constitution of foreign assets&rdquo;) without a specific
purpose by Argentine residents.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">Purchases of goods or services from abroad or purchases by Argentine residents abroad through credit,
debit or purchase cards, including cash withdrawals made outside Argentina.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">Purchases made online through portals or virtual websites in foreign currency.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">Purchases of services rendered abroad through Argentine travel agencies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">Purchases of ground, air and water passenger services with destinations outside Argentina.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; background-color: white">The
tax rate is 30% and applies to the amount of the taxable purchases. Argentine financial institutions, credit card issuers, travel
agencies and transport companies act as collection agents of the tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Ecuador</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In December 2019, a tax reform was enacted
in Ecuador. The main aspects are the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividends are taxed at a 25% tax rate.
Dividend tax basis is 40% of the amount distributed. Benefits and reduction of tax rates provided in Tax Treaties signed by Ecuador
are applicable. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest deductibility is limited up to
20% of the corporate profit before taxes, interest and depletion.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Advanced payment of income tax is eliminated.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>17</B></TD><TD><B>Income tax</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current tax</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(111,371)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(101,456)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,449)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income tax (Note 18)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(391)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,784)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,304</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(111,762)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(106,240)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(43,145)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The tax on the Group&rsquo;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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 58%; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Profit before tax</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">169,519</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208,907</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,308</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax losses from non-taxable jurisdictions</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,360</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,808</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,708</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Taxable profit</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>218,879</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>251,715</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48,016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax calculated at domestic tax rates applicable to Profit in the respective countries</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(79,395)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(102,211)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(31,107)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax losses where no deferred tax benefit is recognized</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,563)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,344)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,111)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effect of currency translation on tax base</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,795)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,336</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,330)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effect of inflation adjustment for tax purposes</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">541</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in the income tax rate (Note 16)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,279</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,874)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">542</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Previously unrecognized tax losses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,820</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,882</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Out of period adjustment <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,910)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-taxable results <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,739)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,029)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,139)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income tax</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(111,762)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(106,240)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(43,145)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.45pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">See
                                         Note 2.1.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(b)</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Includes
                                         non-deductible expenses in each jurisdiction.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 rates in those countries where the Group operates (Colombia, Chile, Brazil, Argentina, Peru and Ecuador) ranges from
15% to 33%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>17 Income tax (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The Group has tax losses available which can
be utilised against future taxable profit in the following countries:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 64%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chile <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317,644</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">315,733</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">345,104</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,848</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,011</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,721</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Argentina <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,930</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,490</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,849</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total tax losses at December 31</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>378,422</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>359,234</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>383,674</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Taxable
                                         losses have no expiration date.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(b)</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Expiring
                                         dates for tax losses accumulated at December 31, 2019 are:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 41%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Expiring date</B></FONT></TD>
    <TD STYLE="width: 59%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Amounts in US$ '000</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">447</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,946</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,428</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At the balance sheet date deferred tax assets
in respect of tax losses in certain companies in Chile have not been recognized as there is insufficient evidence of future taxable
profits to offset them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>18 Deferred income tax </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The gross movement on the deferred income tax
account is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 62%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred tax at January 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,992</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,350</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(517)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,574)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income statement credit (charge)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(391)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,784)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Deferred tax at December 31</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16,084</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16,992</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The breakdown and movement of deferred tax
assets and liabilities as of December 31, 2019 and 2018 are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>At the beginning of year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>(Charged) Credited to net profit</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Currency translation differences</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Reclassification</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>At the end of year</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Deferred tax assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Difference in depreciation rates and other</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,077)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,947)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,918</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,880</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxable losses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,870</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,462</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(503)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,775)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,054</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total 2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>31,793</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7,485)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(517)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,143</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26,934</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total 2018</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27,636</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,514)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3,574)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19,245</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>31,793</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.45pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>18</B></TD><TD><B>Deferred income tax (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 52%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF"><B>Amounts in US$ '000</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF">&nbsp;</P></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>At the beginning of year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Credited (Charged) to net profit</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Reclassification</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 4.85pt 0pt 0; text-align: right; color: #3366FF"><B>At
the end of year</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Deferred tax liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Difference in depreciation rates and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,801)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,094</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,918)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,625)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxable losses</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,775</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,775</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total 2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(14,801)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; padding-left: 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,094</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; padding-left: 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3,143)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(10,850)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total 2018</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,286)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,730</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(19,245)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(14,801)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>19</B></TD><TD><B>Earnings per share</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000 except for shares</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Numerator: Profit (Loss) for the year attributable to owners</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,757</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,415</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,228)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Denominator: Weighted average number of shares used in basic EPS</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,217,523</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,612,230</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,093,191</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Earnings (Losses) after tax per share (US$) &ndash; basic </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.96</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.40)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000 except for shares</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017 <SUP>(a)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; padding-left: 5.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weighted average number of shares used in basic EPS</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,217,523</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,612,230</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,093,191</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; padding-left: 5.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effect of dilutive potential common shares <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; padding-left: 5.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock awards at US$ 0.001</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,433,126</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,758,552</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; background-color: white">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 6pt 0pt 13pt; text-align: left; text-indent: -7.5pt">Weighted
average number of common shares for the purposes of diluted earnings per shares</P></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62,650,649</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65,370,782</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,093,191</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Earnings (Losses) after tax per share (US$) &ndash; diluted</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.92</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.40)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For
                                         the year ended December 31, 2017, there were 4,564,777 of potential shares that could
                                         have a dilutive impact. They were considered antidilutive due to negative earnings.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>20</B></TD><TD><B>Property, plant and equipment</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$'000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Oil &amp; gas properties</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Furniture, equipment</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>and vehicles</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Production facilities and machinery</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Buildings</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>and improvements</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Construction in progress <SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Exploration and evaluation assets <SUP>(b)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost at January 1, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>692,241</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,357</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>132,413</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,553</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>32,926</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>61,773</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>944,263</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,997 <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">954</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66,953</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,455</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125,359</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,142)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(147)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(62)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(104)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,470)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(112)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(301)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-off</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,834) <SUP>(d)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,834)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,408</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,130</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(61,827)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(40,922)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost at December 31, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>776,504</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,398</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>157,396</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,361</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>37,990</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>64,368</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,062,017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,753) <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,706</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81,961</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,515</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121,429</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisitions (Note 36.4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,925</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">254</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,616</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,929</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,525)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(130)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(884)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(882)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,466)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(417)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(463)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-off / Impairment reversal</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,109 <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(120) <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7) <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,389) <SUP>(e)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,407)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,794</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">566</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,503</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,089</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(59,332)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,620)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assets held for sale (Note 36.2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(163,544)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(163,544)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost at December 31, 2018</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>717,510</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17,748</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>172,094</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,554</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,597</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59,992</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,039,495</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,696 <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,052</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">159</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96,012</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,449</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140,749</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,022)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(414)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(561)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(106)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(449)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,560)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(102)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(101)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(59)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(262)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-off / Impairment</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,559) <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,290) <SUP>(f)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,849)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">265</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,183</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(86,916)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,607)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reclassification <SUP>(h)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,302</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,489)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,813</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cost at December 31, 2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>830,937</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19,549</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>172,507</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69,587</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48,036</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,152,386</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Depreciation and write-down at January 1, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(384,739)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(10,049)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(71,698)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4,131)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(470,617)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(57,725)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,948)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,558)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(844)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(75,075)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">73</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">930</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">967</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Depreciation and write-down at December 31, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(441,534)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,916)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(86,232)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4,932)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(544,614)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(72,130)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,579)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,958)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(996)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(92,663)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">191</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,292</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">337</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,747</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assets held for sale (Note 36.2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">148,014</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">148,014</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Depreciation and write-down at December 31, 2018</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(359,358)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,361)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(103,704)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5,902)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(482,325)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(83,276)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,096)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,708)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(804)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(102,884)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency translation differences</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,492</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">480</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,305</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reclassification <SUP>(h)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,664)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,851</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,813)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Depreciation and write-down at December 31, 2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(467,806)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(15,149)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(95,047)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6,596)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(584,598)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Carrying amount at December 31,
2017</B></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>334,970</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,482</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>71,164</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,429</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>37,990</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>64,368</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>517,403</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Carrying amount at December 31,
2018</B></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>358,152</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,387</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>68,390</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,652</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,597</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59,992</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>557,170</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Carrying amount at December 31,
2019</B></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>363,131</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,400</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>77,460</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,174</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69,587</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48,036</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>567,788</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>20</B></TD><TD><B>Property, plant and equipment (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(a)</SUP> Construction in progress
includes US$ 36,874,000 as of December 31, 2019 (US$ 22,467,000 and US$ 14,073,000 as of December 31, 2018 and 2017, respectively)
of costs incurred in the Morona Block in Peru. In June 2019, GeoPark withdrew the Environmental Impact Assessment (EIA), due to
a lack of definition from the Peruvian Government about whether a prior consultation process was needed for the deforestation.
This decision has caused a delay in the original development progress of this project. On January 10, 2020, given such lack of
definition, Perupetro granted GeoPark a new Force Majeure since June 15, 2019, until the Government pronounces a definite statement
regarding the need (or not) of performing prior consultation for the reforestation works included in the corresponding environmental
instrument.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(b)</SUP> Exploration wells movement
and balances are shown in the table below; seismic and other exploratory assets amount to US$ 44,047,000 (US$ 48,779,000 in 2018
and US$ 53,764,000 in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 74%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exploration wells at December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,604</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additions </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,103</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-offs </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,733)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,761)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exploration wells at December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,213</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additions </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,082</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-offs </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,941)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,365)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exploration wells at December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,989</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of December 31, 2019, there was an exploratory
well that has been capitalized for a period less than a year amounting to US$ 3,989,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(c)</SUP> Corresponds to the effect
of change in estimate of assets retirement obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(d)</SUP> 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(e)</SUP> Corresponds to nine unsuccessful
exploratory wells, four wells drilled in Colombia (Tiple, Llanos 34 and Llanos 32 Blocks), two wells drilled in Brazil (POT-T-747
and POT-T-619 Blocks) and three wells drilled in Argentina (Puelen Block). The charge also includes the write-off of a well and
other exploration costs incurred in the Fell Block (Chile) in previous years and other exploration costs incurred in the VIM-3
Block (Colombia), and POT-T-882 and REC-T-93 Blocks (Brazil), for which no additional work would be performed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(f)</SUP> Corresponds to five unsuccessful
exploratory wells, four wells drilled in Argentina (Sierra del Nevado, Puelen and Aguada Baguales Blocks) and a well drilled in
Brazil (POT-T-747 Block). The charge also includes the write-off of wells and other exploration costs incurred in previous years
in the Argentinean Blocks for which no additional work would be performed. In addition due to the results from REC-T-94, SEAL-T-268
and POT-T-747 Blocks (Brazil), during December 2019 the Group decided to relinquish these blocks so the associated investment was
written off.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(g)</SUP> See Note 37.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(h)</SUP> Corresponds to the final
closing of the sale of the La Cuerva and Yamu Blocks described in Note 36.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>21</B></TD><TD><B>Subsidiary undertakings</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following chart illustrates main companies
of the Group structure as of December 31, 2019:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 251.25pt; width: 507.75pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Non-controlling interest that used to be
held by LG International until November 28, 2018:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consolidated Statement of Comprehensive
Income: Total comprehensive income for the years 2018 and 2017 included a profit of US$ 35,284,000 and US$ 13,536,000, a loss of
US$ 4,273,000 and US$ 6,200,000 and a loss of US$ 758,000 and US$ 945,000 corresponding to non-controlling interest that used to
be held by LGI in GeoPark Colombia S.L.U., GeoPark Chile S.p.A. and GeoPark TdF S.p.A., respectively.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consolidated Statement of Changes in Equity:
Dividends distributed to non-controlling interest of US$ 8,089,000 in 2018 and US$ 479,000 in 2017 correspond to non-controlling
interest that used to be held by LGI in GeoPark Colombia S.L.U.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>Corporate structure reorganization</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2019, the following changes to the
Group structure have taken place as part of the corporate structure reorganization started in 2017:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GeoPark Per&uacute; S.A.C. incorporated
a branch in Ecuador to attend the activity in that country.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The subsidiary that used to be named GeoPark
Argentina Limited was redomiciled from Bermuda to Argentina.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The subsidiary GeoPark Colombia Coop U.A.
was redomiciled from the Netherlands to Spain.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Group finalized a merger process by
which GeoPark Latin America S.L.U. continued the operations related to GeoPark Brasil S.L.U. and GeoPark Peru S.L.U.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The subsidiaries GeoPark S.A and GeoPark
Colombia S.A were dissolved.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>21</B></TD><TD><B>Subsidiary undertakings (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Details of the subsidiaries and joint operations
of the Group are set out below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 59%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name and registered office</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ownership interest</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Argentina S.A.U. (Argentina)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Latin America Limited (Bermuda)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Latin America Limited &ndash; Agencia en Chile (Chile)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Brasil Explora&ccedil;&atilde;o y Produ&ccedil;&atilde;o de Petr&oacute;leo e G&aacute;s Ltda. (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Chile S.p.A. (Chile)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Fell S.p.A. (Chile)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Magallanes Limitada (Chile)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark TdF S.p.A. (Chile)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Colombia S.A.S. (Colombia)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Latin America S.L.U. (Spain) </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Colombia S.L.U. (Spain)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark S.A.C. (Peru)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Per&uacute; S.A.C. (Peru)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Operadora del Per&uacute; S.A.C. (Peru)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Colombia E&amp;P S.A. (Panama)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Colombia E&amp;P Sucursal Colombia (Colombia)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Mexico S.A.P.I. de C.V. (Mexico)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a) (b)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark E&amp;P S.A.P.I. de C.V. (Mexico)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a) (b)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark Per&uacute; S.A.C. Sucursal Ecuador (Ecuador)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GeoPark (UK) Limited (United Kingdom)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint operations</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flamenco Block (Chile)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Campanario Block (Chile)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Isla Norte Block (Chile)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 34 Block (Colombia)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 32 Block (Colombia)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.5% </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Puelen Block (Argentina)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18% (d)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sierra del Nevado Block (Argentina)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18% (d)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CN-V Block (Argentina)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Los Parlamentos Block (Argentina)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Manati Field (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10% </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">POT-T-747 Block (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70% (c) (d)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REC-T-128 Block (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">POT-T-785 Block (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morona Block (Peru)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Espejo Block (Ecuador)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Perico Block (Ecuador)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 86 Block (Colombia)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 87 Block (Colombia)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 104 Block (Colombia)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 123 Block (Colombia)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 124 Block (Colombia)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50% (c)</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Indirectly
                                         owned.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dormant
                                         companies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">GeoPark
                                         is the operator.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         process of relinquishment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On July 2, 2019, GeoPark obtained regulatory
approval to increase its working interest in the Tranquilo Block (Chile) to 100%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>22</B></TD><TD><B>Prepayments and other receivables</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">V.A.T.</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,052</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,811</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax payments in advance</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,609</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,668</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other prepaid taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,069</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">966</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be recovered from co-venturers (Note 34)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,035</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,819</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prepayments and other receivables</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,282</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,889</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>58,047</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>58,153</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Classified as follows:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,659</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-current</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,031</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,494</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>58,047</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>58,153</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Movements on the Group provision for impairment
are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At January 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">546</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">594</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign exchange income</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>550</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>546</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>23</B></TD><TD><B>Inventories</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Crude oil</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,285</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,369</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Materials and spares</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,162</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,940</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; padding-left: 0.5in; text-align: right; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,447</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; padding-left: 0.5in; text-align: right; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,309</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>24</B></TD><TD><B>Trade receivables</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,178</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,215</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>44,178</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16,215</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of December 31, 2019 and 2018, 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>24</B></TD><TD><B>Trade receivables (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The carrying value of trade receivables
is considered to represent a reasonable approximation of its fair value due to their short-term nature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>25 Financial instruments by category</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; vertical-align: top; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Assets as per statement of financial position</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018&nbsp;</B></FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial assets at fair value through profit or loss</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative financial instrument assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,097</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,539</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,212</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,794</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>50,309</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>81,333</B></FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other financial assets at amortized cost</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,178</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,215</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be recovered from co-venturers (Note 34)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,035</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,819</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other financial assets <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,999</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,468</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,968</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">73,933</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>125,180</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>103,435</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>175,489</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>184,768</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(a)</SUP> Non-current other financial
assets relate to contributions made for environmental obligations according to Brazilian government regulations. Current other
financial assets corresponds to short-term investments with original maturities up to twelve months and over three months.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>25</B></TD><TD><B>Financial instruments by category (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Liabilities as per statement of financial position</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liabilities at fair value through profit and loss</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative financial instrument liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">952</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>952</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other financial liabilities at amortized cost</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,991</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69,142</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payables to LGI (Note 36.1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,509</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be paid to co-venturers (Note 34)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,803</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,449</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,243</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">437,419</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">447,002</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>554,456</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>554,102</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>555,408</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>554,102</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>25.1 Credit quality of financial assets</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Counterparties with an external credit rating (Moody&rsquo;s)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ba1</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,037</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">780</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,196</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ba2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,156</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,511</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ba3</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,734</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Baa3</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,447</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caa2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">933</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Counterparties without an external credit rating</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Group1 <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,825</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,774</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total trade receivables</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>44,178</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16,215</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><SUP>(a)</SUP> Group 1 &ndash; existing customers
(more than 6 months) with no defaults in the past.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">All trade receivables are denominated in US
Dollars, except in Brazil where are denominated in Brazilian Real.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>25</B></TD><TD><B>Financial instruments by category (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>25.1 Credit quality of financial assets
(continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Cash at bank and other financial
assets <SUP>(a)</SUP></B></P></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Counterparties with an external credit
rating (Moody&rsquo;s,</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">S&amp;P, Fitch, BRC Investor Services)</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,924</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,315</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,633</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">595</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,105</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">765</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aaa-mf</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41,219</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,563</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aa1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,732</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aa3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,431</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AAA</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,894</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,307</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ba1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,854</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,033</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ba2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Baa1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">580</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,903</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Baa1+</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,138</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Baa2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,408</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,534</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ba3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,262</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBB</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,199</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; background-color: white">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Counterparties without an external credit rating</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,278</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,448</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; background-color: white; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>122,158</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>139,176</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(a)</SUP> The remaining balance sheet
item &lsquo;cash and cash equivalents&rsquo; corresponds to cash on hand amounting to US$&nbsp;21,000 (US$ 20,000 in 2018).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>25.2 Financial liabilities - contractual
undiscounted cash flows</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The table below analyses the Group&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 36%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Between 1 and 2 years</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Between 2 and 5 years</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Over 5 years</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,621</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,625</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">507,875</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,442</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,494</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,479</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,053</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,291</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">700</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be paid to co-venturers</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,775</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payables to LGI (Note 36.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>143,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30,819</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>517,129</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,053</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2018</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,545</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,648</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82,875</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">452,625</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,862</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">280</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be paid to co-venturers</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,449</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payables to LGI (Note 36.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>131,856</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>53,928</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>82,875</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>452,625</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>25</B></TD><TD><B>Financial instruments by category (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>25.3 Fair value measurement of financial
instruments </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify">Level 1 - Quoted prices (unadjusted)
in active markets for identical assets or liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify">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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: left">Level 3 - Inputs for the asset or
liability that are not based on observable market data (that is, unobservable inputs).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This note provides an update on the judgements
and estimates made by the Group in determining the fair values of the financial instruments since the last annual financial report.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>25.3.1 Fair value hierarchy </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table presents the Group&rsquo;s
financial assets and financial liabilities measured and recognized at fair value at December 31, 2019 and 2018 on a recurring basis:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Level 2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>At December 31, 2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money market funds</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,212</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,212</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative financial instrument liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commodity risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">444</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">444</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">874</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">874</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward contracts relating to forecast transactions</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,779</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,779</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>42,212</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8,097</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>50,309</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative financial instrument liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commodity risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">952</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">952</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>952</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>952</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Level 2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>At December 31, 2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money market funds</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,794</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,794</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative financial instrument liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commodity risk management contracts</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,539</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,539</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>53,794</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27,539</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>81,333</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">There were no transfers between Level 2
and 3 during the period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>25</B></TD><TD><B>Financial instruments by category (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>25.3 Fair value measurement of financial
instruments (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>25.3.1 Fair value hierarchy (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group did not measure any financial
assets or financial liabilities at fair value on a non-recurring basis as at December 31, 2019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>25.3.2 Valuation techniques used to determine
fair values </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Specific valuation techniques used to value
financial instruments include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The use of quoted market prices or dealer
quotes for similar instruments.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>25.3.3 Fair values of other financial
instruments (unrecognized)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The fair value of these financial instruments
at December 31, 2019 amounts to US$ 453,956,000 (US$ 445,582,000 in 2018). 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>26</B></TD><TD><B>Equity</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>26.1 Share capital and Share premium</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 56%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Issued share capital</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Common stock (amounts in US$ &lsquo;000)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The share capital is distributed as follows:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common shares, of nominal US$ 0.001 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59,167,584</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,483,447</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total common shares in issue</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59,167,584</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,483,447</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Authorized share capital</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$ per share</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.001</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.001</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number of common shares (US$ 0.001 each) </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,171,949,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,171,949,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amount in US$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,171,949</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; padding-left: 8.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,171,949</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Details regarding the share capital of the
Company are set out below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>26.1.1 Common shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of December 31, 2019, the outstanding
common shares confer the following rights on the holder:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the right to one vote per share;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ranking <I>pari passu</I>, the right to
any dividend declared and payable on common shares; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF"><B>GeoPark common shares history</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF">&nbsp;</P></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Date</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Shares issued (millions)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Shares closing (millions)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #3366FF"><B>US$(`000)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #3366FF"><B>Closing</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shares outstanding at the end of 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60.6</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>61</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock awards</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dec 2018</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.1</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60.7</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock awards</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dec 2018</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.2)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60.5</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shares outstanding at the end of 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60.5</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock awards</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jan 2019</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buyback program</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mar 2019</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.7)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61.3</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buyback program</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jun 2019</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.3)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stock awards</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jul 2019</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60.5</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buyback program</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sep 2019</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.2)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59.3</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buyback program</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dec 2019</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.1)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59.2</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shares outstanding at the end of 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59.2</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>26</B></TD><TD><B>Equity (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>26.1 Share capital and Share premium
(continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>26.1.2 Stock Award Program and Other
Share Based Payments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Non-Executive Directors Fees</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2019, the Company issued 29,220 (33,145
in 2018 and 70,485 in 2017) shares to Non-Executive Directors in accordance with contracts as compensation, generating a share
premium of US$ 499,000 (US$&nbsp;449,000 in 2018 and US$ 257,000 in 2017). The amount of shares issued is determined considering
the contractual compensation and the fair value of the shares for each relevant period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Stock Award Program and Other Share Based
Payments</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On July 8, 2019, 1,484,847 common shares
were allotted to the trustee of the Employee Beneficiary Trust (&ldquo;EBT&rdquo;), generating a share premium of US$ 4,311,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On January 2, 2019, 50% of the vested Value
Creation Plan (&ldquo;VCP&rdquo;) awards, representing 1,488,391 common shares, was issued to key management (including 439,075
issued to Directors involved in the performance of the Company), generating a share premium of US$ 2,334,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On December 14, 2017, 490,000 common shares
were allotted to the trustee of the Employee Beneficiary Trust (&ldquo;EBT&rdquo;), generating a share premium of US$ 2,513,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On September 13, 2017, 12,546 shares were
issued pursuant to a consulting agreement for services rendered to GeoPark Limited generating a share premium of US$ 43,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In January 2017, 82,306 shares were issued
to key management as bonus compensation, generating a share premium of US$ 332,000.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>26.1.3 Buyback Program</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On December 20, 2018, the Company&rsquo;s
Board of Directors approved a program to repurchase up to 10% of its shares outstanding or approximately 6,063,000 shares. The
repurchase program begun on December 21, 2018 and expired on December 31, 2019. During 2019, the Company purchased 4,318,320 common
shares (145,917 in 2018) for a total amount of US$ 71,272,000 (US$&nbsp;1,801,000 in 2018). These transactions had no impact on
the Group&rsquo;s results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>26.2 Cash distribution</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On November 6, 2019, the Company announced
that its Board of Directors declared the initiation of a quarterly cash distribution of US$ 0.0413 per share. Consequently, on
December 10, 2019, US$ 2,444,000 were distributed to shareholders of record at the close of business on November 22, 2019. This
distribution is deducted from Other Reserve.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>27</B></TD><TD><B>Borrowings</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 65%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Outstanding amounts as of December 31</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2024 Notes (a)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">427,812</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">426,993</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco Santander (b)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,607</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,006</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de Cr&eacute;dito e Inversiones (c)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>437,419</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>447,002</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Classified as follows:</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,281</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,975</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-current</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">420,138</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">429,027</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(a) During September 2017, the Company successfully
placed US$ 425,000,000 Notes which were offered to qualified institutional buyers in accordance with Rule 144A under the United
States Securities Act, and outside the United States to non-U.S. persons in accordance with Regulation S under the United States
Securities Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Notes carry a coupon of 6.50% per annum.
Final maturity of the Notes will be September 21, 2024. The Notes are secured with a guarantee granted by GeoPark Colombia S.L.U.
and GeoPark Chile S.p.A.. The debt issuance cost for this transaction amounted to US$ 6,683,000 (debt issuance effective rate:
6.90%). The indenture governing the Notes due 2024 includes incurrence test covenants that provide, among other things, that during
the two-years period between September 22, 2019 and September 21, 2021, the Net Debt to Adjusted EBITDA ratio should not exceed
3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.25 times. Failure to comply with the incurrence test covenants
does not trigger an event of default. However, this situation may limit the Company&rsquo;s capacity to incur additional indebtedness,
as specified in the indenture governing the Notes. Incurrence covenants as opposed to maintenance covenants must be tested by the
Company before incurring additional debt or performing certain corporate actions including but not limited to dividend payments,
restricted payments and others. As of the date of these Consolidated Financial Statements, the Company is in compliance of all
the indenture&rsquo;s provisions and covenants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(b) During October 2018, GeoPark Brazil
Explora&ccedil;&atilde;o y Produ&ccedil;&atilde;o de Petr&oacute;leo e G&aacute;s Ltda. executed a loan agreement with Banco Santander
for Brazilian Real 77,640,000 (equivalent to US$&nbsp;20,000,000 at the moment of the loan execution) to repay an existing US$-denominated
intercompany loan to GeoPark Latin America Limited - Agencia en Chile. The interest rate applicable to this loan is CDI plus 2.25%
per annum. &ldquo;CDI&rdquo; (Interbank certificate of deposit) represents the average rate of all inter-bank overnight transactions
in Brazil. The principal and the interest are paid semi-annually, with final maturity in October 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(c) During February 2016, GeoPark Fell S.p.A.
executed a loan agreement with Banco de Cr&eacute;dito e Inversiones for US$&nbsp;186,000 to finance the acquisition of vehicles
for the Chilean operation. The interest rate applicable to this loan was 4.14% per annum. The interest and the principal were fully
repaid in February 2019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of the date of these Consolidated Financial
Statements, the Group has available credit lines for US$ 168,175,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>28</B></TD><TD><B>Leases</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Consolidated Statement of Financial
Position shows the following amounts relating to leases:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 18%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>January 1, 2019 <SUP>(a)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production, facilities and machinery</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,785</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,398</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buildings and improvements</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,677</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,212</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,462</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,610</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lease liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,442</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,967</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-current</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,801</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,643</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,243</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,610</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(a)
In the previous year, the Group only recognized lease assets and lease liabilities in relation to leases that were classified
as &lsquo;finance leases&rsquo; under IAS 17 Leases. For adjustments recognized on adoption of IFRS 16 on January 1, 2019, please
refer to Note 2.1.1.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Consolidated Statement of Income shows
the following amounts relating to leases:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 80%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Depreciation charge of Right-of-use assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production, facilities and machinery</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,834)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buildings and improvements</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,810)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3,644)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unwinding of long-term liabilities (included in Financial results)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(419)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses related to short-term leases (included in Production and operating cost and Administrative expenses)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,463)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses related to low-value leases (included in Administrative expenses)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(314)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>29</B></TD><TD><B>Provisions and other long-term liabilities</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 48%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ &lsquo;000&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Asset retirement obligation</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #3366FF"><B>Deferred Income</B></P></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Other</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At January 1, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>38,075</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,452</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,757</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>46,284</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Addition to provision</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,039</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,501</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recovery of abandonment costs and other</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,817)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,099)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,916)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisitions</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,738</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,738</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange difference</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,823</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,777</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency translation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,648)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,648)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amortization</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,005)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,005)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unwinding of discount</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,250</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">173</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,423</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unused amounts reversed</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,093)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,093)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amounts used during the year</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(750)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(124)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(874)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liabilities associated with assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,816)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,794)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,610)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>40,317</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>447</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,813</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>42,577</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Addition to provision</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,299</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,267</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,867</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,433</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange difference</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency translation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(334)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(334)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amortization</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(429)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(429)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unwinding of discount</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,573</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,650</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amounts used during the year</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,117)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,144)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>56,113</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,267</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,682</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>62,062</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Deferred income relates to contributions
received to improve the project economics of the gas wells in Chile and government grants relating to the purchase of property,
plant and equipment in Colombia. The amortization is in line with the related assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>30</B></TD><TD><B>Trade and other payables</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 60%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 18%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">V.A.T</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,718</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">852</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,991</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69,142</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payables to LGI (Note 36.1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,509</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Customer advance payments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,300</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other short-term advance payments <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,000</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Staff costs to be paid</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,219</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,049</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalties to be paid</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,294</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,238</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes and other debts to be paid</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,795</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,670</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be paid to co-venturers (Note 34)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,803</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,449</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>136,820</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>146,209</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Classified as follows:</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131,345</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131,420</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-current</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,475</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,789</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Advance
                                         payment collected in relation with the sale of La Cuerva and Yamu Blocks (see Note 36.2).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The average credit period (expressed as
creditor days) during the year ended December 31, 2019 was 94 days (2018: 83 days).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The fair value of these short-term financial
instruments is not individually determined as the carrying amount is a reasonable approximation of fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>31</B></TD><TD><B>Share-based payment</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group has established different stock
awards programs and other share-based payment plans to incentivize the Directors, senior management and employees, enabling them
to benefit from the increased market capitalization of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2018, GeoPark announced the 2018
Equity Incentive Plan (the &ldquo;Plan&rdquo;) 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>31</B></TD><TD><B>Share-based payment (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2019, the Group approved a plan named
Value Creation Plan (&ldquo;VCP&rdquo;) oriented to key Management. Main characteristics of the VCP are:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Awards payables in a variable number of
shares which shall not exceed the quantity of 3,024,172 shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Subject to certain market conditions, among
others, reaching a stock market price for the Company shares of above US$ 19.42 at vesting date.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vesting date: December 31, 2021 and 2022
(50% each year).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">VCP has been classified as an equity-settled
plan. 20% of this plan was awarded to Directors involved in the performance of the Company<B>.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2018, the Group approved a share-based
compensation program for approximately 200,000 shares. Main characteristics of the Stock Awards Programs are:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Employees hired since July 2016 are eligible.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exercise price is equal to the nominal
value of shares. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vesting date was June 30, 2019. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Each employee could receive up to three
salaries (to be pro-rated between the hiring date and the vesting date divided by 3 years) by achieving the following conditions:
continue to be an employee, the stock market price at the date of vesting should be higher than the share price at the date of
grant and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2016, the Group approved a share-based
compensation program for 1,619,105 shares. Main characteristics of the Stock Awards Programs are:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All employees are eligible.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exercise price is equal to the nominal
value of shares. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vesting date was June 30, 2019. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Each employee could receive up to three
salaries by achieving the following conditions: continue to be an employee, the stock market price at the date of vesting should
be above US$ 3 and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>31 Share-based payment (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Details of these costs and the characteristics
of the different stock awards programs and other share-based payments are described in the following table and explanations:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF"><B>Year of issuance</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF">&nbsp;</P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Awards at the beginning</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Awards granted in the year</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Awards forfeited</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Awards exercised</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Awards at year end</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Charged to net loss / profit</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 28%; border-bottom: #99CCFF 1pt solid; padding-left: 18.45pt; text-align: left; text-indent: -18.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,000</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(68,670)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(131,330)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">416</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,662</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 18.45pt; text-align: left; text-indent: -18.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,582,426</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(228,909)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,353,517)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">866</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">865</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; padding-left: 18.45pt; text-align: left; text-indent: -18.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">838</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,782,426</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(297,579)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,484,847)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>466</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,528</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,703</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares granted to Non-Executive Directors</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,220</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,220)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">500</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">450</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">454</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VCP 2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378,053</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378,053</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">951</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Directors Bonus</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,439</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,058</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">156,497</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">800</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VCP 2016 <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,976,781</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,488,391)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,488,390</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,868</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,868</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Stock awards for service contracts</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</FONT></TD>
    </TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,863,646</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>459,331</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(297,579)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3,002,458)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,022,940</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,717</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,446</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,075</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(a)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">The
                                         awards at year end were issued in January 2020, as set up in the plan.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The awards that are forfeited correspond
to employees that had left the Group before vesting date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In November 2019, the Group approved a share-based
compensation program for approximately 800,000 shares. Main characteristics of the Stock Awards Programs are:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Grant Date: January 1, 2020 for existing
employees or hiring date for new employees</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Employees not included in the VCP and new
hiring are eligible.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exercise price is equal to the nominal
value of shares. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vesting date: January 2, 2023. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Each employee could receive between three
and six salaries (to be pro-rated between the hiring date and the vesting date for new hiring) by achieving the following conditions:
continue to be an employee, the stock market price at the date of vesting should be higher than the share price at the date of
grant and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As the abovementioned program was granted
in 2020, it has no impact on these Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>32</B></TD><TD><B>Interests in Joint operations</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group has interests in joint operations,
which are engaged in the exploration of hydrocarbons in Colombia, Chile, Brazil, Argentina, Peru and Ecuador.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">GeoPark is the operator in the Llanos 34,
Llanos 32, Llanos 86, Llanos 87 and Llanos 104 Blocks in Colombia, in the Flamenco, Campanario and Isla Norte Blocks in Chile,
in the POT-T-747 and REC-T-128 Blocks in Brazil, in the Morona Block in Peru, and in the Espejo Block in Ecuador. Additionally,
GeoPark used to be the operator in the CN-V Block in Argentina until October 2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following amounts represent the Group&rsquo;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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF"><B>Subsidiary / </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF"><B>Joint operation</B></P></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Interest</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>PP&amp;E</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Other</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Assets</B></P></TD>
    <TD COLSPAN="2" STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Total</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Assets</B></P></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Total</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Liabilities</B></P></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Net Assets/ (Liabilities)</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Revenue</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Operating profit (loss) </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Colombia S.A.S.</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 34 Block</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208,156</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,128</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211,284</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,267)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205,017</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">513,378</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398,953</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 32 Block</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,136</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,136</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(519)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">617</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,053</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,791</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 86 Block</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 87 Block</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 104 Block</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark TdF S.p.A.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flamenco Block</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,623</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,623</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,382)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,241</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(313)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Campanario Block</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,445</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,445</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(331)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,114</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(156)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Isla Norte Block</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,896</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,896</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(101)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,795</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(189)</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Brazil Explora&ccedil;&atilde;o y Produ&ccedil;&atilde;o de Petr&oacute;leo e Gas Ltda.</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Manati Field</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,537</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,066</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,603</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,980)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,623</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,376</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,263</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">POT-T-747</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,516)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REC-T-128</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,886</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">919</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,805</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(143)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,662</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">674</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">POT-T-785</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Argentina S.A.U.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CN-V Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">274</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">274</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(237)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,451)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Puelen Block</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(41)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.959)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sierra del Nevado Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(79)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,705)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Per&uacute; S.A.C.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morona</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,921</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,862</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,783</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,161)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,622</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,976)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Per&uacute; S.A.C. - Sucursal Ecuador</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Espejo</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">520</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(610)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(90)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(272)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Perico</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">304</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(541)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(176)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(176)</FONT></TD></TR>
<TR>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>32</B></TD><TD><B>Interests in Joint operations (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF"><B>Subsidiary / </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF"><B>Joint operation</B></P></TD>
    <TD COLSPAN="2" STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Interest</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>PP&amp;E</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Other</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Assets</B></P></TD>
    <TD COLSPAN="2" STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Total</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Assets</B></P></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Total</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Liabilities</B></P></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Net Assets/ (Liabilities)</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Revenue</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Operating profit (loss)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Colombia SAS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 34 Block</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">174,895</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,133</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">178,028</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,296)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">175,732</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">469,404</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347,772</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 32 Block</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,011</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,011</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(449)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,562</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,764</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">623</FONT></TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="border-bottom: #99CCFF 1pt solid; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Magallanes Ltda.</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tranquilo Block</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(428)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(373)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark TdF S.A.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flamenco Block</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,803</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,803</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,173)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,630</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">263</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,647)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Campanario Block</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,477</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,477</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(278)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,199</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,008)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Isla Norte Block</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,920</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,920</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(72)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,848</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(778)</FONT></TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Brazil Explora&ccedil;&atilde;o y Produ&ccedil;&atilde;o de Petr&oacute;leo e Gas Ltda.</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Manati Field</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,741</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,364</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,105</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(839)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,266</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,053</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,963</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">POT-T-747</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REC-T-128</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,398</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,398</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(648)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Argentina Limited &ndash; Argentinean Branch </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CN-V Block</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,577</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,905</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(577)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,328</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(922)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Puelen Block</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,881</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,894</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(246)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,648</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(159)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sierra del Nevado Block</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">995</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,005</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(91)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">914</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(134)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Per&uacute; S.A.C.</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morona</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,446</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,446</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,016)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(570)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF"><B>Subsidiary / </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; color: #3366FF"><B>Joint operation</B></P></TD>
    <TD STYLE="width: 8%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Interest</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>PP&amp;E</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #3366FF"><B>Other</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #3366FF"><B>Assets</B></P></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #3366FF"><B>Total</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #3366FF"><B>Assets</B></P></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #3366FF"><B>Total</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #3366FF"><B>Liabilities</B></P></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Net Assets/ (Liabilities)</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Revenue</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Operating profit (loss)&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Colombia SAS</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 34 Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131,193</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,563</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135,756</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,847)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129,909</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">259,815</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">163,917</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 32 Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.5%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">835</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,044</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(492)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">552</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,784</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(319)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yamu/Carupana Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">89.5%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,741</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,742</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,993)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,749</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,072</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,721)</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="border-bottom: #99CCFF 1pt solid; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Magallanes Ltda.</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tranquilo Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(432)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(377)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark TdF S.A.</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flamenco Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,893</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,893</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,223)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,670</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">879</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,422)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Campanario Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,347</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,347</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(233)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,114</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(150)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Isla Norte Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,553</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,553</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,493</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(161)</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="border-bottom: #99CCFF 1pt solid; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Brazil Explora&ccedil;&atilde;o y Produ&ccedil;&atilde;o de Petr&oacute;leo e Gas Ltda.</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Manati Field</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,167</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,126</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,293</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,444)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,849</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,238</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,731</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">POT-T-747</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">849</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,207</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,091)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GeoPark Argentina Limited &ndash; Argentinean Branch </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CN-V Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,819</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,166</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(984)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,182</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,163)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Puelen Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,318</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,390</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(232)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,158</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(546)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sierra del Nevado Block</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18%</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">568</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">169</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">737</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(837)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(100)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(474)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Capital commitments are disclosed in Note 33.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>33</B></TD><TD><B>Commitments</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.1 Royalty commitments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Colombia, royalties on production are
payable to the Colombian Government and are determined on a field-by-field basis using a level of production sliding scale at a
rate which ranges between 6%-8%. The Colombian National Hydrocarbons Agency (&ldquo;ANH&rdquo;) also has an additional economic
right equivalent to 1% of production, net of royalties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under Law 756 of 2002, as modified by Law
1530 of 2012, the royalties on Colombian production of light and medium oil are calculated on a field-by-field basis, using the
following sliding scale:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; border-top: #3CB6EC 1pt solid; border-bottom: #3CB6EC 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Average daily production in barrels</B></FONT></TD>
    <TD STYLE="width: 49%; border-top: #3CB6EC 1pt solid; border-bottom: #3CB6EC 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Production Royalty rate</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Up to 5,000</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000 to 125,000</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8% + (production - 5,000) * 0.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125,000 to 400,000</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000 to 600,000</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20% + (production - 400,000) * 0.025</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Greater than 600,000</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">When the API is lower than 15&deg;, the
payment is reduced to the 75% of the total calculation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In accordance with Llanos 34 Block operation
contract, when the accumulated production of each field, including the royalties&rsquo; volume, exceeds 5,000,000 of barrels and
the WTI exceeds the base price settled in table A, the Group should deliver to ANH a share of the production net of royalties in
accordance with the following formula: Q = ((P &ndash; Po) / P) x S; where Q = Economic right to be delivered to ANH, P = WTI,
Po = Base price (see table A) and S = Share (see table B).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.8pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #3CB6EC 1pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #3CB6EC 1pt solid; text-align: center"><B>Table A</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #3CB6EC 1pt solid; text-align: center"><B>Table B</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; border-top: #3CB6EC 1pt solid; border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&deg;API</FONT></TD>
    <TD STYLE="border-top: #3CB6EC 1pt solid; border-bottom: #3CB6EC 1pt solid; width: 25%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Po (US$/barrel)</FONT></TD>
    <TD STYLE="width: 30%; border-top: #3CB6EC 1pt solid; border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WTI (P)</FONT></TD>
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #3CB6EC 1pt solid; border-bottom: #3CB6EC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&gt;29&deg;</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.22</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Po &lt; P &lt; 2Po</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&gt;22&deg;&lt;29&deg;</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.39</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2Po &lt; P &lt; 3Po</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&gt;15&deg;&lt;22&deg;</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.56</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3Po &lt; P &lt; 4Po</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&gt;10&deg;&lt;15&deg;</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.50</FONT></TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4Po &lt; P &lt; 5Po</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5Po &lt; P</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #3CB6EC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Additionally, under the terms of the Winchester
Stock Purchase Agreement, GeoPark is obligated to make certain payments to the previous owners of Winchester based on the production
and sale of hydrocarbons discovered by exploration wells drilled after October 25, 2011.&nbsp;These payments involve an overriding
royalty equal to an estimated 4% carried interest on the part of the vendor. As at the balance sheet date and based on preliminary
internal estimates of additions of 2P reserves since acquisition, the Group&rsquo;s best estimate of the total commitment over
the remaining life of the concession is in a range between US$ 200,000,000 and US$ 210,000,000. During 2019, the Group has accrued
US$ 24,700,000 (US$ 20,551,000 in 2018 and US$ 11,369,000 in 2017) and paid US$&nbsp;18,200,000 (US$&nbsp;19,128,000 in 2018 and
US$&nbsp;9,981,000 in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>33</B></TD><TD><B>Commitments (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.1 Royalty commitments (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Chile, royalties are payable to the Chilean
Government. In the Fell Block, royalties are calculated at 5% of crude oil production and 3% of gas production. In the Flamenco
Block, Campanario Block and Isla Norte Block, royalties are calculated at 5% of gas and oil production.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 licita&ccedil;&atilde;o)
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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Argentina, crude oil and gas production
accrues royalties payable to the Provinces of Mendoza and Neuquen equivalent to 15% on estimated value at well head of those products.
This value is equivalent to final sales price less transport, storage and treatment costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.2 Capital commitments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.2.1 Colombia</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The VIM 3 Block minimum investment program
consists of 125 km of 3D seismic, seismic reprocessing and drilling one exploratory well, with a total estimated investment of
US$ 22,290,800 during the exploratory period ending November 12, 2019. Since 2018, GeoPark has requested ANH to terminate the E&amp;P
Contract due to environmental restrictions in the block. These restrictions became apparent once the National Authority of Environmental
Licenses (ANLA) issued the environmental license. As of the date of these consolidated financial statements, GeoPark&rsquo;s termination
request is under review.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Llanos 87 Block (50% working interest)
has committed to reprocess 3D seismic and to drill four exploratory wells, which amount to US$ 12,290,000 at GeoPark&rsquo;s working
interest, before November 24, 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Llanos 86, Llanos 104, Llanos 123 and
Llanos 124 Blocks are in Preliminary Phase as of the date of these consolidated financial statements. During this Preliminary Phase,
GeoPark must request the Ministry of Interior for the 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
has been obtained, the blocks will enter into Phase 1, where the exploratory commitments are mandatory. The investment commitments
for the blocks over three-years term of Phase 1 would be the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Llanos 86 Block: 3D seismic, 2D seismic
reprocessing and 1 exploratory well (US$ 8,860,000)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Llanos 104 Block: 3D seismic, 2D seismic
reprocessing and 1 exploratory well (US$ 7,873,000)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Llanos 123 Block: 3D seismic reprocessing,
geochemistry and 2 exploratory wells (US$ 6,334,000)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Llanos 124 Block: 3D seismic,
3D seismic reprocessing, geochemistry and 3 exploratory wells (US$ 9,375,000)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>33</B></TD><TD><B>Commitments (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.2 Capital commitments (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.2.2 Chile</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The remaining investment commitment to be
assumed 100% by GeoPark for the second exploratory phase in the Flamenco, Campanario and Isla Norte Blocks are up to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Flamenco Block: 1 exploratory well before
November 7, 2020 (US$ 2,100,000)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Campanario Block: 3 exploratory wells before
January 11, 2020 (US$ 4,758,000)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Isla Norte Block: 2 exploratory wells before
November 7, 2020 (US$ 2,855,000)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of December 31, 2019, the Group has established
guarantees for its total commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The drilling campaign relating to the committed
wells detailed above has already started in February 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.2.3 Brazil</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The future investment commitments assumed
by GeoPark are up to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REC-T-128 Block: 3D seismic reprocessing
and interpretation before March 26, 2020 (US$ 1,300,000).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">POT-T-785 Block: 3D seismic and electromagnetic
survey before January 29, 2023 (US$ 90,000).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REC-T-58 Block: 3D seismic and electromagnetic
survey before February 14, 2025 (US$ 140,000).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REC-T-67 Block: 3D seismic and electromagnetic
survey before February 14, 2025 (US$ 140,000).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REC-T-77 Block: 3D seismic and electromagnetic
survey before February 14, 2025 (US$ 140,000).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">POT-T-834 Block: 3D seismic and electromagnetic
survey before February 14, 2025 (US$ 140,000).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.2.4 Argentina</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The investment commitment in the Los Parlamentos
Block (50% working interest) for the first exploratory period, ending on October 30, 2021, which includes 2 exploratory wells and
additional 3D seismic, amounts to US$ 6,000,000, at GeoPark&rsquo;s working interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.2.5 Ecuador</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Espejo Block: 3D seismic and 4 exploratory
wells before June 17, 2023 (US$ 17,648,000).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Perico Block: 4 exploratory wells before
June 16, 2023 (US$ 12,109,000).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.3 Operating lease commitments &ndash;
Group company as lessee</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group leases offices and various plant
and machinery under non-cancellable operating lease agreements. The lease terms are between 1 and 7 years, and most of lease agreements
are renewable at the end of the lease period at market rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33 Commitments (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>33.3 Operating lease commitments &ndash;
Group company as lessee (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From January 1, 2019, the Group has recognized
right-of-use assets for these leases, except for short-term and low-value leases. See Note 2.1.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Until December 31, 2018, operating leases
related to offices, facilities, machinery and equipment were charged to the Consolidated Statement of Income for US$ 12,485,000
in 2018 and US$ 46,195,000 in 2017, and were capitalized as Property, plant and equipment for US$ 38,229,000 in 2018 and US$ 34,160,000
in 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The future aggregate minimum lease payments
under non-cancellable operating leases were as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 67%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ &rsquo;000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Falling due within 1 year</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,450</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,180</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Falling due within 1 &ndash; 3 years</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,032</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,777</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Falling due within 3 &ndash; 5 years</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,793</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Falling due over 5 years</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,956</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total minimum lease payments</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69,938</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>40,750</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>34</B></TD><TD><B>Related parties</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Controlling interest</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The main shareholders of GeoPark Limited,
a company registered in Bermuda, as of December 31, 2019, are:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Shareholder</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Common shares</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Percentage of outstanding common shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James F. Park <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,278,251</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.99%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gerald E. O&rsquo;Shaughnessy <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,309,002</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.35%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Compass Group LLC <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,733,824</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.00%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Renaissance Technologies Holdings Corporation <SUP>(d)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,509,096</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.62%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Manchester Financial Group, LP </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,246,296</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.18%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Juan Crist&oacute;bal Pavez <SUP>(e)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,974,960</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.03%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other shareholders</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,116,155</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.83%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59,167,584</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>100.00%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(a)</SUP> Held by Energy Holdings,
LLC, which is controlled by James F. Park. The information set forth above and listed in the table is based solely on the disclosure
set forth in Mr. Park&rsquo;s most recent Schedule 13G filed with the SEC on February 7, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(b)</SUP> Held by Mr. O&rsquo;Shaughnessy
directly and indirectly through GP Investments LLP, GPK Holdings, 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&acute;Shaughnessy&rsquo;s
most recent Schedule 13G filed with the SEC on February 6, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(c)</SUP> The information set forth
above and listed in the table is based solely on the disclosure set forth in Compass Group LLC&rsquo;s most recent Schedule 13G
filed with the SEC on February 12, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(d)</SUP> Beneficially owned by Renaissance
Technologies Holdings Corporation and Renaissance Technologies LLC (jointly &ldquo;Renaissance&rdquo;). The in-formation set forth
above and listed in the table is based solely on the disclosure set forth in Renaissance&rsquo;s most recent Schedule 13G filed
with the SEC on February 13, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><SUP>(e)</SUP> Held through Socoservin Overseas
Ltd, which is controlled by Juan Crist&oacute;bal Pavez. The common shares reflected as being held by Mr. Pavez include 97,156
common shares held by him personally. This information is based solely on the disclosure set forth in Mr. Pavez&rsquo;s most recent
Schedule 13G filed with the SEC on February 5, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>34</B></TD><TD><B>Related parties (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Balances outstanding and transactions
with related parties</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Account (Amounts in &acute;000)</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Transaction in the year</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Balances at year end</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Related Party</B></FONT></TD>
    <TD STYLE="border-top: #99CCFF 1pt solid; width: 25%; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Relationship</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be recovered from co-venturers</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,035</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be paid to co-venturers</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,803)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right; text-indent: -467.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Geological and geophysical expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">160</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carlos Gulisano</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-Executive Director <SUP>(a)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 14.2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">581</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pedro E. Aylwin </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Director <SUP>(b)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be recovered from co-venturers</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,819</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be paid to co-venturers</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,449)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right; text-indent: -467.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial results</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,606</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LGI</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Partner</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Geological and geophysical expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">170</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carlos Gulisano</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-Executive Director <SUP>(a)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; padding-left: 14.2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">547</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pedro E. Aylwin </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Director <SUP>(b)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be recovered from co-venturers</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,455</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prepayments and other receivables</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LGI</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Partner</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payables account</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(31,184)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LGI</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Partner</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be paid to co-venturers</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,015)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joint Operations</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial results</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,224</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LGI</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Partner</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Geological and geophysical expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">170</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carlos Gulisano</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-Executive Director <SUP>(a)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">411</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pedro E. Aylwin </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Director <SUP>(b)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(a)</SUP> Corresponding to consultancy
services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(b)</SUP> Corresponding to wages and
salaries for US$ 390,000 (US$ 417,000 in 2018 and US$ 271,000 in 2017) and bonus for US$ 191,000 (US$ 130,000 in 2018 and US$ 140,000
in 2017).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>35</B></TD><TD><B>Auditors fees</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 55%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 15%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; border-top: #99CCFF 1pt solid; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Audit fees</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">763</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">797</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">726</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Audit related fees</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">510</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax services fees</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">165</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-audit services fees</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fees paid to auditors</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,443</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,006</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,114</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Non-audit services fees relate to consultancy
and other services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>36</B></TD><TD><B>Business transactions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>36.1 General</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Non-controlling interest in Colombia
and Chile&rsquo;s business from LG International</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On November 28, 2018, GeoPark executed an
agreement to acquire the LG International Corporation (&ldquo;LGI&rdquo;) interest in GeoPark&rsquo;s Colombian and Chilean operations
and subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The acquisition price included a fixed payment
of US$ 81,000,000 paid at closing, plus two equal installments of US$ 15,000,000 each, to be paid in June 2019 and June 2020. Additionally,
three contingent payments of US$ 5,000,000 each could be payable over the next three years, subject to certain production thresholds
being exceeded. As of the date of these Consolidated Financial Statements, the first installment of US$ 15,000,000 was already
paid, and the production threshold corresponding to the first contingent payment of US$ 5,000,000 was not exceeded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Through this transaction, GeoPark acquired
the shares that used to be held by LGI representing 20% equity interest in GeoPark Colombia Co&ouml;peratie U.A., 20% equity interest
in GeoPark Chile S.A. and 14% equity interest in GeoPark TdF S.A. In addition to that, the outstanding amount corresponding to
advanced cash call payments granted in the past by LGI to GeoPark Chile S.A. for financing Chilean operations in TdF&rsquo;s blocks
were considered as part of the transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The transaction mentioned above has been
accounted for as a transaction with non-controlling interest in accordance with IFRS 10. Consequently, the difference between the
amount by which the non-controlling interest was stated and the fair value of the consideration paid was recognized directly in
Equity and attributed to the owners of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table summarizes the result
of this transaction:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 81%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81,000</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional installments to be paid</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,427</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total consideration</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>110,427</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity attributable to non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,245</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade and other payables</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,786</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total book value of the transaction</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>97,031</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Result of the transaction recognized in Equity</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,396</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>36</B></TD><TD><B>Business transactions (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>36.2 Colombia </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>La Cuerva and Yamu Blocks</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On November 2, 2018, GeoPark executed a
purchase and sale agreement to sell its 100% working interest in the La Cuerva and Yamu Blocks, in Colombia. The total consideration
is US$ 18,000,000, less a working capital adjustment of US$ 1,934,000, plus a contingent payment of US$ 2,000,000. Closing of the
transaction took place in July 2019, after the corresponding customary regulatory approvals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As a consequence of this transaction, GeoPark
collected an advance payment of US$ 9,000,000 in November 2018 and the final payment (which includes the working capital adjustment)
of US$ 7,066,000 in July 2019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table summarizes the assets
and liabilities related to these blocks and the result of the transaction at its closing date:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 81%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advance payment</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,000</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Final payment (including working capital adjustment)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,066</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total consideration</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16,066</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,211</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liabilities associated with assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,447)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other net current assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,416</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total identifiable net assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16,180</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Result of the transaction recognized in the Condensed Consolidated Statement of Income</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(114)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Llanos 123 and Llanos 124 Blocks</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On December 20, 2019, GeoPark signed final
contracts for the 50% working interest and operationship in the Llanos 123 and Llanos 124 Blocks, in partnership with Hocol (a
100% subsidiary of Ecopetrol). The blocks represent attractive, low-risk, high potential exploration acreage in the Llanos basin
in proximity to the Llanos 34 Block, and surrounded by multiple producing oil and gas fields and existing infrastructure. GeoPark
assumed commitments to acquire and reprocess existing 3D seismic and to drill five exploration wells for US$ 15,709,000, at GeoPark&rsquo;s
working interest, during the first exploration phase over the next three years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Llanos 94 Block</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In December 2019, GeoPark executed an agreement
to acquire a 50% working interest in the Llanos 94 Block, subject to regulatory approval. GeoPark assumed commitments to acquire
and reprocess existing 3D seismic and to drill three exploration wells for US$ 10,150,000, at GeoPark&rsquo;s working interest,
during the first exploration phase over the next three years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>36</B></TD><TD><B>Business transactions (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>36.2 Colombia (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Llanos 86, Llanos 87 and Llanos 104 Blocks</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On July 11, 2019, GeoPark signed final contracts
for the 50% working interest and operationship in the Llanos 86, Llanos 87 and Llanos 104 Blocks, in partnership with Hocol (a
100% subsidiary of Ecopetrol). The blocks represent significant and attractive, low-risk, high potential exploration acreage in
the Llanos basin in proximity to the Llanos 34 Block. GeoPark assumed commitments to register 3D seismic and to drill six exploration
wells for US$ 29,023,000, at GeoPark&rsquo;s working interest, during the first exploration phase over the next three years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Llanos 32 Block</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the fourth quarter of 2019, GeoPark
discovered the Azogue oil field where the Group&rsquo;s working interest is 25% as per an additional agreement to the Llanos 32
Block Joint Operating Agreement (GeoPark non-operated, 12.5% working interest), by which GeoPark acquired a beneficial interest
in a defined area within the block.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>35.3 Brazil </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>REC-T-58, REC-T-67, REC-T-77 and POT-T-834
Blocks</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In September 2019, GeoPark was preliminarily
awarded the 100% working interest and operationship of the REC-T-58, REC-T-67, REC-T-77 and POT-T-834 Blocks. GeoPark assumed commitments
of US$ 1,300,000 during the first exploration period of five years. Final contracts were signed on 14 February 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>36.4 Argentina </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Aguada Baguales, El Porvenir and Puesto
Touquet Blocks</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On March 27, 2018, GeoPark acquired a 100%
working interest and operatorship of the Aguada Baguales, El Porvenir and Puesto Touquet Blocks, which are located in the Neuquen
Basin, for a total consideration of US$ 52,000,000, less a working capital adjustment of US$ 3,150,000. The Group has estimated
that there are no any future contingent payments at the acquisition date and as of the date of these consolidated financial statements
either.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In accordance with the acquisition method
of accounting, the acquisition cost was allocated to the underlying assets acquired and liabilities assumed based primarily upon
their estimated fair values at the date of acquisition. An income approach (being the net present value of expected future cash
flows) was adopted to determine the fair values of the mineral interest. Estimates of expected future cash flows reflect estimates
of projected future revenues, production costs and capital expenditures based on our business model.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>36</B></TD><TD><B>Business transactions (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>36.4 Argentina (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Aguada Baguales, El Porvenir and Puesto
Touquet Blocks (continued)</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table summarizes the combined
consideration paid for the acquired blocks and the final allocation of fair value of the assets acquired and liabilities assumed
for the abovementioned transaction:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 81%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,850</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total consideration</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48,850</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property, plant and equipment (including mineral interest)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,929</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,659</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for other long-term liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,738)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total identifiable net assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48,850</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">In December 2017, GeoPark granted a security deposit of US$ 15,600,000. In March 2018, the Group
completed the total consideration with an additional payment of US$ 36,400,000. In September 2018, Geo-Park collected a working capital
adjustment of US$ 3,150,000.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In accordance with disclosure requirements
for business combinations, the Group has calculated its consolidated revenue and profit, considering as if the mentioned acquisition
had occurred at the beginning of the reporting period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table summarizes both results:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 81%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: #99CCFF 1pt solid; padding-left: 31.85pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">612,401</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Profit for the period</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>102,873</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The revenue included in the 2018 consolidated
statement of comprehensive income since acquisition date contributed by the acquired business is US$ 35,879,000. The acquired business
has also contributed profit of US$ 124,000 over the same period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As a consequence of this transaction, the
Group considers that there is sufficient evidence of future taxable profits to offset tax losses and recognize a deferred tax asset
for US$ 1,346,000 in respect of tax losses from previous years which can be utilised against future taxable profit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Los Parlamentos Block</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In June 2018, GeoPark acquired a 50% working
interest in the Los Parlamentos exploratory block in partnership with YPF S.A. (YPF), the largest oil and gas producer in Argentina.
In accordance with the partnership agreement, YPF assumed the operationship of the block and GeoPark assumed a commitment to fund
its 50% working interest of one exploratory well and additional 3D seismic, which amounts to US$ 6,000,000 at GeoPark&rsquo;s working
interest, over the next three years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>36</B></TD><TD><B>Business transactions (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>36.5 Ecuador</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Espejo and Perico Blocks</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On May 22, 2019, GeoPark signed final participation
contracts for the Espejo (GeoPark operated, 50% working interest) and Perico (GeoPark non-operated, 50% working interest) Blocks
in Ecuador, which were awarded to GeoPark in the Intracampos Bid Round held in Quito, Ecuador in March 2019. GeoPark assumed a
commitment of carrying out 3D seismic in the Espejo Block and drilling four exploration wells in each block, which amounts to US$
29,757,000 at GeoPark&rsquo;s working interest, over the next four years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note&#9;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>37 Impairment test on Property, plant and
equipment</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 fixed assets or with operations that are not linked to oil prices were not subject to the impairment
test.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As a result of the oil price crisis which
started in the second half of 2014, the Group recognized an impairment loss of US$&nbsp;149,574,000 in 2015 after evaluating the
recoverability of its fixed assets affected by oil price drop. In the following years the impairment tests were reviewed. Based
on the analysis performed, the Group concluded that the impairment recognized should not be reversed in the current year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The main assumptions taken into account
for the impairment tests for the blocks below mentioned were:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">The future oil prices have been calculated taking into consideration the oil price curves available
in the market, provided by international advisory companies, weighted through internal estimations in accordance with price curves
used by D&amp;M;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">Three oil price scenarios were projected and weighted in order to minimize misleading estimations:
low-price, middle-price and high-price (see below table &ldquo;Oil price scenarios&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">The table &ldquo;Oil price scenarios&rdquo; was based on Brent future price estimations; the Group
adjusted this market price on its model valuation to reflect the effective price applicable in each location (see Note 3 &ldquo;Price
risk&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">The model valuation was based on the expected cash flow approach;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">The revenues were calculated linking price curves with levels of production according to certified
reserves (see below table &ldquo;Oil price scenarios&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">The levels of production have been linked to certified risked 1P, 2P and 3P reserves (see Note
4);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">Production and structure costs were estimated considering internal historical data according to
GeoPark&rsquo;s own records and aligned to the 2020 approved budget;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">The capital expenditures were estimated considering the drilling campaign necessary to develop
the certified reserves;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">The assets subject to impairment test are the ones classified as Oil and Gas properties and Production
facilities and machinery;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">The carrying amount subject to impairment test includes mineral interest, if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">-</TD><TD STYLE="text-align: justify">The income tax charges have considered future changes in the applicable income tax rates (see Note
16).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>37 Impairment test on Property, plant and
equipment (continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Table Oil price scenarios <SUP>(a)</SUP>:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ per Bbl.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Year</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Low price (15%)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Middle price (60%)</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>High price (25%)</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Weighted market price used for the impairment test</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.8</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75.9</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53.7</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71.6</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">78.8</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over 2023</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.8</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">73.1</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">80.4</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72.2</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(a)</SUP> The percentages indicated
between brackets represent the Group estimation regarding each price scenario.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As a consequence of the evaluation, the
following amounts of impairment loss were (recognized) reversed:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; width: 19%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; width: 19%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; width: 19%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Colombia <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,531</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chile <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,549)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Argentina <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,559)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7,559)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,982</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Reversal of impairment losses due to increases in estimated
market prices and improvements in cost structure, and also the known fair value less costs of disposal of the La Cuerva and Yamu
Blocks (see Note 36.2).</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">Recognition of impairment loss due to the termination
of the sales agreement for the TdF&rsquo;s blocks, with no renovation in place as of the date of these consolidated financial
statements.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify">Recognition of impairment loss for the total amount capitalized
in the CN-V Block due to a negative revision of reserves at year-end.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">When evaluating Aguada Baguales and El Porvenir
Blocks, although no impairment loss was recognized, if the weighted market price used for the impairment test had been 5% lower
in each of the future years, with all other variables held constant, the Group would have had to recognize an impairment against
the carrying amount of property, plant and equipment of US$ 3,974,000. If the risk associated to reserves applied to the cash flow
projections of this CGU had been 5% higher than management&rsquo;s estimates, the Group would have had to recognize an impairment
against property, plant and equipment of US$ 3,254,000. In the prior year, there were no reasonably possible changes in any of
the key assumptions that would have resulted in an impairment loss in this CGU.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>38</B></TD><TD><B>Subsequent events</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>38.1 Business transactions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>Acquisition of Amerisur Resources Plc.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On January 16, 2020, GeoPark acquired the
100% share capital of Amerisur Resources Plc, a company listed on the Alternative Investment Market (&ldquo;AIM&rdquo;) of the
London Stock Exchange. The principal activities of Amerisur Resources Plc and its subsidiaries (&ldquo;Amerisur&rdquo;) are exploration,
development and production for oil and gas reserves in Latin America. Amerisur owns thirteen production, development and exploration
blocks in Colombia (twelve operated blocks in the Putumayo basin and one non-operated block in the Llanos basin) and an export
oil pipeline from Colombia to Ecuador named Oleoducto Binacional Amerisur (&ldquo;OBA&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">GeoPark paid a cash consideration of GBP
241,682,496 (equivalent to US$ 314,163,077) at closing date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Before closing the transaction, the Group
decided to manage its exposure to British Pound Sterling (&ldquo;GBP&rdquo;) fluctuation with respect to the abovementioned cash
consideration. Consequently, on November 25, 2019, GeoPark entered into a &ldquo;Deal Contingent Forward&rdquo; (DCF) with a UK
Bank, in order to anticipate any currency fluctuation in respect to the cash consideration payable in GBP. This forward contract
used was accounted for as a cash flow hedge as of December 31, 2019 and therefore all changes in its fair value were recognized
in Other Reserve within Equity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In accordance with the acquisition method
of accounting, the acquisition cost will be allocated to the underlying assets acquired and liabilities assumed based primarily
upon their estimated fair values at the date of acquisition. An income approach (being the net present value of expected future
cash flows) will be adopted to determine the fair values of the mineral interest. Estimates of expected future cash flows reflect
estimates of projected future revenues, production costs and capital expenditures based on our business model. The excess of acquisition
cost, if any, over the net identifiable assets acquired represents goodwill.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table summarises the combined
consideration paid for the acquired blocks, and a preliminary allocation of fair value of the assets acquired and liabilities assumed
for these transactions:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 81%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; white-space: nowrap; width: 19%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">314,163</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total consideration</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>314,163</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,633</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade and other receivables</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,238</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property, plant and equipment (including mineral interest)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">289,532</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,585</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for other long-term liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,640)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income tax liability</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,111)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,821)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade and other payables</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(40,253)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total identifiable net assets</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>314,163</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The purchase price allocation detailed above
is preliminary, since the valuation process is ongoing. This process will be completed during 2020. Estimated acquisition related
transaction costs amounted to US$ 5,758,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>38</B></TD><TD><B>Subsequent events (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>38.2 Borrowings</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>Notes issuance</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On January 17, 2020, the Company successfully
placed US$ 350,000,000 Notes which were offered in a private placement to qualified institutional buyers in accordance with Rule
144A under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and outside the United States to non U.S.
persons in accordance with Regulation S under the Securities Act. The Notes will be fully and unconditionally guaranteed jointly
and severally by GeoPark Chile S.p.A. and GeoPark Colombia S.L.U..</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Notes were priced at 99.285% and carry
a coupon of 5.50% per annum (yield 5.625% per annum). Final maturity of the Notes will be January 17, 2027. The indenture governing
the Notes due 2027 includes incurrence test covenants that provides 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&rsquo;s capacity to incur additional
indebtedness, as specified in the indenture governing the Notes. Incurrence covenants as opposed to maintenance covenants must
be tested by the Company before incurring additional debt or performing certain corporate actions including but not limited to
dividend payments, restricted payments and others.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The net proceeds from the Notes were used
by the Company (i) to make an intercompany loan to its wholly-owned subsidiary, GeoPark Colombia S.A.S., providing it with sufficient
funds to pay the total consideration for the acquisition of Amerisur (see Note 38.1) and to pay any related fees and expenses,
and (ii) for general corporate purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>38.3 Equity</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>Buyback Program</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On February 10, 2020, the Company approved
a program to repurchase up to 10% of its shares outstanding or approximately 5,930,000 shares. The repurchase program begun on
February 11, 2020 and will expire on December 31, 2020. These transactions have no impact on the Group&rsquo;s results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>Stock distribution</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On February 10, 2020, the Company announced
that its Board of Directors declared a special stock distribution of 0.004 shares per share to be paid on March 11, 2020 to the
shareholders of record at the close of business on February 25, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39</B></TD><TD><B>Supplemental information on oil and gas activities
(unaudited)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following information is presented in
accordance with ASC No. 932 &ldquo;Extractive Activities - Oil and Gas&rdquo;, as amended by ASU 2010 - 03 &ldquo;Oil and Gas Reserves.
Estimation and Disclosures&rdquo;, 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&rsquo;s oil and gas production activities carried out in Colombia, Chile, Brazil, Argentina and Peru.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Table 1 - Costs incurred in exploration,
property acquisitions and development <SUP>(a)</SUP></U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table presents those costs
capitalized as well as expensed that were incurred during each of the years ended as of December 31, 2019, 2018 and 2017. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 33%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Peru</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year ended December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of properties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proved</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unproved</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total property acquisition</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exploration </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,008</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,483</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,219</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,116</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,826</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Development</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,818</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,611</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,109</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,408</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,089</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total costs incurred</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>90,826</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,094</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,362</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29,225</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,408</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>150,915</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Peru</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year ended December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of properties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proved</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,541</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,541</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unproved</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total property acquisition</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>54,541</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>54,541</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exploration </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,242</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,221</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,217</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,383</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,269</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,332</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Development</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65,174</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,033</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,220)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,836</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,385</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76,208</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total costs incurred</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>99,416</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,254</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>997</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,219</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,654</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>130,540</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Peru</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year ended December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of properties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proved</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unproved</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total property acquisition</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exploration </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,017</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,283</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,207</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,080</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">743</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,330</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Development</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,268</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,231</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,210</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">167</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,074</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74,950</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total costs incurred</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>86,285</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,514</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,417</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8,247</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,817</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>129,280</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39</B></TD><TD><B>Supplemental information on oil and gas activities
(unaudited &ndash; continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>Table 2 - Capitalized costs related to oil
and gas producing activities</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table presents the capitalized
costs as at December 31, 2019, 2018 and 2017, for proved and unproved oil and gas properties, and the related accumulated depreciation
as of those dates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 37%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proved properties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 24.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equipment, camps and other facilities </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79,999</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84,069</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,615</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,824</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">172,507</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 24.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mineral interest and wells </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">282,973</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402,392</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,179</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81,393</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">830,937</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 24.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other uncompleted projects <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,754</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,984</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">765</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,712</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unproved properties </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">567</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,681</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,788</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,036</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gross capitalized costs</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>383,293</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>544,126</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>70,791</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>85,982</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,084,192</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(172,207)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(313,379)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46,370)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(30,897)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(562,853)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total net capitalized costs </B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>211,086</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>230,747</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24,421</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>55,085</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>521,339</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Includes capitalized amounts related to asset retirement
obligations, impairment loss in Argentina for US$ 7,559,000</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD>Do not include Peru capitalized costs.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 37%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proved properties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 24.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equipment, camps and other facilities </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,023</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81,459</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,154</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,458</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">172,094</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 24.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mineral interest and wells </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">189,514</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,338</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,574</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,084</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">717,510</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 24.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other uncompleted projects <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,061</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,233</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,836</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,130</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unproved properties </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,676</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41,162</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,073</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,081</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59,992</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gross capitalized costs</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>298,274</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>535,192</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>75,801</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>78,459</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>987,726</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(122,479)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(281,062)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(43,158)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,363)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(463,062)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total net capitalized costs </B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>175,795</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>254,130</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>32,643</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>62,096</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>524,664</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Includes capitalized amounts related to asset retirement
obligations, impairment loss in Chile for US$ 6,549,000 and impairment loss reversal in Colombia for US$&nbsp;11,531,000.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">Do not include Peru capitalized costs.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 36%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proved properties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 24.6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equipment, camps and other facilities </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69,906</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">80,611</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,036</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">843</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157,396</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 24.6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mineral interest and wells </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">291,050</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397,031</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,264</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,159</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">776,504</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 24.6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other uncompleted projects </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,290</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,508</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,916</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unproved properties </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,106</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,702</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,585</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,975</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,368</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Gross capitalized costs</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>376,352</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>539,852</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>90,955</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,025</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,022,184</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(228,793)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(253,764)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,509)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,700)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(527,766)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total net capitalized costs </B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>147,559</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>286,088</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>51,446</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,325</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>494,418</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD>Includes capitalized amounts related to asset retirement
obligations.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD>Do not include Peru capitalized costs.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39</B></TD><TD><B>Supplemental information on oil and gas activities
(unaudited &ndash; continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Table 3 - Results of operations for oil
and gas producing activities</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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, 2019, 2018 and 2017. Income tax for the years presented was calculated utilizing the statutory tax rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year ended December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">538,917</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,336</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,049</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,605</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">628,907</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production costs, excluding depreciation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(60,545)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,608)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,098)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,137)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(104,388)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(56,399)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,181)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,855)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,141)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(64,576)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total production costs</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(116,944)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(19,789)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5,953)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(26,278)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(168,964)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exploration expenses <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,921)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(126)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,152)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,947)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(31,146)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accretion expense <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(813)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,283)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(832)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(722)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,650)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment loss for non-financial assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,559)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,559)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation, depletion and amortization </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(44,906)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(34,344)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,200)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,534)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(99,984)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Results of operations before income tax</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>365,333</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(23,206)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,912</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(28,435)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>317,604</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax benefit (expense)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(120,585)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,481</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,330)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,530</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(109,904)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Results of oil and gas operations</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>244,748</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(19,725)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,582</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(19,905)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>207,700</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year ended December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">497,870</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,359</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,053</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,879</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">601,161</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production costs, excluding depreciation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(55,823)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,426)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,965)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,210)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(102,424)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(62,710)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,473)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,820)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,833)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(71,836)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total production costs</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(118,533)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(21,899)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(8,785)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(25,043)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(174,260)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exploration expenses <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,953)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,855)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,846)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,277)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(35,931)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accretion expense <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(892)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,105)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(918)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(508)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,423)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment (loss) reversal for non-financial assets</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,531</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,549)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,982</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation, depletion and amortization </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(41,850)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,298)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,278)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,662)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(90,088)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Results of operations before income tax</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>324,173</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(26,347)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,226</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,611)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>302,441</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax benefit (expense)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(119,944)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,952</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,457)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">783</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(117,666)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Results of oil and gas operations</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>204,229</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(22,395)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,769</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,828)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>184,775</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39</B></TD><TD><B>Supplemental information on oil and gas activities
(unaudited &ndash; continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Table 3 - Results of operations for oil
and gas producing activities (continued)</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year ended December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">263,076</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,738</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,238</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330,122</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production costs, excluding depreciation</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(42,677)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,685)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,603)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(325)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(70,290)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalties</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,236)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,314)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,134)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,697)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total production costs</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(66,913)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(20,999)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(10,737)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(338)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(98,987)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exploration expenses <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,856)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,404)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,985)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(707)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,952)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accretion expense <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(855)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(994)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(930)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,779)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation, depletion and amortization </FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,721)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(22,705)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,659)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(72,093)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Results of operations before income tax</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>152,731</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,364)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,927</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(983)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>146,311</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax benefit (expense)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(61,161)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,005</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,695)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">344</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(61,507)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Results of oil and gas operations</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>91,570</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,359)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,232</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(639)</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>84,804</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD>Do not include Peru costs.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD>Represents accretion of ARO and other environmental liabilities.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>Table 4 - Reserve quantity information</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Estimated oil and gas reserves</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Group estimates its reserves at least
once a year. The Group&rsquo;s reserves estimation as of December 31, 2019, 2018 and 2017 was based on the DeGolyer and MacNaughton
Reserves Report (the &ldquo;D&amp;M Reserves Report&rdquo;). DeGolyer and MacNaughton prepared its proved oil and natural gas reserve
estimates in accordance with Rule 4-10 of Regulation S&ndash;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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39</B></TD><TD><B>Supplemental information on oil and gas activities
(unaudited &ndash; continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>Table 4 - Reserve quantity information (continued)</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The estimated GeoPark net proved reserves
for the properties evaluated as of December 31, 2019, 2018 and 2017 are summarized as follows, expressed in thousands of barrels
(Mbbl) and millions of cubic feet (MMcf):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>As of December 31, 2019</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>As of December 31, 2018</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>As of December 31, 2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 22%; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Oil and condensate (Mbbl)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Natural gas</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>(MMcf)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Oil and condensate (Mbbl)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Natural gas&nbsp;</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>(MMcf)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Oil and condensate (Mbbl)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-bottom: #99CCFF 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>Natural gas&nbsp;</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366FF"><B>(MMcf)</B></P></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net proved developed</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Colombia <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,397.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,319.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,326.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,763.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,101.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chile <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">898.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,406.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">696.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,944.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">720.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,688.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazil <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,872.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,339.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,821.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Argentina <SUP>(d)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,658.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,785.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,058.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,207.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Peru <SUP>(e)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,502.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>42,001.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>37,382.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35,135.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>37,253</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>31,399.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>32,509.0</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 0.5in; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net proved undeveloped</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Colombia <SUP>(f)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,212.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,449.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,398.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chile <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,809.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,413.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,622.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,823.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,423.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,329.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Argentina <SUP>(h)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,370.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">450.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,440.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,174.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Peru <SUP>(e)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,210.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,460.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,215.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>74,601.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,863.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>64,971.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,356.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>57,036.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,329.0</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total proved reserves</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>116,602.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>44,245.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>100,106.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>49,609.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88,435.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43,838.0</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Llanos
34 Block and Llanos 32 Block account for 93% and 7% (Llanos 34 Block, La Cuerva Block, Yamu Block and Llanos 32 Block account
for 96%, 1.5%, 1.5% and 1% in 2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 98%, 1% and 1% in 2017) of
the proved developed reserves, respectively.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fell
Block accounts for 100% (Fell Block accounts for 100% in 2018, and Fell Block and Flamenco Block account for 98% and 2% in 2017)
of the proved developed reserves, respectively.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BCAM-40
Block accounts for 100% of the reserves.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(d)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aguada
Baguales Block, Puesto Touquet Block, and El Porvenir Block account for 17%, 64% and 19% (Aguada Baguales Block, Puesto Touquet
Block, and El Porvenir Block account for 48%, 33% and 19% in 2018) of the proved developed reserves, respectively.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(e)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Morona
Block accounts for 100% of the reserves.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(f)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Llanos
34 Block and Llanos 32 Block account 96% and 4% (Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1 in
2018, and Llanos 34 Block, La Cuerva Block and Yamu Block account for 97%, 2% and 1% in 2017) of the proved undeveloped reserves,
respectively.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(g)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fell
Block accounts for 100% (Fell Block accounts for 100% in 2018, and Fell Block and Flamenco Block account for 97% and 3% in 2017)
of the proved undeveloped reserves, respectively.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(h)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aguada
Baguales Block accounts for 100% (Aguada Baguales Block and El Porvenir Block account for 75% and 25% in 2018) of the proved undeveloped
reserves, respectively.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>39 Supplemental information on oil and
gas activities (unaudited &ndash; continued)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Table 5 - Net proved reserves of oil,
condensate and natural gas</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Net proved reserves (developed and undeveloped)
of oil and condensate:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 42%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Thousands of barrels</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Peru</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves as of December 31, 2016</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>37,340.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,599.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>72.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>18,621.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>62,632.0</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) attributable to:</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revisions <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,315.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,109.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,321.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extensions and discoveries <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,047.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,047.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,203.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(347.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,565.0)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves as of December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>65,499.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,143.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>76.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>18,717.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88,435.0</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) attributable to:</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revisions <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,826.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(586.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(257.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,977.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extensions and discoveries <SUP>(d)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,839.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,880.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of Minerals in place <SUP>(e)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,968.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,968.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,389.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(280.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(470.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,154.0)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves as of December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>74,775.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,318.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>55.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,498.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>18,460.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>100,106.0</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) attributable to:</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revisions <SUP>(f)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,341.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">541.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,731.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extensions and discoveries <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,071.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,107.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,578)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(188)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(565)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,342)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves as of December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>90,609.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,707.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>48.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,028.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19,210.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>116,602.0</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">For the year ended December 31, 2017, the Group&rsquo;s
oil and condensate proved reserves were revised upward by 4.3 mmbbl. The primary factors leading to the above were:</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">-&#9;Better than expected performance
from existing wells, from the Tigana and Jacana fields in the Llanos 34 Block, resulting in an increase of 3.8 mmbbl.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">-&#9;The impact of higher average
oil prices resulting in a 2.5 mmbbl and 0.4 mmbbl increase in reserves from the blocks in Colombia and Chile, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">-&#9;Such increase was partially
offset by a decrease in reserves mainly related to a change in a previously adopted development plan in the Fell Block in Chile,
resulting in a 2.4 mmbbl decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">In Colombia, the extensions and discoveries are primary
due to the Chiricoca, Jacamar, and Curucucu field discoveries in the Llanos 34 Block and the Tigana and Jacana field extensions
in the Llanos 34 Block.</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify">For the year ended December 31, 2018, the Group&rsquo;s
oil and condensate proved reserves were revised upward by 9.0 mmbbl. The primary factors leading to the above were:</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">-&#9;Better than expected performance
from existing wells, from the Tigana and Jacana fields in the Llanos 34 Block, resulting in an increase of 15.4 mmbbl.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">-&#9;The impact of higher average
oil prices resulting in a 0.7 mmbbl, 1.0 mmbbl and 0.3 mmbbl increase in reserves from the blocks in Colombia, Peru and Chile,
respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">-&#9;Such increase was partially
offset by a decrease in reserves mainly related to a change in a previously adopted development plan in Max, Tua, Chachalaca Sur,
Tilo, and Jacamar fields in the Llanos 34 Block, resulting in a 6.3 mmbbl decrease. Also, lower than expected performance from
existing wells in Fell Block, resulted in a 0.8 mmbbl decrease. Finally, revisions in Peru resulted in a 1.3 mmbbl decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(d)</SUP></TD><TD STYLE="text-align: justify">In Colombia, the extensions and discoveries are primary
due to the Tigana and Jacana fields appraisal wells and the Tigui field discovery in the Llanos 34 Block.</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(e)</SUP></TD><TD STYLE="text-align: justify">Purchase of Minerals in place refers to the Aguada Baguales,
El Porvenir, and Puesto Touquet fields acquisition during 2018. See Note 36.4 for further details.</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(f)</SUP></TD><TD STYLE="text-align: justify">For the year ended December 31, 2019, the Group&rsquo;s
oil and condensate proved reserves were revised upward by 19.7 mmbbl. The primary factors leading to the above were:</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">-&nbsp;A technical revision of
the expected results of future wells in Jacana and Tigana Fields that led to an increase in reserves of 12.3 mmbbl .</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">- Better than expected performance
from existing wells that increase the proved developed reserves, mostly originated in Colombia (6.3 mmbbl) from the Tigana and
Jacana fields in the Llanos 34 Block. There were also minor increments in Argentina (0.4 mmbbl) originated in better performance
of the Aguada Baguales Field wells ; and in Chile (0.3 mmbbl) mostly in Yagan Norte, Konawentru, Alakaluf and Yagan Fields.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">- An updated geological model
for the Situche Field in Morona Block originated a new estimation of the proved original oil in place volumes that increment the
proved undeveloped reserves of the block in 0.7 mmbbl .</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">- Such increase was partially
offset by a lower average oil prices resulted in a 0.3 mmbbl and 0.3 mmbbl decrease in reserves from the blocks in Colombia and
Argentina, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">-&nbsp;There were also better
well types consider for the Kiuaku, Loij and Konawentru Field that originated a minor increment of 0.2 mmbbl partially compensated
by a reduction of 0.04 mmbbl in Argentina Challaco Field condensate due to an unsuccesfull well.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(g)</SUP></TD><TD STYLE="text-align: justify">In Colombia, the extensions and discoveries are primary
due to the Tigana and Jacana fields appraisal wells and the Guaco field discovery in Llanos 34 Block and Azogue field discovery
in Llanos 32 Block. In the Fell Block in Chile, the discovery of the Jauke field.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39</B></TD><TD><B>Supplemental information on oil and gas activities
(unaudited &ndash; continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Table 5 - Net proved reserves of oil,
condensate and natural gas (continued)</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Net proved reserves (developed and undeveloped)
of natural gas:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 35%; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Millions of cubic feet</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #99CCFF 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves as of December 31, 2016</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>36,300.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29,525.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>65,825.0</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) attributable to:</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revisions <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,725.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,666.0)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extensions and discoveries <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,187.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,187.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,745.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,763.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,508.0)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves as of December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20,017.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23,821.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43,838.0</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) attributable to:</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revisions <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">544.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(679.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(135.0)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extensions and discoveries <SUP>(d)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,122.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,909.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,031.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of Minerals in place <SUP>(e)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,452.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,452.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,703.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,803.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,071.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,577.0)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves as of December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,122.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20,767.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17,339.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,381.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>49,609.0</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase (decrease) attributable to:</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revisions <SUP>(f)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">621.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(167.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,812.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,791.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">475.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extensions and discoveries <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">295.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,386.0</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,681.0</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; padding-left: 10.45pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Production</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(719.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,167.0)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,279)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,355)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,520)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reserves as of December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,319.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20,819.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,872.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,235.0</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>44,245.0</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">For the year ended December 31, 2017, the Group&rsquo;s
proved natural gas reserves were revised downwards by 13.7 billion cubic feet. This was the combined effect of:</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">-&#9;Removal of proved undeveloped
reserves due to changes in previously adopted development plan in the Fell Block in Chile and unsuccessful proved undeveloped executions
in the Fell Block in Chile (totalling 21.3 billion cubic feet).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">-&#9;The above was partially
offset by an increase of 6.8 billion cubic feet due to a better performance in the proved developed producing reserves in the Fell
Block in Chile and the impact of higher average prices that resulted in an increase of 0.8 billion cubic feet.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">In Chile, the extensions and discoveries are primary
due to the Uaken Field discovery in the Fell Block.</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify">For the year ended December 31, 2018, the Group&rsquo;s
proved natural gas reserves were revised downwards by 0.1 billion cubic feet. This was the combined effect of:</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">-&#9;Removal of proved undeveloped
reserves due to changes in previously adopted development plan in the Fell Block in Chile and lower than expected performance from
existing wells in the Fell Block in Chile (totalling 2.0 billion cubic feet).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">-&#9;Lower than expected performance
from existing wells in BCAM-40 Block, resulting in a decrease of 0.7 billion cubic feet.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">-&#9;The above was partially
offset by higher average prices that resulted in an increase of 2.5 billion cubic feet in the Fell Block in Chile.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(d)</SUP></TD><TD STYLE="text-align: justify">The extensions and discoveries are primary due to the
Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Llanos 32 Block, in Colombia.</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(e)</SUP></TD><TD STYLE="text-align: justify">Purchase of Minerals in place refers to the Aguada Baguales,
El Porvenir, and Puesto Touquet fields acquisition during 2018. See Note 36.4 for further details.</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(f)</SUP></TD><TD STYLE="text-align: justify">For the year ended December 31, 2019, the Group&rsquo;s
proved natural gas reserves were revised upward by 0.5 billion cubic feet. This was the combined effect of:</TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">- Increase of proved developed
reserves due to better performance of existing wells in Chile (2.2 billion cubic feet) mostly associated to Pampa Larga, Ache and
Monte Aymond Fields; in Brazil (1.8 billion cubic feet) in Manati Field; Colombia (0.6 billion cubic feet) due to a better performance
of Tigana and Jacana Fields; and Argentina (0.1 billion cubic feet) mostly associated to a better performance of wells in Aguada
Baguales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">- The above was partially offset
by lower than expected performance for the proved undeveloped reserves in Chile (2.4 billion cubic feet) mostly associated to the
increase of water production in Ache Field; and Argentina (1.3 billion cubic feet) associated to an unsuccessful well drilled in
Challaco Bajo Field.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">- Lower average prices resulted
in a decrease of 0.5 billion cubic feet reduction in gas proved developed reserves in Argentina</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: justify"><SUP>(g)</SUP></TD><TD STYLE="text-align: justify">The extensions and discoveries are primary due to the
Jauke Field discovery in the Fell Block, in Chile, and the gas discovery of the Une Formation in the Azogue field in the Llanos
32 Block, in Colombia</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39</B></TD><TD STYLE="text-align: justify"><B>Supplemental information on oil and gas activities
(unaudited &ndash; continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Table 6 - Standardized measure of discounted
future net cash flows related to proved oil and gas reserves</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 &ndash; 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 2019, 2018
and 2017 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This standardized measure is not intended
to be and should not be interpreted as an estimate of the market value of the Group&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39</B></TD><TD><B>Supplemental information on oil and gas activities
(unaudited &ndash; continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Table 6 - Standardized measure of discounted
future net cash flows related to proved oil and gas reserves (continued)</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 33%; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Peru</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future cash inflows</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,323,914</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">294,202</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">86,191</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">187,064</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,255,239</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,146,610</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future production costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,159,621)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(104,688)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(32,608)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(118,797)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(512,607)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,928,321)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future development costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(276,804)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(35,420)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,166)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(49,595)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(278,388)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(642,373)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future income taxes</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(858,700)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,594)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,409)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,251)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(143,416)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,011,370)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Undiscounted future net cash flows</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,028,789</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>148,500</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>50,008</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16,421</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>320,828</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,564,546</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10% annual discount</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(715,217)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(44,277)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,626)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,080)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(199,611)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(970,811)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Standardized measure of discounted future net cash flows</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,313,572</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>104,223</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43,382</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,341</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>121,217</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,593,735</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future cash inflows</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,059,619</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317,437</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102,104</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277,429</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,352,159</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,108,748</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future production costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(983,782)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(156,724)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(49,255)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(173,053)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(441,801)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,804,615)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future development costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(207,630)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,360)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,752)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(54,400)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(293,468)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(598,610)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future income taxes</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(848,519)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,515)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,231)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,610)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(189,922)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,049,797)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Undiscounted future net cash flows</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,019,688</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>118,838</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>46,866</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43,366</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>426,968</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,655,726</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10% annual discount</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(640,625)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,008)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,317)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,499)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(188,435)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(871,884)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Standardized measure of discounted future net cash flows</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,379,063</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>89,830</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>41,549</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>34,867</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>238,533</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,783,842</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future cash inflows</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,434,954</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">284,711</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157,527</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,047,540</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,924,732</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future production costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(531,751)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(131,788)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(56,311)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(466,110)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,185,960)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future development costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(187,414)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(57,690)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,524)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(235,920)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(488,548)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Future income taxes</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(558,226)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(656)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,442)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(107,294)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(676,618)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Undiscounted future net cash flows</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,157,563</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>94,577</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>83,250</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>238,216</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,573,606</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10% annual discount</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(343,561)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,338)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,293)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(147,682)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(523,874)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Standardized measure of discounted future net cash flows</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>814,002</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>75,239</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69,957</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>90,534</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,049,732</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Note </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39</B></TD><TD STYLE="text-align: justify"><B>Supplemental information on oil and gas activities
(unaudited &ndash; continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>Table 7 - Changes in the standardized measure
of discounted future net cash flows from proved reserves</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 33%; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Amounts in US$ '000</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Colombia</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Chile</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Argentina</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Peru</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #99CCFF 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3366FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Present value at December 31, 2016</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>269,502</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35,455</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>73,516</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30,929</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>409,402</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales of hydrocarbon, net of production costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(198,631)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,251)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,979)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(239,861)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net changes in sales price and production costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">289,199</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,928</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,000)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69,962</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,089</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in estimated future development costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(124,053)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79,078</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,385</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,725)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(46,315)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extensions and discoveries less related costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,574</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,574</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Development costs incurred</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67,571</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,146</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">74,717</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revisions of previous quantity estimates</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">673,622</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(69,594)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">603</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,133</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">605,764</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of Minerals in place</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net changes in income taxes</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(258,842)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,097</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,976</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,828)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(256,597)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accretion of discount</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46,060</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,380</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,456</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,063</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69,959</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Present value at December 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>814,002</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>75,239</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69,957</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>90,534</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,049,732</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales of hydrocarbon, net of production costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(380,829)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,923)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,781)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,243)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(445,776)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net changes in sales price and production costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397,064</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,093</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,170)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">191,288</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">589,275</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in estimated future development costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,632)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,426)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,611</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,034)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extensions and discoveries less related costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">271,933</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,323</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">284,256</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Development costs incurred</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,880</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,980</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">737</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">89,597</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revisions of previous quantity estimates</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">257,540</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,517)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,879)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,098)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">244,046</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of Minerals in place</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55,373</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55,373</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net changes in income taxes</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(185,118)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,368)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,808</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(65,585)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(245,263)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accretion of discount</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137,223</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,590</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,040</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,783</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">172,636</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Present value at December 31, 2018</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,379,063</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>89,830</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>41,549</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>34,867</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>238,533</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,783,842</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales of hydrocarbon, net of production costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(411,528)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,284)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,289)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,280)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(456,381)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net changes in sales price and production costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(299,642)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,799</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,923</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,694)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,823)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(349,437)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes in estimated future development costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(268,377)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(22,163)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,165</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">573</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(175,248)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(464,050)</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extensions and discoveries less related costs</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">182,857</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,300</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,157</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Development costs incurred</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69,694</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,023</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">445</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,325</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">78,487</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revisions of previous quantity estimates</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415,349</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,508</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,482</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,358)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,992</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">439,973</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of Minerals in place</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net changes in income taxes</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,398</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,025)</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">729</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,760</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,917</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,779</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accretion of discount</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222,758</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,235</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,378</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,148</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,846</FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">283,365</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #99CCFF 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Present value at December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,313,572</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>104,223</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43,382</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,341</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>121,217</B></FONT></TD>
    <TD STYLE="border-bottom: #99CCFF 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,593,735</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>GeoPark Limited</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Andr&eacute;s
    Ocampo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">Andr&eacute;s Ocampo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:
March 4, 2020</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
