SHAREHOLDERS’ AGREEMENT by and among GeoPark Chile Limited Agencia en Chile GeoPark Colombia S.A. and LG International Corp.

Exhibit 10.9

by and among

GeoPark Chile Limited Agencia en Chile

GeoPark Colombia S.A.

and LG International Corp.

Dated as of December 18, 2012

TABLE OF CONTENTS

		Page

ARTICLE I.	Definitions and Rules of Construction	1

Section 1.01.	Definitions	1
Section 1.02.	Rules of Construction	1

ARTICLE II.	Purpose of the Company	2

Section 2.01.	Purpose of the Company	2

ARTICLE III.	Representations and Warranties	2

Section 3.01.	Organization and Existence	2
Section 3.02.	Authorization	2
Section 3.03.	No Prohibitive Litigation	2
Section 3.04.	Consents	2
Section 3.05.	Non-Contravention	3
Section 3.06.	Litigation	3
Section 3.07.	Compliance with Laws	3

ARTICLE IV.	Board; Approval of certain matters; Conflict with by-laws;

Management and Secondment		4

Section 4.01.	Board of Directors	4
Section 4.02.	Approval of Certain Matters	4
Section 4.03.	Block Valuation Right	8
Section 4.04.	Executive Management	8
Section 4.05.	Related Party Transactions	8
Section 4.06.	Secondment Program	9
Section 4.07.	Bylaws; No Conflict with Agreement	9
Section 4.08.	Work Program and Budget	9
Section 4.09.	Expenditures Prior Notification	12
Section 4.10.	Additional Funding	11
Section 4.11.	Cash Calls to Cure Non-Compliance Under GeoPark Xxxxxx Loan Agreement	11

ARTICLE V.	Application to subsidiaries	11

Section 5.01.	Relevant Companies (other than the Company)	11
Section 5.02.	Other subsidiaries	12
Section 5.03.	Companies without boards of directors	12

ARTICLE VI.	Pre-emptive Rights; LGI line of Credit; Dividends; Annual Funding Recovery Mechanism	12

Section 6.01.	Pre-emptive Rights	12
Section 6.02.	Shareholder Funding Requirements	12
Section 6.03.	LGI line of Credit	12
Section 6.04.	Dividends	12
Section 6.05.	Incremental Equity Interest	13

ARTICLE VII.	Transfer Rights and Restrictions	13

Section 7.01.	Endorsement of Certificates	13
Section 7.02.	Consent to Terms of Shareholders’ Agreement	13
Section 7.03.	Transfers to Affiliates	14
Section 7.04.	Right of First Offer	14
Section 7.05.	Tag-Along Rights	15
Section 7.06.	Exception to Tag-Along Rights	15
Section 7.07.	Drag-Along Rights	15
Section 7.08.	Exception to Drag-Along Rights	16
Section 7.09.	Withdrawal	16

ARTICLE VIII.	Termination of Shareholders’ Agreement	16

Section 8.01.	Termination of Shareholders’ Agreement	16

ARTICLE IX.	Non-Competition	17

Section 9.01.	Non-Compete	17
Section 9.02.	Sole Risk Competitive Activities	17
Section 9.03.	Restriction on Employees	18

ARTICLE X.	Miscellaneous	18

Section 10.01.	Costs	18
Section 10.02.	Reporting Requirements	18
Section 10.03.	Compliance with Laws	19
Section 10.04.	Binding Effect; Assignment	19
Section 10.05.	Financial Information	19
Section 10.06.	Amendment and Modifications; Waiver of Compliance; Conflicts	19
Section 10.07.	Interpretation	21
Section 10.08.	Further Assurances	21
Section 10.09.	Governing Law	21
Section 10.10.	Specific Performance	21
Section 10.11.	Arbitration; Consent to Jurisdiction	21
Section 10.12.	Entire Agreement/Captions	22
Section 10.13.	Severability	22
Section 10.14.	No Third Party Beneficiaries	22
Section 10.15.	Recapitalization, Exchanges, Etc., Affecting the Shares	22
Section 10.16.	No Agency or Partnership	22
Section 10.17.	Counterparts	22
Section 10.18.	Language	22
Section 10.19.	Schedules and Exhibits	23

Schedule 1.01.	Defined Terms	28

Schedule 5.05.	Incremental Equity Interest	33

This SHAREHOLDERS’ AGREEMENT (this “Agreement”) is dated as of December 18, 2012 and is by and among (1) GeoPark Chile Limited Agencia en Chile, an established and open branch under the laws of Chile of GeoPark Chile Limited, a company organized under the laws of Bermuda (“the GeoPark Shareholder”), (2) GeoPark Colombia S.A., a Chile Sociedad Anónima (the “Company”), and (3) LG International Corp., a company organized under the laws of Korea with a registered address at LG Twin Towers, 00 Xxxxx-xxxx, Xxxxxxxxxxx-xx, Xxxxx 000-000, Xxxxx (the “LGI Shareholder”, and together with the GeoPark Shareholder, the “Shareholders” and together with the GeoPark Shareholder and the Company, the “Parties”).

RECITALS

WHEREAS, as of the date hereof, the GeoPark Shareholder, the Company and the LGI Shareholder entered into a Subscription Agreement, pursuant to which the LGI Shareholder agreed to subscribe to a 20% equity interest in the Company pursuant to the terms and conditions of such agreement (the “Subscription Agreement”);

WHEREAS, the Parties desire to enter into this Agreement in order to set forth their respective rights and obligations in connection with their investments in the Colombia Business, to agree upon certain decision making mechanisms and to provide for certain rights and obligations with respect thereto as hereinafter provided; all of which shall be in accordance with applicable Law.

NOW THEREFORE, the Parties hereby agree as follows:

ARTICLE I.

Definitions and Rules of Construction

Section 1.01. Definitions. Capitalized terms used in this Agreement shall have the meanings ascribed to them in Schedule 1.01 and elsewhere in this Agreement.

Section 1.02. Rules of Construction. (a) Unless the context otherwise requires, references in this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement.

(b) If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech (such as a verb). Terms defined in the singular have the corresponding meanings in the plural, and vice versa. Unless the context of this Agreement clearly requires otherwise, words importing the masculine gender shall include the feminine and neutral genders and vice versa. The term “includes” or “including” shall mean “including without limitation.” The words “hereof,” “hereto,” “hereby,” “herein,” “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular section or article in which such words appear.

(c) Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified. Whenever any action must be taken hereunder on or by a day that is not a Business Day, then such action may be validly taken on or by the next day that is a Business Day.

(d) The Parties acknowledge that each Party and its attorney has reviewed this Agreement and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting Party, or any similar rule operating against the drafter of an agreement, shall not be applicable to the construction or interpretation of this Agreement.

(e) The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement.

(f) Unless otherwise specifically stated, all references to currency herein shall be to Dollars. References to US$ or Dollars shall, to the extent any payments related to this Agreement are denominated in a different currency, be deemed to be converted into U.S. Dollars at the applicable exchange rate in effect as of the date of payment.

(g) All accounting terms used herein and not expressly defined herein shall have the meanings given to them under IFRS.

ARTICLE II.

Purpose of the Company

Section 2.01. Purpose of the Company. The Shareholders agree to limit the business of the Company to the conduct and further development of an Oil and Gas Business in Colombia, directly or through one or more subsidiaries. In particular, the primary objective of the Company shall be to operate and develop its existing assets and grow and expand the Colombia Business by acquiring upstream oil and gas assets and projects in Colombia.

ARTICLE III.

Representations and Warranties

Each of the Parties represents and warrants to the other Parties as follows:

Section 3.01. Organization and Existence. It is duly organized and validly existing in its jurisdiction of organization. It is duly qualified or licensed to do business in each other jurisdiction where the actions required to be performed by it hereunder makes such qualification or licensing necessary, except in those jurisdictions where the failure to be so qualified or licensed would not, individually or in the aggregate, reasonably be expected to result in a material adverse effect on its ability to consummate the transactions contemplated hereby or perform its obligations hereunder.

Section 3.02. Authorization. The execution, delivery and performance by it of this Agreement and the consummation by it of the transactions contemplated hereby are within its corporate powers and have been duly authorized by all necessary corporate action on its part. It has duly executed and delivered this Agreement. This Agreement constitutes (assuming the due execution and delivery by the other Parties) its valid and legally binding obligation, enforceable against it in accordance with its terms, subject in all respects to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws relating to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law).

Section 3.03. No Prohibitive Litigation. No legal action, suit, arbitration, governmental investigation or other legal, judicial or administrative proceeding is pending or, to its Knowledge, threatened, against it or any of its Affiliates, which seeks to prevent or delay the transactions contemplated hereby.

Section 3.04. Consents. No Consent of, or Filing with, any Governmental Entity which it has not obtained or made is required to be obtained or made by it in connection with its execution and delivery of this Agreement and its consummation of the transactions contemplated hereby, other than such Consents

and Filings the failure of which to obtain or make would not reasonably be expected to result in a material adverse effect on its ability to perform its obligations hereunder or to consummate the transactions contemplated hereby.

Section 3.05. Non-contravention. Its execution, delivery and performance of this Agreement does not, and its consummation of the transactions contemplated hereby will not

(i) contravene or violate any provision of its organizational or constitutional documents or

(ii) contravene or violate, in any material respect, any provision of, or result in the termination or acceleration of, or entitle any party to accelerate any material obligation or indebtedness under, any mortgage, lease, franchise, license, permit, agreement, instrument, law, order, arbitration award, judgment or decree to which it is a party or by which it is bound. Its execution, delivery and performance of this Agreement does not, and its consummation of the transactions contemplated hereby will not, (i) contravene or violate any provision of its organizational documents or (ii) contravene or violate any provision of, or result in the termination or acceleration of, or entitle any party to accelerate any obligation or indebtedness under, any mortgage, lease, franchise, license, permit, agreement, instrument, law, order, arbitration award, judgment or decree to which it is a party or by which it is bound, except for any such items which would not, individually or in the aggregate, reasonably be expected to result in a material adverse effect on its ability to consummate the transactions contemplated hereby.

Section 3.06. Litigation. There are no Claims pending or, to its Knowledge, threatened, against or otherwise relating to it or any of its Affiliates before any Governmental Entity or any arbitrator, that would, individually or in the aggregate, reasonably be expected to result in a material adverse effect on its ability to perform its obligations hereunder or consummate the transactions contemplated hereby. It is not subject to any judgment, decree, injunction, rule or order of any Governmental Entity or any arbitrator that prohibits the consummation of the transactions contemplated by this Agreement or would, individually or in the aggregate, reasonably be expected to result in a material adverse effect on its ability to perform its obligations hereunder or to consummate the transactions contemplated hereby.

Section 3.07. Compliance with Laws. (a) It has in all material respects complied with all applicable Laws, regulatory rules, including, without limitation, anti-bribery laws, anti-money laundering laws, regulations, licenses, permits and approvals which are material to its business activities; and has not received any notice which, after receipt or lapse of time or both, would constitute a material non-compliance with any applicable Law, regulatory rule, license, permit or approval.

(b) In connection with any of the transactions contemplated in this Agreement or the Colombia Business, neither it nor any of its Affiliates or it or their directors, officers, consultants, employees, agents or other representatives (nor any person acting on behalf of any of the foregoing) has directly, or indirectly through a third-party intermediary (1) offered, authorized or made any payment in cash or in kind of anything of value, or provided any benefit whatsoever, to any official, representative or employee of a government, Governmental Entity or instrumentality, or public international organization, or to any political party or candidate for public office, for purposes of influencing official actions or decisions or securing any improper advantage in order to obtain or retain business, or other corrupt purpose, or (2) to its knowledge, entered into any transactions that either promoted or involved the proceeds of unlawful criminal activity.

ARTICLE IV.

Board; Approval of certain matters; Conflict with by-laws; Management and Secondment.

Section 4.01. Board of Directors. (a) The day-to-day operations of the Company shall be supervised by its board of directors (the “Board”). There shall be four (4) members of the Board (each, a “Director”) and each Director shall have one (1) alternate for a total of four (4) alternates (each, an “Alternate Director”), each of whom shall each have the authority to act in the absence of his respective Director. For so long as the LGI Shareholder holds at least 14% of the voting share capital of the Company, the LGI Shareholder shall have the right to nominate one (1) Director and such Director’s Alternate Director, and the GeoPark Shareholder shall have the right to nominate the remaining Directors and Alternate Directors. The nominating Shareholder shall have the right to nominate replacements for any Director or Alternate Director it nominated to the Board who resigns or is removed, and shall nominate such replacements in a timely manner.

(b) The Shareholders agree to promptly take all action necessary to appoint any individuals nominated by a Shareholder to be a Director or Alternate Director in accordance with Section 4.01(a) above, so that such appointment (i) is duly and validly authorized by all necessary corporate action on the part of the Company and/or the Shareholders; and (ii) is not prohibited by, does not violate any provision of, and will not result in the breach of, or accelerate or permit the acceleration of the performance required by the terms of (A) any applicable Law, (B) the Bylaws, or (C) any other material contract, indenture, agreement or commitment to which the Company is bound.

(c) The Directors and Alternate Directors shall receive no compensation from the Company, unless the Shareholders decide otherwise.

(d) In case a Director does not comply with the provisions of this Agreement, the Bylaws or applicable Law, the nominating Shareholder agrees to exercise its lawful powers and all reasonable efforts to cause such Director to resign or agrees to support and vote for his removal.

Section 4.02. Approval of Certain Matters. (a) Voting Power. Notwithstanding any other provision in this Section 4.02, the Shareholders agree that the effective voting power of a Shareholder in the Company, and the voting power of the Director or Directors nominated by such Shareholder shall be commensurate with such Shareholder’s equity interest in the Company, and the Shareholders agree to adopt such measures, from time to time, as necessary or appropriate to implement this principle; provided, however, that the following matters shall require consent (by affirmative vote or otherwise) either by the LGI Shareholder or by the Director nominated by the LGI Shareholder, as applicable:

(i) amendment of the constituent documents of the Company (including the Bylaws) in a manner inconsistent with this Agreement, subject to the requirements of applicable Law;

(ii) removal of the Director nominated by the LGI Shareholder;

(iii) any decision for the Board to meet less frequently than as set forth in this Agreement;

(iv) any decision to restrict the LGI Shareholder’s access to information or reporting in manner inconsistent with this Agreement;

(v) any other decision inconsistent with this Agreement;

(vi) any decision to terminate or permanently or indefinitely suspend operations on or surrender the Blocks (such consent not to be unreasonably withheld if the decision is in the best interests of the Company), other than, for the avoidance of doubt, any such decision (1) to relinquish part of the Blocks as required under the terms of the titles or concessions for such Blocks, or (2) required by law;

(vii) in the event a Block Valuation is established pursuant to Section 4.03, any decision to sell such Block at a price more than 15% below such Block Valuation, such consent not to be unreasonably withheld, other than to a party that is an Affiliate of the GeoPark Shareholder, in which case consent of LGI will always be required;

(viii) any decision to create a security interest over the Blocks, if such a decision becomes allowed by applicable Law, such consent not to be unreasonably withheld;

(ix) any decision to wind up or liquidate the Company, such consent not to be unreasonably withheld;

(x) any decision to lend funds to any Shareholder or its Affiliate (other than a Relevant Company) or any third party, including any renewal, extension, rescheduling or write-off with respect thereto, as well as any decision relating to the collection thereof in the event of non-payment for more than six (6) months, except as provided in Section 4.05(e);

(xi) any decision to change the dividend, voting or any other rights attached to any of the Shares which gives preference to or discriminates against other Shares or holders of Shares (other than with respect to new Shares to which the preemption rights set forth in Section 6.01 apply);

(xii) approval of annual Work Programs and Budgets (and any variances thereto to the extent required under Section 4.08(g));

(xiii) approval of mechanisms for funding approved Work Programs and Budgets in order to ensure smooth continuity of the Company’s operations and the Colombia Business;

(xiv) any other decision which, under applicable Law, requires the affirmative vote of the LGI Shareholder, such consent not to be unreasonably withheld;

(xv) approving a Related Party Transaction where the GeoPark Shareholder is a party to the transaction (other than as specifically authorized in Section 4.05(e));

(xvi) approving the formation of any subsidiary or the acquisition of any shares in any other company;

(xvii) issuing further Shares or other securities in the Company or approving any change in the share capital of the Company;

(xviii) the Company entering into borrowings (including contingent or future indebtedness) which are not otherwise provided for in the Work Program and Budget (other than short-term indebtedness (including bank overdrafts or similar) incurred in the ordinary course of ordinary business to finance potential working capital needs of the Colombia Business);

(xix) giving any guarantee or indemnity to secure the liabilities or obligations of any person or entity other than liabilities or obligations of any Relevant Company in the ordinary course of the Columbia Business;

(xx) approving the conversion, restructure or reorganization of the capital structure of the Company (other than any Permitted Reorganization);

(xxi) disposing of a material part of the assets or undertakings of the Company or the Columbia Business or contracting to do so otherwise than as provided for in any approved Work Program and Budget;

(xxii) other than as provided for in an approved Work Program and Budget, the acquisition or disposal of an asset, shares or interest by a Relevant Company or any subsidiary of a Relevant Company if the value of the asset, shares or interest is in excess of $2,000,000 (two million Dollars); or

(xxiii) any activity or transaction which is inconsistent with an approved Work Program and Budget and which is outside the scope of the Colombia Business.

(b) General Delegation to Board. The Shareholders agree that the shareholders of the Company shall decide only such matters as applicable Law requires be decided by them, and that all other matters shall be delegated to the Board (subject always to Section 4.02(a) and to the provisions of ARTICLE VII in the event a decision requires Shareholder or external funding and subject to any decision by the Board to refer a matter to the shareholders for decision or ratification) including, to the extent not prohibited by applicable Law (in which event, for the avoidance of doubt, the Shareholders agree to cause a meeting of the shareholders of the Company to take the corresponding decision in support of the relevant Board decision):

(i) recovery mechanisms for overhead costs (manpower and other costs) incurred by the GeoPark Shareholder or its Affiliates on an on-going basis to provide services to the Colombia Business;

(ii) negotiate and approve mechanisms for funding overhead, new acquisitions, and other Colombia Business expenditures, in accordance with Section 4.02(a)(xiii) and pursuant to an approved Work Program and Budget;

(iii) appoint and remove executive managers (subject to the right of the GeoPark Shareholder to nominate such managers, in accordance with Section 4.04);

(iv) raising equity or debt capital (subject to Section 4.10); and

(v) periodic reporting to Shareholders (subject to the requirements of Section 10.02).

(c) Shareholder Meetings and Resolutions. Subject to more restrictive mandatory requirements prescribed by applicable Law, if any, the Shareholders agree that:

(i) ordinary shareholder’s meetings shall be held at least once each calendar year before the 30th of April;

(ii) an extraordinary shareholders’ meeting may be convened by any Shareholder holding 10% or more of the total outstanding voting Shares;

(iii) each Shareholder shall be notified in writing before any meeting of the shareholders of the Company no less than 30 calendar days in advance unless such Shareholder waives notice in respect of that meeting, which waiver each Shareholder hereby agrees not to unreasonably withhold;

(iv) a quorum for a meeting of the Company shareholders shall be established by the attendance of each shareholder who is entitled to appoint a Director in accordance with this Agreement, in person or by proxy; provided, that if a meeting of the Company shareholders is validly called and the LGI Shareholder does not attend, the GeoPark Shareholder may initiate a second request for a meeting of the shareholders, and at such meeting a quorum shall be established by the attendance of one or more shareholders holding in aggregate at least 50% of the total outstanding voting Shares, in person or by proxy;

(v) subject to Section 4.02(a), at a meeting of the shareholders of the Company, resolutions shall be adopted by the affirmative vote of at least 50% of the voting Shares represented at such meeting, in person or by proxy;

(vi) meetings will be held in English and any communications, minutes or resolutions in respect of meetings will also be in English, to the extent not prohibited by Law; and

(vii) the shareholders of the Company may make decisions (either unanimously or by a majority, as the case may be) by written resolution in lieu of a meeting, to the extent permitted by the applicable Law.

(d) Board Meetings and Resolutions. Subject to more restrictive mandatory requirements prescribed by applicable Law, if any, the Shareholders agree that:

(i) ordinary meetings of the Board shall be held at least once every six (6) months;

(ii) extraordinary meetings of the Board shall be held no less frequently than as required by applicable the Law;

(iii) in the event that one or more Directors requests a meeting of the Board, the chairman of the Board must call a meeting of the Board;

(iv) notice for each meeting of the Board shall include all detail required by applicable Law;

(v) a quorum for a meeting of the Board shall require the attendance in person or by telephone of at least one (1) Director representing each Shareholder who is entitled to appoint a Director in accordance with this Agreement (which may include a corresponding Alternate Directors for each absent Director); provided, that if a meeting of the Board is validly called and the Director appointed by the LGI Shareholder does not attend, any Director may initiate a second request for a meeting of the Board, and at such meeting a quorum shall be established by the attendance of the absolute majority of Directors in office (which may include a corresponding Alternate Directors for each absent Director);

(vi) each of the Shareholders shall undertake all reasonable commercial efforts to ensure the attendance by the Directors it nominated, or such Director’s Alternate Director, as the case may be, to all the duly noticed meetings of the Board;

(vii) meetings will be held in English and any communications, minutes or resolutions in respect of meetings will also be in English, to the extent not prohibited by Law; and

(viii) subject to Section 4.02(a) and Section 4.05(b), in order to be validly adopted by the Board, resolutions shall require the affirmative vote of at least a majority of the Directors in attendance.

Section 4.03. Block Valuation Right. In the event that a majority of the Directors votes in favor of the sale of a Block and the Director appointed by the LGI Shareholder votes against such sale and requests that the Board identify and appoint an independent, internationally reputable investment bank, accounting firm or other qualified appraiser, who is independent of both the GeoPark Shareholder and its Affiliates and the LGI Shareholder and its Affiliates (the “Appraiser”) to determine a reasonable and fair sale price for the Block (the “Block Valuation”), the Parties agree to cooperate to cause the Appraiser to complete the Block Valuation as soon as possible but not later than sixty (60) days after such appointment. The LGI Shareholder shall pay all costs of the Appraiser and reimburse the Company for other costs incurred in connection with the Block Valuation if the Block Valuation is not more than 15% higher than the sale price approved by the majority of the Directors.

Section 4.04. Executive Management. Executive management shall be responsible for preparing the Work Program and Budget in accordance with Section 4.08 and the day-to-day operations of the Company and the Colombia Business and shall be designated by the Board. Except as expressly provided herein or required by applicable Law, the GeoPark Shareholder shall have the right to nominate all members of executive management, and the Shareholders shall exercise their powers to cause such action to be taken to effect their appointment in accordance with applicable Law.

Section 4.05. Related Party Transactions. (a) Subject to Section 4.05(e), all transactions between (1) a Relevant Company and (2) a Shareholder or a Shareholder’s Affiliate, other than a Relevant Company (each, a “Related Party Transaction”) shall be subject to the provisions of this Section 4.05.

(b) In connection with any amounts owed to any Relevant Company by the Shareholders or any Affiliate thereof (other than a Relevant Company) that are not paid when due according to the terms applicable to such amounts, the corresponding Shareholder shall indemnify the other Shareholder (in proportion to its shareholding) for any damage suffered by the Relevant Company that may arise as a consequence of such failure of payment. The obligation of the corresponding Shareholder to indemnify the other Shareholder in this Section 4.05(b) is without prejudice to any rights that the Relevant Company may have to collect any amounts owed by such Shareholder or its Affiliate.

(c) All Related Party Transactions shall be on an arm’s length basis and shall be subject to unanimous approval by the Board and a list of Related Party Transactions with a reasonable description thereof will be provided by the Company annually to the Shareholders.

(d) Unless otherwise provided in this Agreement, a Director shall not be restricted from voting for resolutions regarding Related Party Transactions in which such Director or the Shareholder nominating such Director, or any Person related to such Director or Shareholder, is a party or has an interest, except if such a restriction is or becomes a requirement of applicable Law.

(e) The following Related Party Transactions do not require unanimous approval of the Board and are otherwise exempt from the provisions of Section 4.02(a)-(d):

(i) Service Level Agreements;

(ii) Any GeoPark Xxxxxx Approved Capital Contribution; and

(iii) transactions for the recovery of overhead expenses by the GeoPark Shareholder or an Affiliate of the GeoPark Shareholder, equal to the sum of, (1) two percent (2%) of the sum of the total costs and expenses (including operation expenses (OPEX), general and administrative expenses (G&A), geosciences expenses (G&G) and other expenses as well as all capital expenditures) of the Company (“Annual Investment Sum”) subject to a maximum of US$80,000,000 (eighty million Dollars), plus (2) one percent (1%) of any incremental Annual Investment Sum over US80,000,000 (eighty million Dollars), as the case may be. The reasonableness of the transactions for the recovery of overhead expenses shall be determined by the Board, for purposes of which they will be presented to it no less frequently than annually.

Section 4.06. Secondment Program. The LGI Shareholder shall have the right to second employees to the Company (each, a “Secondee”). Each Secondee shall report to the Company’s executive management, or someone specially designated by the executive management, and occupy positions reasonably determined by the Company’s executive management. For so long as the LGI Shareholder holds at least 14% of the voting share capital of the Company the number and frequency of Secondees shall be reasonably agreed between the LGI Shareholder and the Company, and shall be no fewer than two (2) at any point in time (if requested by the LGI Shareholder). The Company shall bear the reasonable costs of two Secondees, with a salary commensurate to Secondee’s level of skill and experience for similar Company employees. All other costs and benefits shall be borne solely by the LGI Shareholder.

Section 4.07. Bylaws; No Conflict with Agreement. Each Shareholder shall vote all Shares held by such Shareholder, and shall take all actions necessary, to ensure that the Bylaws are promptly amended to reflect the provisions of this Shareholder Agreement and do not, at any time, conflict with the provisions of this Agreement to the extent permitted by the Law.

Section 4.08. Work Program and Budget

(a) Not less than 10 days nor more than 60 days before the end of each calendar year, the executive management shall prepare and submit to the Board for approval, a work program and budget for the Company and the Colombia Business (having regard to, among other things, the capital requirements and financial obligations of the Relevant Companies) (“Work Program and Budget”).

(b) Each annual Work Program and Budget shall, with respect to the applicable calendar year, contain:

(i) a reasonably detailed list of the operations and activities to be conducted, described in sufficient detail to afford ready identification of the nature, scope, location, and expected timing and duration of each such activity;

(ii) an estimate of the costs corresponding to each line item or category;

(iii) reasonable and necessary supporting information; and

(iv) such additional information and detail, if any, as the executive management of the Company may deem suitable.

(c) Each of the Shareholders acknowledges that, as it is the case for any oil and gas operation, the Work Program and Budget will include a number of assumptions, estimates and projections provided by the Company using its best judgment and knowledge. Actual development of results within the operations may differ from the anticipated Work Program and Budget for many reasons, including but not limited to: (i) changes in oil and gas prices, (ii) changes in well production rates, (iii) drilling results, (iv) decisions made by operators or partners in Blocks where any Relevant Company does not operate and has limited voting rights, (v) necessary changes to drilling schedules given issues that are beyond any Relevant Company’s control such as drilling results, local communities, road access, land access, availability of environmental permits from Governmental Entities, availability of adequate drilling and work-over rigs, among others, (vi) availability of equipment and services, and (vii) facts, circumstances or events that may cause immediate harm to human health, safety, property or the environment or that otherwise constitute emergencies.

(d) The Shareholders must use all reasonable endeavors and will empower the Company’s executive management to ensure that during the calendar year to which a Work Program and Budget relates, the Company and each Relevant Company conducts the Colombian Business in accordance with such Work Program and Budget, including any necessary deviation or modification to such Work Program and Budget given unanticipated changes as described in Section 4.08(c), provided however that any such deviation that is significant, shall be informed by the Company to the Board with sufficient detail and explanations. In the event that the Board does not approve the Work Program and Budget, 100% of the relevant costs set forth in the Work Program and Budget for the previous year shall apply until the Work Program and Budget for the current calendar year is approved.

(e) Subject to Section 4.08(f), the Board shall consider the draft Work Program and Budget received from the executive management and make a decision on whether to approve it (in accordance with Section 4.02(a)(xii)) ten (10) days before the commencement of the relevant calendar year.

(f) During each calendar year, the Shareholders shall ensure that the Board (irrespective of any ongoing review of other parts of the Work Program and Budget) approves as part of the Work Program and Budget, funding of sufficient sums so as to enable the Company and each Relevant Company to:

(i) meet their contractual obligations and expenditure requirements required under any Consent or the law; and

(ii) maintain the Blocks in good standing.

(g) In the event that variances from the Work Program and Budget result in (i) an overall increase in the funding needs for the Company with respect to the approved Work Program and Budget of greater than fifteen percent (15%) or (ii) a line-item or category change of more than twenty-five percent (25%), the Company shall submit a revised Work Program and Budget to the Board, with sufficient detail and explanation for the variances and deviations, which shall require approval of the LGI Shareholder or the Director nominated by the LGI Shareholder in accordance with Section 4.02(a)(xii)

Section 4.10. Additional Funding.

(a) Each Shareholder agrees to use all reasonable endeavors to ensure that, to the greatest extent possible, the Company and the Columbia Business are funded by each Shareholder by way of subordinated loans in proportion to each Shareholders’ ownership in the Company. Any additional funding required for the Company or the Colombia Business shall be obtained:

(i) by external debt financing (where available on terms acceptable to the Board); or

(ii) by raising equity from each Shareholder.

(b) Except for as otherwise provided in this Agreement, neither the Company nor any Relevant Company shall be permitted to incur (or guarantee) any indebtedness for borrowed money other than (a) indebtedness existing on the Closing Date, being indebtedness in the principal amount of US$37,500,000 (Thirty Seven Million Five Hundred Thousand Dollars) under the GeoPark Xxxxxx Loan Agreement, (b) guarantees in connection with the Stock Purchase Agreements (as defined in the Subscription Agreement), (c) short-term indebtedness (including bank overdrafts or similar) incurred in the ordinary course of business to finance potential working capital needs of the Colombia Business, and (d) indebtedness incurred for the additional funding needs for the Colombia Business through cash calls in the form of subordinated loans in accordance with Section 4.02(a)(xiii).

Section 4.11. Cash Calls to Cure Non-Compliance Under GeoPark Xxxxxx Loan Agreement. Each Shareholder agrees that in the event that GeoPark Xxxxxx is, or is likely to be, not in compliance with the financial covenants under the GeoPark Xxxxxx Loan Agreement, the Company shall use existing cash surplus to cure such non-compliance on behalf of GeoPark Xxxxxx prior to any cash call being made under Section 4.02(a)(xiii).

ARTICLE V.

Application to subsidiaries

Section 5.01. Relevant Companies (other than the Company).

(a) Each party agrees, and must ensure, that, to the extent a Relevant Company (other than the Company) is governed by a board of directors (except as otherwise agreed by the Shareholders in writing), the board and governance of such Relevant Company follows the board composition, board operation, approval of certain matters, rules and management rules set out in ARTICLE IV, provided that ARTICLE IV shall apply as if a reference to the Company were a reference to the Relevant Company (other than the Company).

(b) The Company agrees to exercise its voting power in each of GeoPark Xxxx, GeoPark Columbia and GeoPark Xxxxxx and to procure the exercise of voting power by each of GeoPark Xxxx, GeoPark Columbia and GeoPark Xxxxxx to the extent necessary from time to time to give effect to this ARTICLE V and to ensure that each Relevant Company and each subsidiary of a Relevant Company is administered in accordance with this agreement.

Section 5.02. Other subsidiaries. Other than in respect of the Relevant Companies, each party agrees, and must use all reasonable endeavors to ensure, that, to the extent a subsidiary of a Relevant Company is governed by a board of directors (except as otherwise agreed by the Shareholders in writing), the board and operation of such subsidiary follows the board composition, board operation, approval of certain matters and rules and management rules set out or referred to in ARTICLE IV, provided that ARTICLE IV shall apply as if a reference to the Company were a reference to the relevant subsidiary.

Section 5.03. Companies without boards of directors. If a Relevant Company (other than the Company) or a subsidiary of a Relevant Company does not have a board of directors, the parties must ensure that decisions and approvals relating to such company with respect to the matters set out in 4.02 (a) require consent (by affirmative vote or otherwise) either by the LGI Shareholder or by the Director nominated by the LGI Shareholder, as applicable.

ARTICLE VI.

Pre-emptive Rights; LGI Line of Credit; Dividends; Annual Funding; Recovery Mechanism.

Section 6.01. Pre-emptive Rights. Should the Company approve a capital increase, each Shareholder shall have a right to underwrite or purchase newly issued Shares pertaining thereto in an amount proportionate to the Shareholder’s current holdings, in accordance with the provisions of applicable Law. Any of such Shares not subscribed by one Shareholder will be offered to the other Shareholder prior to any offering of such Shares to any Third Party Buyer.

Section 6.02. Shareholder Funding Requirements. Unless expressly provided in this Agreement, no Shareholder shall be required to exercise its pre-emptive rights, or otherwise provide further funding to the Company or the Colombia Business. If a Shareholder elects not to exercise such pre-emptive right fully, or otherwise provide further funding to the Company or the Colombia Business such Shareholder’s interests shall be correspondingly diluted in accordance with applicable Law. The minimum price for each newly issued Share to be offered by the Company will be reasonably determined by the Board in good faith, using customary valuation practices in accordance with the Law.

Section 6.03. LGI Line of Credit. The LGI Shareholder shall have the option but not the obligation, in its absolute discretion, to make available to the Company (either directly or through its Affiliates) credit facilities as the LGI Shareholder and the Company may from time-to-time agree.

Section 6.04. Dividends. The Shareholders agree to vote their Shares and otherwise to cause the Company to declare dividends only after allowing for retentions for:

(i) any approved Work Program and Budget;

(ii) the capital adequacy and tied surplus requirements of the Company;

(iii) the Company’s working capital requirements;

(iv) any banking covenants associated with loan agreements entered into by the Company or any Relevant Company (including the GeoPark Xxxxxx Loan Agreement); and

(v) the operational requirements of the Company,

having regard to prudent financial management and relevant taxation considerations.

Section 6.05. Incremental Equity Interest. As agreed in the Framework Agreement, GeoPark Shareholder through any of its Affiliates shall receive, directly or indirectly, additional equity interest in the Company in accordance with the Company’s financial performance. The LGI Shareholder hereby irrevocably agrees to execute and deliver, or cause to be executed and delivered to GeoPark Shareholder or the relevant Affiliate of GeoPark Shareholder, the relevant documents to ensure that GeoPark Shareholder increases its equity interest in the Company in accordance with the formula contained in Schedule 5.05 for the calculation of the incremental equity interest, as opposed to the formula contemplated in the Framework Agreement.

ARTICLE VII.

Transfer Rights and Restrictions

Section 7.01. Endorsement of Certificates. (a) In addition to any other legend which the Company may deem advisable under applicable securities laws, every certificate representing outstanding Shares shall include the following legend:

THE HOLDER OF THIS CERTIFICATE IS SUBJECT TO, AND THIS CERTIFICATE IS TRANSFERABLE ONLY UPON COMPLIANCE WITH, THE RESTRICTIONS AND PROVISIONS OF THE SHAREHOLDERS’ AGREEMENT, DATED AS OF DECEMBER 18, 2012 TO WHICH THE COMPANY IS A PARTY. A COPY OF THE SHAREHOLDERS’ AGREEMENT IS ON FILE AT THE OFFICES OF THE COMPANY, X/X XXX XXXXXXX XXXXXXXXXXX, XXXXXXX 000 -XXXXX XXXXX, XXXXXX XXXXX, XXXXXXXXX, AND IS AVAILABLE TO PROSPECTIVE PURCHASERS OR TRANSFEREES UPON REQUEST. NO PERSON SHOULD PURCHASE OR OTHERWISE ACQUIRE SHARES OF STOCK IN THE COMPANY WITHOUT BECOMING FAMILIAR WITH AND AGREEING TO BE BOUND BY THE TERMS OF THE SHAREHOLDERS’ AGREEMENT.

(b) All certificates representing Shares outstanding or hereafter issued to or acquired by any Shareholder or its or his successor thereto shall bear the legend set forth above. In addition, such legend shall appear in the Company’s Share Registry.

Section 7.02. Consent to Terms of Shareholders’ Agreement. Unless waived in writing by the other Shareholder,

(a) each Shareholder (each, a “Transferring Shareholder”) agrees that it will not, directly or indirectly, offer, sell, transfer, assign, give, donate, or in any manner dispose of any of its Shares (in each case, a form of “Transfer”) to any Person (each, a Proposed Transferee”), except in compliance herewith; and

(b) the Company shall not register any Transfer of Shares to any Proposed Transferee, and no Proposed Transferee shall become an owner of record of any Shares, through purchase or transfer, unless such Transfer is carried out in accordance with this ARTICLE VII and the Proposed Transferee agrees prior to such Transfer to execute, and does execute, a counterpart of this Agreement and agrees to be bound by the provisions hereof, and the Company and each Shareholder has received a counterpart of this Agreement signed by such Proposed Transferee.

Section 7.03. Transfers to Affiliates. Subject to the terms of Section 7.01 and Section 7.02 and subject to notice to the other Shareholder(s) and notwithstanding any other provisions of this ARTICLE VII, each Shareholder may Transfer any of its Shares to an Affiliate for purposes of a Reorganization; provided, however, that this Section 7.03 shall not be applied in circumvention of the purposes of the Transfer restrictions. In such case, the Transferring Shareholder and its Transferee shall be jointly and severally liable for the performance of their obligations hereunder, unless released by the other Shareholder, such release not to be unreasonably withheld.

Section 7.04. Right of First Offer. (a) Offer. If, at any time, a Transferring Shareholder desires to Transfer all or any part of its Shares in the Company, such Transferring Shareholder (the “Offeror”) shall submit a written offer (the “Offer”) to Transfer such Shares (collectively, the “Offered Shares”) to the other Shareholder (the “Offeree”) on terms and conditions, including price, not less favorable to the Offeree than those on which the Seller proposes to sell such Offered Shares. The Offer shall be delivered by notice and shall disclose the Offered Shares proposed to be sold, the total number of Shares owned by the Transferring Shareholder, the terms and conditions, including price, of the proposed sale, and any other material facts relating to the proposed sale. The Offer shall further state that the Offeree may acquire, in accordance with the provisions of this Agreement, all of the Offered Shares for the price and upon the other terms and conditions, including deferred payment (if applicable), set forth therein. In the event that the Offer involves consideration in a non-cash form, the Offeree may offer a cash price equal in value to the non-cash assets contemplated by the Offer, such value to be determined by an independent qualified appraiser, proposed by Offeror and reasonably acceptable to Offeree, the fees of which appraiser shall be paid by the Offeror.

(b) Election to Purchase; Closing. If the Offeree elects to purchase the Offered Shares on the Offer terms, the Offeree shall notify the Offeror of its election to purchase (“Purchase Notice”) within thirty (30) days of the date the Offer was made (“Acceptance Period”). Such Purchase Notice shall, when taken in conjunction with the Offer, be deemed to constitute a valid, legally binding and enforceable agreement for the sale and purchase of the Offered Shares. Sale of the Offered Shares to the Offeree pursuant to this section shall be made at 12:00 PM at the offices of the Company, fifteen (15) Business Days following the date the Offeree’s notice to purchase. Such sale shall be effected by the Offeror’s delivery to the Offeree of a certificate or certificates evidencing the Offered Shares to be purchased by it together with an executed agreement for transfer.

(c) Sale Upon Election Not to Purchase. Upon expiration of the Acceptance Period, without the Offeror having received a Purchase Notice from the Offeree, the Offeror is free to Transfer the Offered Shares to a Proposed Transferee, within the immediately subsequent ninety (90) Business Days on terms and conditions, including price, not more favorable to the Proposed Transferee than those on which the Offeror proposes to sell such Offered Shares to the Offeree; provided, that the Transferring Shareholder has notified the other Shareholder as to (i) the identity of the Proposed Transferee, and (ii) the Person or Persons, if any, that control such Proposed Transferee, and the other Shareholder has notified the Transferring Shareholder that it has no objection thereto. The other Shareholder will not be entitled to object to the Transfer unless it reasonably considers, acting in good faith, that the Proposed Transferee is not of good reputation or is a direct competitor of the Company. The other Shareholder must provide notice of its acceptance or rejection of the Transfer within 15 (fifteen) Business Days of receiving the notice from the Offeror described above.

(d) Subject to the prior written consent of the GeoPark Shareholder, any Proposed Transferee of the Shares issued to the LGI Shareholder shall enjoy the rights given to the LGI Shareholder in Section 4.01(a), Section 4.02(a), Section 4.03, Section 4.05, Section 4.06, Section 4.08, Section 6.01, Section 7.05, Section

9.02 and Section 10.02.

(e) If the Offeror does not carry out its Transfer within the ninety (90) days period referred to above or else withdraws its offer or introduces any changes thereto, the Offered Shares may not be sold, assigned or transferred unless previously offered preemptively to the Offeree once again, pursuant to this Section 7.04. Any Offered Shares that go unsold within such period of time shall continue subject to the requirements of this Section 7.04.

Section 7.05. Tag-Along Rights. (a) Notwithstanding anything to the contrary in this Agreement, if the GeoPark Shareholder proposes to Transfer any Shares to a Third Party Buyer as permitted by the terms of this Agreement, the GeoPark Shareholder shall notify the LGI Shareholder in writing of such proposed sale and the terms and conditions thereof. The LGI Shareholder shall thereafter have twenty (20) Business Days in which to notify GeoPark of their election to exercise its rights to participate on a pro rata basis (based on the percentage of issued and outstanding Shares then owned by the LGI Shareholder) in such proposed sale by the GeoPark Shareholder (the “Tag-Along Right”).

(b) If as a result of the LGI Shareholder exercising its Tag Along Right the LGI Shareholder’s voting share capital would be less than 14% of the voting share capital of the Company, the LGI Shareholder may elect to exercise its Tag Along Right in respect of all of the issued and outstanding Shares then owned by the LGI Shareholder.

(c) If the LGI Shareholder notifies the GeoPark Shareholder of its intention to exercise such Tag-Along Right, then (i) the GeoPark Shareholder shall allow the LGI Shareholder to sell its Shares as part of the proposed Transfer pro rata according to the number of Shares held by the GeoPark Shareholder and the LGI Shareholder, respectively, and (ii) GeoPark agrees not to Transfer any Shares to such Third Party Buyer unless the Third Party Buyer agrees to accept from the LGI Shareholder such Shares as the LGI Shareholder requests to be included in such Transfer in accordance with the terms of this Section 7.05.

Section 7.06. Exceptions to Tag-Along Rights. The provisions of Section 7.05 shall not apply to any of the following Transfers (however, each such Transfer shall be obligated to comply with the provisions of Section 7.01, Section 7.02, and Section 7.03 of this Agreement):

(a) from the GeoPark Shareholder (i) to any Person within the GeoPark Group or any of its Related Persons or (ii) to any Person which is an Affiliate of GeoPark;

(b) pursuant to an approved merger of the Company or approved sale of all or substantially all Shares; and

(c) from the GeoPark Shareholder to a third party if such transaction, together with all related transactions, does not result in the Transfer of more than twenty-five percent (25%) of all the issued and outstanding Shares (measured on a fully diluted basis).

Section 7.07. Drag-Along Rights. (a) Anything in this Agreement to the contrary notwithstanding, if the GeoPark Shareholder proposes to Transfer 100% of its Shares to a Third Party Buyer as permitted by the terms of this Agreement, the GeoPark Shareholder shall notify the LGI Shareholder in writing of such proposed sale, the terms and conditions thereof and provide documentary evidence of the identity of such Third Party Buyer and its relationship to the GeoPark Shareholder. Subject to the conditions stated below, the GeoPark Shareholder shall have the right (a “Drag-Along Right”) to force the LGI Shareholder to participate in the Transfer of Shares to the Third Party Buyer on the same terms and conditions upon which the GeoPark Shareholder participates in such Transfer to the Third Party Buyer.

(b) The GeoPark Shareholder’s Drag-Along Right is subject to the following conditions:

(i) the proposed transaction involves a Bona Fide Offer pursuant to an arm’s-length transaction between the GeoPark Shareholder and a Third Party Buyer which is not an Affiliate of the GeoPark Shareholder; and

(ii) the consideration paid by the Third Party Buyer must be cash or, if not in cash, the GeoPark Shareholder may instead offer the LGI Shareholder cash consideration equal in value to the non-cash assets contemplated by the Offer, such value to be determined by an independent qualified appraiser, proposed by the GeoPark Shareholder and reasonably acceptable to the LGI Shareholder, the fees of which appraiser shall be paid by the GeoPark Shareholder. Subject to the foregoing, all Shareholders shall receive the same amount and type of consideration per Share in such Transfer (unless the Shareholders otherwise agree in writing).

The GeoPark Shareholder must have presented a certificate attesting to the commercial relationship between the GeoPark Shareholder and the Third Party Buyer, attaching all material commercial agreements between them.

Section 7.08. Exception to Drag-Along Rights. The provisions of Section 7.07 shall not apply to any transfer from the GeoPark Shareholder (i) to any Person within the GeoPark Group or any of its Related Persons or (ii) to any Person which is an Affiliate of the GeoPark Shareholder.

Section 7.09. Withdrawal. Each Shareholder agrees that, except with the written consent of the other Shareholder, it shall not exercise any right it may have under applicable Law, to withdraw from the Company, redeem its Shares, or otherwise transfer its Shares to the Company, including but not limited to its rights under Article 69 of the Corporations Act of Chile. In the event a Shareholder breaches this Section 7.09, in addition to any other remedy under contract or applicable Law, and, to the extent not prohibited by applicable Law, the Company may offset and deduct any Damages or other loss suffered by the Company from such breach from the amount owed to such Shareholder in respect of such withdrawal, transfer or redemption of its Shares.

ARTICLE VIII.

Termination of Shareholders’ Agreement

Section 8.01. Termination of Shareholders’ Agreement. (a) Each Shareholder shall retain its rights hereunder for so long as such Shareholder (together with its Affiliates) holds any Shares or shares of the Company’s Affiliates. Each Shareholder shall remain obligated to perform its obligations hereunder until released in writing by the other Parties hereto, or until this Agreement terminates, subject to the provisions of this ARTICLE VIII.

(b) This Agreement shall terminate upon the earlier to occur of:

(i) any Shareholder holding 100% of the issued Shares of the Company; or

(ii) a resolution is passed for the winding up or dissolution of the Company; or

(iii) a receiver, administrator or administrative receiver is appointed over the whole or any part of the assets of the Company or the affairs, business and property of the Company is to be managed by a supervisor under any arrangement made with the creditors thereof; or

(iv) at such time as all Shareholders of record unanimously agree in writing to terminate this Agreement; or

(v) upon delivery of a notice of termination by a Shareholder (the “Terminating Shareholder”) following a material breach by the other Shareholder (the “Shareholder in Breach”), in the event that

(x) such material breach was not cured within forty-five (45) days after the Terminating Shareholder provided the Shareholder in Breach of a notice reasonably detailing the basis for such breach and (y) such breach continued to be uncured at the time of dispatch of the notice of termination; or

(vi) upon delivery of a notice of termination by a Terminating Shareholder, in the event a petition is presented or a proceeding is commenced or an order is made or an effective resolution is passed for the winding-up, insolvency, administration, reorganization, reconstruction, dissolution or bankruptcy of the other Shareholder or for the appointment of a liquidator, receiver, administrator, trustee or similar officer of the other Shareholder or of all or any part of its business or assets; if the other Shareholder stops or suspends payments to its creditors generally or is unable or admits its inability to pay its debts as they fall due or seeks to enter into any composition or other arrangement with its creditors or is declared or becomes bankrupt or insolvent; or if a creditor takes possession of all or any part of the business or assets of the other Shareholder or any execution or other legal process is enforced against the business or any substantial asset of the other Shareholder and is not discharged within fourteen (14) days.

ARTICLE IX.

Non-Competition

Section 9.01. Non-Compete. No Shareholder (the “Proposing Shareholder”) shall, directly or indirectly, whether through an Affiliate or as an owner, shareholder, partner, director, officer or employee of any other Person, engage in activities or business in Colombia competitive to that of the Company (a “Competitive Activity”) from the date hereof until the date on which such Shareholder ceases to own Shares of the Company in compliance with this Agreement, except for (i) Competitive Activity authorized in writing by the other Shareholder and (ii) sole risk activity, as set forth in Section 9.02.

Section 9.02. Sole Risk Competitive Activities. (a) In case any Shareholder intends to undertake an acquisition of a business or company in Colombia or otherwise has the intention to expand the Oil and Gas Business of the Company and its subsidiaries to new projects, including by way of entering into bidding processes, the Shareholder must submit a proposal in relation to that project, bid or acquisition for the approval of the Board, such proposal to include all information reasonably required by the Director nominated by the non-proposing Shareholder to evaluate the proposed project, bid or acquisition, and providing the Director nominated by the non-proposing Shareholder with a reasonable period of time to evaluate such information.

(b) In the event a Director nominated by the other, non-proposing Shareholder votes against such proposal or abstains, or fails to attend two Board meetings in which such proposal is considered, then the proposing Shareholder shall be allowed to undertake such project or acquisition at its sole risk, directly or through an Affiliate thereof, being therefore released of the obligation set forth in Section 9.01 above with respect to such acquisition.

Section 9.03. Restriction on Employees. The Shareholders agree that no employee of the Company, including a Secondee, may also hold a position outside of the Company, other than a position with a Shareholder or an Affiliate of a Shareholder.

ARTICLE X.

Miscellaneous

Section 10.01. Costs. Only the expenses incurred in connection with the establishment of the Company including reasonable legal and accounting fees shall be agreed and accounted as pre-incorporation expenditures for the account of the Company, and shall be reimbursed by the Company to GeoPark. Except as otherwise provided in this Agreement, all other costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Shareholder incurring such costs and expenses, including any fees, expenses or other payments incurred or owed by a Party to any brokers, financial advisors or comparable other persons retained or employed by such Party in connection with the transactions contemplated by this Agreement.

Section 10.02. Reporting Requirements. So long as this Agreement is in force, the Company will provide Shareholders with:

(a) annual audited consolidated financial statements of the Company and its subsidiaries prepared in accordance with IFRS, including a report thereon by the Company’s certified independent auditors and a management’s discussion and analysis of financial condition and results of operations; and

(b) interim consolidated financial statements of the Company and its subsidiaries prepared in accordance with IFRS, which may be unaudited, for the six-month period ending June 30 of each year, including a management’s discussion and analysis of financial condition and results of operations,

in both cases no later than the date on which such statements would have to be filed with the securities exchange on which equity securities of any Company Affiliate of GeoPark are listed; provided that such statements may consist of, and be in the same format as, the information that would be required to be provided to the holders of the Notes originally issued by GeoPark Chile Limited Agencia en Chile on December 2010.

The LGI Shareholder, shall have the right to request at its own cost, an audit over revenues or costs of the Company to be carried-out by an internationally recognized and reputed auditors, no more than once a year. If so requested, the timing of this audit will be decided by the Board so as to not reasonably interfere with the operations of the Company.

Section 10.03. Compliance with Laws. (a) The Parties shall in all material respects comply with all applicable Laws, regulatory rules, including, without limitation, anti-bribery laws, anti-money laundering laws, regulations, licenses, permits and approvals which are material to its business activities.

(a) In connection with any of the transactions contemplated in this Agreement, no Party nor any of its affiliates, directors, officers, consultants, employees, agents or other representatives (nor any person acting on behalf of any of the foregoing) shall directly, or indirectly through a third-party intermediary (1) offer, authorize or make any payment in cash or in kind of anything of value, or provide any benefit whatsoever, to any official, representative or employee of a government, governmental body or instrumentality, or public international organization, or to any political party or candidate for public office, for purposes of influencing official actions or decisions or securing any improper advantage in order to obtain or retain business, or other corrupt purpose, (2) enter into any transactions that either promote or involve the proceeds of unlawful criminal activity, or (3) deal with any Person who is currently the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department or (4) knowingly utilize funds provided by any such Person or funds derived from any activities that contravene any applicable Law, including anti-money laundering, anti-terrorism or anti-bribery laws.

Section 10.04. Binding Effect; Assignment. This Agreement shall become effective upon the execution of this Agreement by each of the Parties hereto and the occurrence of the Closing Date. Except as otherwise provided herein, all of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by, the respective successors, permitted assigns, heirs, legatees, and personal representatives of the parties hereto. No Shareholder may assign any of his or her rights hereunder to any Person, other than an Affiliate. If any transferee of any Shareholder shall acquire any Shares, in any manner, whether by operation of law or otherwise, such Shares shall be held subject to all of the terms of this Agreement, and by taking and holding such Shares such Person shall be entitled to receive the benefits of and be conclusively deemed to have agreed to be bound by and to comply with all of the terms and provisions of this Agreement.

Section 10.05. Financial Information. The Company shall maintain books and records in compliance with applicable Law and prepare its accounts in accordance with IFRS.

Section 10.06. Amendment and Modification; Waiver of Compliance; Conflicts. (a) This Agreement may be amended or modified only by a written instrument duly executed by each Shareholder. In the event of the amendment or modification of this Agreement in accordance with its terms, the Shareholders shall cause the Board of the Company to call an extraordinary meeting of the shareholders of the Company to meet within thirty (30) calendar days following such amendment or modification or as soon thereafter as is practicable and shall adopt any amendments to the Bylaws that may be required as a result of such amendment or modification to this Agreement, and the Shareholders agree to vote in favor of such amendments.

(b) Except as otherwise provided in this Agreement, failure of any Shareholder to comply with any obligation, covenant, agreement or condition herein may be waived by the Shareholder or Shareholders entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.

(c) As long as this Agreement is in effect, if there is any conflict, dispute or inconsistency between the provisions of this Agreement and the Bylaws, the provisions of this Agreement shall govern and prevail.

All notices, requests and other communications hereunder shall be in writing (including wire, telefax or similar writing) and shall be sent, delivered or mailed, addressed, or telefaxed

If to the LGI Shareholder, to:

c/o LG International Corp.

LG Twin Towers, 00, Xxxxx-xxxx, Xxxxxxxxxxx-xx,

Xxxxx, Xxxxx 150-721

Attention: Xxxx-Xxx Xxx

Fax: x00 0 0000 0000

with a copy to:

x/x Xxxxxxx Xxxxxxxxx

Xxxxx 00 Xxxxxxxx Xxxxx, 0 Xxx Xxxxxxxxx Xxxxx XX 0000 Xxxxxxxxx

DX 169 Perth

Attention: Xxxxxx Xxxx

Fax: x00 0 0000 0000

and

Larrain y Asociados

Av. El Bosque Sur Nº130 12th Floor Las Condes. Santiago, Chile

Attention: Xxxxxxx Xxxx

Fax: + 00 0 000 0000

If to the GeoPark Shareholder or the Company, to:

x/x XxxXxxx Xxxxxxxxx Limited Florida 000 -0xx Xxxxx Xxxxxx Xxxxx (X0000XXX), Argentina

Attention: Xxxxxx Xxxxxx

Fax: +5411 0000 0000

with a copy to:

Xxxxxxxxxx & Xxxxx LLP

0000 Xxx Xxxxxxxxx Xxxxxx X.X. Xxxxxxxxxx, XX 00000

Attention: Xxxx Xxxxx

Fax: x0 000 000 0000

and

Barros & Errázuriz

Abogados Xxxxxxx Xxxxxxxxxx 2939, Las Xxxxxx Xxxxxxxx, Chile, 7550101

Attention: Xxxxxxxx Simian

Fax: x00 0 000 0000

Each such notice, request or other communication shall be given (i) by hand delivery, (ii) by internationally recognized courier service or (iii) by telefax, receipt confirmed (with a confirmation copy to be sent by first class mail; provided that the failure to send such confirmation copy shall not prevent such telefax notice from being effective). Each such notice, request or communication shall be effective (i) if delivered by hand or by internationally recognized courier service, when delivered at the address specified in this Section (or in accordance with the latest unrevoked written direction from the receiving Party) and (iii) if given by telefax, when such telefax is transmitted to the telefax number specified in this Section (or in accordance with the latest unrevoked written direction from the receiving Party), and the appropriate confirmation is received; provided that notices received on a day that is not a Business Day or after the close of business on a Business Day will be deemed to be effective on the next Business Day.

Section 10.07. Interpretation. Unless otherwise stated, references to the Preamble, Recitals, Articles, Sections and Exhibits are to the Preamble, Recitals, Articles, Sections and Exhibits of or to this Agreement, and all such Exhibits are hereby incorporated herein by reference. Words importing the singular include the plural and vice versa, as the context may require. Words importing a gender include every gender, as the context may require. References to days, months, and years are to calendar days, calendar months and calendar years, respectively. The headings to the Articles and Sections are for convenience only and have no legal effect.

Section 10.08. Further Assurances. The Company and each Shareholder agree that at any time and from time to time after the date hereof they will execute and deliver to any other party hereto such further instruments or documents and take such other action as may reasonably be required to give effect to the transactions contemplated hereunder, including conforming the Bylaws of the Company to be consistent with the provisions of this Agreement, to the extent permitted by law.

Section 10.09. Governing Law. This Agreement and all matters arising out of or relating in any way whatsoever (whether in contract, tort or otherwise) to this Agreement shall be governed by, the laws of the State of New York without regard to the conflict of laws rules that would result in the application of different laws; provided that to the extent required by the Laws of Chile, internal matters and corporate formalities of the Company shall be governed by the Laws of Chile.

Section 10.10. Specific Performance. The Parties agree that irreparable damage would occur in the event that the provisions of this Agreement were not performed in accordance with its specific terms and that any remedy at law for any breach of the provisions of this Agreement would be inadequate. Accordingly, it is agreed that the Parties shall be entitled to an injunction or injunctions to enforce specifically the terms and provisions hereof.

Section 10.11. Arbitration; Consent to Jurisdiction. The Parties hereby agree that any controversy or claim arising out of this Agreement between LGI Shareholder, on the one hand, and one or more of the Company and the Warrantors, on the other, or any controversy or claim arising out of the Bylaws, shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules. The seat of the arbitration shall be in City of New York, New York, U.S.A. and the language of arbitration shall be English. Judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Each of the Parties hereto knowingly, voluntarily and irrevocably submits to the jurisdiction of each such court in any such action or proceeding and waives any objection it may now or hereafter have to venue or to convenience of forum. Each Party further agrees that service of any process, summons, notice or document by registered or certified mail or internationally recognized courier service to its address set forth in

Section 10.01, or by any means reasonably calculated to effect notice, will be effective service of process for any action or proceeding brought against the other Party in any such court.

Section 10.12. Entire Agreement/Captions. The Subscription Agreement, the Share subscription instruments contemplated therein and executed at Closing, and this Agreement (and the attachments hereto) set forth the entire understanding of the GeoPark Shareholder and the LGI Shareholder with respect to the subject matter hereof and supersedes all prior agreements, arrangements and communications, whether oral or written between or among them with respect to the subject matter hereof; provided, however that, for the avoidance of doubt, the Framework Agreement shall not apply to this Agreement. Captions appearing in this Agreement are for convenience of reference only and shall not be deemed to explain, limit or amplify the provisions hereof.

Section 10.13. Severability. If any provisions contained in this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not invalidate the entire Agreement. Such provision shall be deemed to be modified to the extent necessary to render it valid and enforceable and if no such modification shall render it valid and enforceable then the Agreement shall be construed as if not containing such provision.

Section 10.14. No Third Party Beneficiaries. Nothing herein expressed or implied is intended to confer upon any Person, other than the parties hereto or their respective permitted assigns, successors, heirs and legal representatives, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

Section 10.15. Recapitalizations, Exchanges, Etc., Affecting the Shares. The provisions of this Agreement shall apply, to the fullest extent set forth herein with respect to Shares and to any and all equity or debt securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets, or otherwise) which may be issued in respect of, in exchange for, or in substitution of, such equity or debt securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

Section 10.16. No Agency or Partnership. Nothing contained or implied in this Agreement shall constitute or be deemed to constitute a partnership or agency between or among any of the Parties and, save as expressly agreed herein, none of the Parties shall have any authority to bind or commit any other Party.

Section 10.17. Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile transmission or portable document format (“pdf”)), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Section 10.18. Language. Each of the Shareholders acknowledges and agrees that this Agreement has been negotiated, concluded, and executed in the English language. In the event that a translation of this Agreement into a different language is prepared in whole or in part at any time for any purpose, the Company and the Shareholders agree that the English language version shall control and be determinative as to the purpose and intent of any provision of this Agreement. Any and all notices and communications required hereunder shall be in English.

Section 10.19. Schedules and Exhibits. Except as otherwise provided in this Agreement, all Exhibits and Schedules referred to herein are intended to be and hereby are made a part of this Agreement. Any disclosure in any Party’s Schedule under this Agreement corresponding to and qualifying a specific numbered paragraph or section hereof shall be deemed to correspond to and qualify any other numbered paragraph or section relating to such Party. Certain information set forth in the Schedules is included solely for informational purposes, is not an admission of liability with respect to the matters covered by the information, and may not be required to be disclosed pursuant to this Agreement. The specification of any dollar amount in the representations and warranties contained in this Agreement or the inclusion of any specific item in the Schedules is not intended to imply that such amounts (or higher or lower amounts) are or are not material, and no Party shall use the fact of the setting of such amounts or the fact of the inclusion of any such item in the Schedules in any dispute or controversy between the parties as to whether any obligation, item, or matter not described herein or included in a Schedule is or is not material for purposes of this Agreement.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first above written.

	GEOPARK COLOMBIA S.A., a Chile corporation


	By:	/s/ Xxxxx X. Park
	Name:	Xxxxx X. Park
	Title:	Legal Representative


	GEOPARK CHILE LIMITED AGENCIA EN CHILE, a Bermuda corporation


	By:	/s/ Xxxxx X. Park
	Name:	Xxxxx X. Park
	Title:	Legal Representative


	LG INTERNATIONAL CORP.


	By:	/s/ Xxxxx Xxxx Ha
	Name:	Xxxxx Xxxx Ha
	Title:	President & CEO

Schedule 1.01 Defined Terms

“Acceptance Period” has the meaning ascribed in Section 7.04(b).

“Affiliate” of any Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first Person.

“Agreement” means this Agreement as in effect on the date hereof and as hereafter from time to time amended, modified or supplemented in accordance with the terms hereof.

“Alternate Director” has the meaning ascribed in Section 4.01.

“Blocks” means each of the oil and gas licenses held directly or indirectly by the Company.

“Board” has the meaning ascribed in Section 4.01.

“Bona Fide Offer” means an offer made in good faith, for valuable consideration, without fraud or deceit.

“Business Day” means any day other than a Saturday or Sunday or any day banks in Colombia, Seoul, New York or Bermuda are authorized or required to be closed.

“Bylaws” means the bylaws of the Company adopted by the Shareholders of the Company on or before the date hereof, and as hereafter amended in accordance with the terms thereof and pursuant to applicable law.

“Claim” means any demand, claim, action, legal proceeding (whether at law or in equity), investigation or arbitration.

“Closing” has the meaning ascribed in the Subscription Agreement.

“Closing Date” has the meaning ascribed in the Subscription Agreement.

“Colombia” means the Republic of Colombia.

“Colombia Business” means the ongoing Oil and Gas Business of the Company and the Relevant Companies in Colombia and all material assets and liabilities related thereto as of the Closing Date, including all existing P1, P2 and P3 reserves, development potential, exploration and rights resulting therefrom, the operatorship and direct working interests in the Yamu Block (55-75%), Xxxxxx 00 Xxxxx (00%) Xxxxxx Xxxxx (100%) and Xxxxxx 00 Xxxxx (100%), and the Company’s non operated interest in the Xxxxxx 32 Block (10%), Xxxxxx 00 Xxxxx (00%), Xxxxxxxx Xxxxx (5%), Abanico Block (10%), Cerrito Block (10%) and Arrendajo Block (10%) and all costs and obligations relating to the assets, including all indebtedness and obligations (including without limitation legal and accounting fees).

“Company” has the meaning ascribed in the preamble, and shall include and shall include its legal successors and permitted assigns.

“Competitive Activity” has the meaning ascribed in Section 9.01.

“Consent” means consent, approval, license, permit, order or authorization. “control” (and any form thereof, such as ‘controlled’ and ‘controlling’) means the possession by one Person, directly or indirectly (through one or more intermediaries) of the power to direct or cause the direction of the management or policies of another Person, whether through the ownership of voting interests, by contract, or otherwise; with respect to a corporation, partnership, or other body corporate, such power may be evidenced by the right to exercise, directly or indirectly, more than fifty percent (50%) of the voting rights attributable to the shares of such corporation, partnership, or other body corporate.

“Director” has the meaning ascribed in Section 4.01.

“Dollars” means the lawful currency of the United States of America.

“Drag-Along Right” has the meaning ascribed in Section 7.07(a).

“Filing” means registration, declaration or filing.

“Framework Agreement” means the Framework Agreement for Latin American Strategic Group Partnership entered between GeoPark and the LGI Shareholder, dated March 5, 2010.

“GeoPark “ means GeoPark Holdings Ltd., a Bermuda company.

“GeoPark Colombia” means GeoPark Colombia S.A.S., a simplified Colombian corporation.

“GeoPark Group” means GeoPark and any Person that is an Affiliate of GeoPark.

“GeoPark Xxxxxx” means GeoPark Xxxxxx S.A.S., a simplified Colombian corporation.

“GeoPark Xxxxxx Approved Capital Contribution” means any capital contribution from earnings of any Relevant Company (other than GeoPark Xxxxxx) made to GeoPark Xxxxxx in order for GeoPark Xxxxxx maintain compliance with the required ratio of Debt to EBITA (Deuda/UAIIDA) and the required DSCR ratio (DSCR), in each case under Section 7.01(xix) of the GeoPark Xxxxxx Loan Agreement; provided that such capital contributions shall be conditioned upon GeoPark Xxxxxx agreeing to redistribute such capital contributions to the Company upon the earlier of (a) the date of the termination of the GeoPark Xxxxxx Loan Agreement and (b) the date on which GeoPark Xxxxxx is no longer required to maintain the financial covenants set forth in Section 7.01(xix) of the GeoPark Xxxxxx Loan Agreement.

“GeoPark Xxxxxx Loan Agreement” means that certain Loan Agreement (Contrato de Préstamo) dated September 3, 2012, among GeoPark Xxxxxx and GeoPark Cuerva LLC, as borrowers, the Existing Shareholders, as guarantor, and Banco Itaú BBA S.A. Nassau Branch, as lender.

“GeoPark Xxxx” means GeoPark Xxxx S.A.S., a simplified Colombian corporation.

“GeoPark Shareholder” has the meaning ascribed in the preamble and shall include GeoPark’s legal successors and permitted assigns.

“Governmental Entity” means any U.S. or foreign federal, state, provincial or local governmental authority, court, government or self-regulatory organization, commission, tribunal or organization or any regulatory, administrative or other agency, or any political or other subdivision, department or branch of any of the foregoing.

“IFRS” means the International Financial Reporting Standards issued by the International Accounting Standards Board.

“Knowledge” has the meaning ascribed in the Subscription Agreement.

“Law” means, with respect to any Person, any domestic or foreign, federal, state, provincial or local statute, law, ordinance, rule, administrative interpretation, regulation, order, writ, injunction, directive, judgment, decree or other requirement of any Governmental Entity directly applicable to such Person or any of its respective properties or assets, as amended from time to time..

“LGI Shareholder” has the meaning ascribed in the preamble, and shall include its legal successors and permitted assigns.

“LGI” has the meaning ascribed in the recitals and shall include its legal successors and permitted assigns.

“Offer” has the meaning ascribed in Section 7.04(a).

“Offered Shares” has the meaning ascribed in Section 7.04(a).

“Offeree” has the meaning ascribed in Section 7.04(a).

“Offeror” has the meaning ascribed in Section 7.04(a).

“Oil and Gas Business” means (a) the business of acquiring, exploring, exploiting, developing, producing, operating and disposing of interests in oil, natural gas, liquefied natural gas and other hydrocarbon properties or products produced in association with any of the foregoing; and (b) any business relating to oil and gas field sales and service.

“Parties” has the meaning ascribed in the preamble.

“Permitted Reorganization” means (a) the merger of GeoPark Cuerva LLC (a company incorporated in Delaware, United States of America) with and into GeoPark Xxxxxx, (b) the merger of Xx Xxxx Oil Co. Ltd. (a company incorporated in Panama) with and into GeoPark Xxxx, (c) the merger of Winchester Oil and Gas S.A. (a company incorporated in Panama) with and into GeoPark Colombia, and (d) any other merger or consolidation of any Relevant Company into any other Relevant Company.

“Person” means a corporation, company, association, partnership, joint venture, organization, business, individual (and the heirs, executors, administrators, or other legal representatives of an individual), trustee, trust, or any other entity or organization, including a government or any subdivision or agency”.

“Proposed Transferee” has the meaning ascribed in Section 7.02.

“Proposing Shareholder” has the meaning ascribed in Section 9.01.

“Purchase Notice” has the meaning ascribed in Section 7.04(b).

“Related Party Transactions” has the meaning ascribed in Section 4.05(a).

“Related Persons” shall mean any individual with a family or blood relationship with one Shareholder or its controller.

“Relevant Companies” shall mean those companies holding the Colombia Business, namely the Company, GeoPark Xxxx, GeoPark Colombia, GeoPark Xxxxxx, Xx Xxxx Oil Co. Ltd. (a company incorporated in Panama), Winchester Oil and Gas S.A. (a company incorporated in Panama) and GeoPark Cuerva LLC (a company incorporated in Delaware, United States of America).

“Reorganization” shall mean the restructuring of a corporation, as by a merger or recapitalization for bona fide commercial purposes.

“Secondee” has the meaning ascribed in Section 4.06.

“Service Level Agreements” means agreements between the Relevant Companies and the GeoPark Shareholder or any of its Affiliates for the provision of technical, financial and commercial advice and equipment in the operation, exploration, development and production of hydrocarbons in the Blocks.

“Shareholder in Breach” has the meaning ascribed in Section 8.01(b)(v).

“Shareholders” means any one of (i) the GeoPark Shareholder, (ii) the LGI Shareholder, and (iii) any Transferee who joins this Agreement.

“Shares” means the shares in the Company.

“Subscription Agreement” has the meaning ascribed in the recitals.

“Subscription Price” has the meaning assigned to such term in the Subscription Agreement.

“Tag-Along Right” has the meaning ascribed in Section 7.05.

“Terminating Shareholder” has the meaning ascribed in Section 8.01(b)(v).

“Third Party Buyer” means a Person who is not a party to this agreement and is interested in acquiring Shares.

“Transfer” has the meaning ascribed in Section 7.02(a).

“Transferee” means any Person that becomes a transferee of the Shares pursuant to the terms of ARTICLE VII.

“Transferring Shareholder” has the meaning ascribed in Section 7.02(a).

“US$ “ or “Dollars” means the lawful currency of the United States of America.

“Work Program and Budget” has the meaning given in Section 4.08(a).

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SHAREHOLDERS’ AGREEMENT by and among GeoPark Chile Limited Agencia en Chile GeoPark Colombia S.A. and LG International Corp.

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