Good morning, and welcome to the GeoPark Limited Conference Call following the results announcement for the first quarter ended March 31st, 2021. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at this time, press star one on your telephone keypad. If you would like to withdraw your question, press the pound key. If you do not have a copy of the press release, it is available at the investor support section on the company's corporate website at www.geopark.com. A replay of today's call may be accessed through this webcast in the investor support section of the GeoPark corporate website. Before we continue, please note that certain statements contained in the results, press release, and on this conference call are forward-looking statements rather than historical facts and are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward-looking statements, the company seeks protections afforded by the Private Securities Litigation Reform Act of 1995. These risks include a variety of factors, including competitive developments and risk factors listed from time to time in the company's SEC reports and public releases. Those lists are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward-looking statements but are not intended to represent a complete list of the company's business. All financial figures included herein were prepared in accordance with the IFRS and are here stated in US dollars unless otherwise noted. Reserve figures correspond to PRMS standards. On the call today from GeoPark is James F. Park, Chief Executive Officer, Augusto Zubillaga, Chief Operating Officer, Andrés Ocampo, Chief Financial Officer, Martín Terrado, Director of Operations, and Stacy Steimel, Shareholder Value Director. Now I'll turn the call over to Mr. James Park. Mr. Park, you may begin. Thank you, and welcome everyone. We are joining you this morning with our executive team spread out in Bogotá, Buenos Aires, Santiago, and Houston to report on our achievements and financial results during the first quarter of this year. We have presented our specific numbers in our release yesterday, so we'd like to highlight and focus here on the bottom line, which helps capture our performance so far this year and our growing financial strength. The powerful cash generation from our exceptional low-cost asset base allowed us to successfully carry out three key initiatives during this period, all funded with our own cash flow. First, a more robust investment program. In March, we expanded our work program up to a total of $130 million-$150 million to do more exploration and development with more drilling, 37 -42 wells, more seismic to delineate more plays and prospects, and more facility and infrastructure construction on our proven producing fields and our high-impact exploration opportunities. GeoPark has accumulated a land base of 7 million acres in 10 proven hydrocarbon basins across Latin America, including 1.4 million acres in our prime, the Llanos Basin focus area. Second, a stronger balance sheet. We improved our financial muscle in a deleveraging exercise which succeeded in reducing debt by $105 million and extending maturities and reducing interest costs, as well as positioned us to do further deleveraging later at our option. This was accomplished by using our available cash to pay down debt in our 2024 bonds and opening up our 2027 bonds for an additional $150 million to absorb an approximately equal amount of the 2024 bonds. Our process was oversubscribed multiple times by top-tier investors, and we were rewarded with record low interest rates for a B-rated issuer in Latin America. Third, giving back to shareholders. We've delivered tangible value to our shareholders by, A, improving the underlying value of our company, B, buying back GeoPark shares in the market, and C, paying cash dividends. As always, the foundation for GeoPark's performance is our in-house integrated value system we call SPEED. We continue to push forward our SPEED initiatives, which predates and is more comprehensive than ESG and is helping us achieve our goal of having the cleanest and kindest hydrocarbons. This also includes our continuous and successful efforts to safeguard our team, communities, and operations from a lingering COVID in the region. 2021 is well underway, and we are moving ahead in all aspects of our business. We have six rigs at work and more on the way. Seismic is being run to identify new prospects, and our team is fully engaged in getting every molecule of oil and gas safely, cleanly, and profitably out of the ground and to market, as well as to capture the abundant opportunities we see ahead. Thank you, and we would be pleased to answer any questions you may have. As a reminder, ladies and gentlemen, in order to ask a question, simply press star then the number one on your telephone keypad. Again, that is star one. Our first question comes from the line of Stephane Foucaud of Auctus Advisors. Hi, guys. Morning. A few questions for me, got three, actually. Could you walk us through the sequencing of the upcoming exploration program until the end of 2021? Remind us of that. Second, I notice that still the CapEx program is based on $50, $55 a barrel. At what point would you feel confident enough to increase the drilling program for 2021, given we're almost at $70 a barrel? Lastly, there's been some cash tax payments in Colombia in Q1. I think there is something like $40 million in the current tax payable. Could you confirm that that's the amount you would expect to pay over the balance of the year in term of cash tax in Colombia and not something else? Thank you. Thank you, Stephane. Good morning. This is Andrés. Can you please repeat your first question? It didn't come very clear. The first question was around if you could walk us through the sequencing of the upcoming exploration drilling program. What well and when on the exploration side? Great. Thanks very much. We are now brought the third drilling rig to Llanos 34 and expect to have it full-time operating probably as we speak, and drilling back to work wells until the end of the year. That is going to be a combination of development, appraisal, and exploration wells. The timing and the campaign usually switches from time to time. It depends on licensing, availability of the land, and having the locations ready. We are expecting to be drilling, in total, around three to four exploration wells in the second half of the year. That's not only in Llanos 34, but also including CPO-5. That is more or less what we have planned. It may change, so that's why usually we're not very precise on when and the timing on each of these wells because they do switch around a lot. With respect to the possibility of expanding our CapEx program, if oil prices remain higher than the $50, $55 at which we run the revised program that we announced. So far, we are keeping the program as it is with roughly $150 million of CapEx for the year. We may decide to add more towards the second half of the year, but for now, that's the program that we are keeping. As you probably saw the announcement, we are also now incorporating as part of our usage of cash or potential excess cash, not only incremental shareholder value initiatives, namely share buybacks or dividends, but also reducing the total size of the debt as we did a few weeks ago. With respect to the cash payments, the $20 million we paid in the first quarter, including $10 million of deferred taxes that we deferred from last year. Around $10 million taxes related to this year. We are expecting more or less $45 million in the second quarter, from which around $10 million corresponds to taxes from last year. That's pretty much it. There may be $2, $3 million in the third quarter. It's a small amount. That's more or less the total for the year, $60, $65 million in total, including the first quarter. Wonderful. Thank you. Thank you, Stephane. Our next question comes from the line of Alejandro Demichelis of Nau Securities. Yes. Good morning, guys. A couple of questions, actually, both follow-ups from the previous questions. Could you please confirm how many wells you're planning to drill on CPO-5, and when you do start drilling on those? Because I can see on your latest presentation that you mentioned four wells to be drilled there, but I just want to confirm that. That's the first question. Second question is, Andrés, can you please walk us on the cash conversion, say, from EBITDA into the operating cash flow basis? Because on top of the cash tax, how should we think about the working capital requirements for the company? Thank you, Alejandro, good morning. In CPO-5, we're planning something around four to six wells. Hoping to start drilling around August, September this year. Those wells will include probably two development wells and something between three to four exploration wells. It is not fully defined yet, but probably three for exploration wells and two development wells in CPO-5. We recorded $66 million of EBITDA in the first quarter, and we paid cash taxes of $21 million. I've said before, $10 million of that was last year's taxes. We had working capital requirements of $8 million. The cash from operations was around $36 million in the first quarter. I don't know if that addresses your point. The working capital requirements are basically related to the activity, to the level of activity, and that's pretty much it. There's no change in the days of payables or the days of receivables. We're operating completely in full business as usual. During the second quarter, we are adding another rig, so we're increasing the CapEx. We only recorded $20 million of CapEx in the first quarter. That's around 15% of the total program of the year. As the CapEx requirements start to increase through the quarters, our working capital financing will start also coming up. It's pretty much business as usual in the first quarter. What would be your expectation of the extra working capital requirements, say between now and the end of the year, then? Sorry, can you say that again? Yes. What would be your expectation of the additional working capital requirement between, say, now and the end of the year? Just to continue to be the typical that we record every quarter associated with the level of activity. We may have more financing from vendors, as I said, as we continue picking up our CapEx. We should also have more, bigger receivables if oil prices continue to increase. Nothing significant or out of the ordinary course of business we're expecting with respect to our working capital requirements on a quarterly basis. Okay. That's great. Thank you. Again, ladies and gentlemen. Thank you. We have a question from Stephane Foucaud of Auctus Advisors. Yes. Hi again. To follow on detail a bit for me. Have you already got the result of the Bacara well? I think that was an exploration well that you spudded at the time of the operational date for Q1. I saw that the OpEx per barrel in Llanos 34, I think Colombia, not in 34, in Colombia, was up a bit in Q1, I think to about $7 a barrel. How do you see OpEx per barrel evolve in Colombia until in the remaining half of the year? Thank you. Thanks, Stephane. Your first question was about Bacara prospect, if we have results on that well already? Yes. Okay. We don't have results on the well yet. We are expecting over the incoming weeks. The activity, the drilling is still underway. Okay. Thank you. With respect to your question about OpEx, the first quarter, we had higher well services because we have more wells down than we usually have. We had to do more well services in the first quarter. That's why you see a pickup in the OpEx in the first quarter. That should normalize back to $6.5, maybe go down by $0.50 in the following quarters, something between $6 to $6.50 per barrel, which we are more used to seeing. Okay, thanks. Thank you. Our next question comes from the line of Ray Deacon of Petro Lotus. Yeah. Hi, good morning. I was wondering if you could talk about the three to four exploration wells on CPO-5. Is it possible that when the results of 3D are fully interpreted, that number goes up, or is it too early to know? Hello, Ray. Good morning. This is Martín Terrado, Director of Operations. I can certainly take that question. Great. CPO-5 is a growth engine for us. We have a lot going on right now on that asset. If you're familiar, we have two discovered fields which are Indico and Mariposa, producing from the Ubaque formation. That is one of four plays that can be tested in this block. This block is around six times bigger than Llanos 34. One of the plays that we see has the most potential, in addition to Ubaque, is the continuation of Jacana-Tigana from Llanos 34, the Guadalupe and Mirador. Just like you are saying, we have already identified with our partner more than 10 locations with coordinates. In addition to that, we see potential, in the areas where we're doing seismic. We have finished the seismic in the center of the field, 250 sq km. We have, again, area to continue finding prospects and vertically to continue testing. The rig that will be starting in the second half of the year has a multi-year program, and we expect to have rigs running there to not only continue developing the Indico, Mariposa, but also the drilling, the exploration, and developing the future discoveries. Right now, Indico-2, our latest well that was drilled last year, is producing 6,200 barrels of oil per day. Light crude flowing naturally. The OpEx per barrel for that asset, is less than $2 per barrel. We're really encouraged about the future of CPO-5. That's great. Just two more quick ones. What are you seeing in the M&A market that looks interesting? What do you expect cash taxes to be for the remainder of the year? Sorry. Andrés here, Ray. Can you repeat the second question, please? Oh, sure. Just cash taxes. I was wondering how they would look for the second half of the year. Okay. I'll answer the second first. We paid $20 million, $21 million on the first quarter, and we're estimating for the second quarter something around $45 million. That's $10 million of last year's taxes deferred to this year, and the rest correspond to this year's taxes. Then, or maybe additional $3 million in the third quarter as well. That's our estimation for this year's cash taxes. Got it. Thank you. With respect to the M&A opportunities, obviously, it's hard to comment on a conference call. It is part of the company's business model to explore and find oil and gas, be the lowest cost-efficient operator, and also continuing to find new opportunities or new acreage for us to continue adding to our acreage position, and to expand our organic portfolio. I think one of the most important elements that happened in the company over the last couple of years was the significant upgrade on our organic portfolio during the significant land grab that we did in 2019, at the beginning of 2020 in the Llanos Basin in Colombia. We migrated from an 80,000-acre position, which is Llanos 34, to over 1.5 million acre position around and on trend of Llanos 34 of additional acreage, in multiple different transactions. That's different participation in bidding rounds in partnership with Ecopetrol and other companies. It ended with the acquisition of Amerisur at the beginning of last year, which gave us an entry to the Putumayo Basin, but also gave us a participation in CPO-5. My point here is that we continue always looking for opportunities that can contribute to the net asset value of the company. However, as we have expanded and enriched our organic portfolio so much over the last couple of years, I would point out that any opportunity that comes would really need to be unusually attractive or would have to be very attractive for it to make the cut, when competing for capital with our so rich organic portfolio. That was a very long answer, but what I'm trying to say is we're conservative, selective buyers, and if anything, we've become even more selective given the recent expansion that we did over the last couple of years. Got it. Thank you. Could I just ask one more regarding Chile? That green hydrogen project that was announced, is there a potential that you could be involved in supplying natural gas to that? No, I think that's not associated to our operations. No, have not looked at that idea. Got it. Thank you. At this time, I'm showing no further questions. I'd like to turn the floor back over to Andrés Ocampo for any additional or closing remarks. Thank you everybody for your interest in GeoPark and your continued support of our company. As the world's borders begin to open again, we encourage you to please visit us at our operations in each country. Our shareholder value team has accelerated their interactions and is busier than ever with webinars, video conference, and direct calls, and is available around the clock, as is our management team, to answer any questions or listen to your comments. Thank you, and please stay healthy and strong. Thank you, ladies and gentlemen. This does conclude today's conference call. You may now disconnect.