Gran Tierra Energy Inc. Provides Operational Update
Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE) has provided an operational update for Q2 2023. The company achieved total average production of approximately 33,800 BOPD, a 7% increase from Q1 2023. Year-to-date average production stands at 32,900 BOPD, with current production at 34,800 BOPD.
The company expects 2023 capital expenditures to be at the lower end of the previously guided range of $210-$230 million. In the first half of 2023, Gran Tierra drilled 21 development wells, including 14 new producers and 7 new injectors. The Acordionero field averaged approximately 18,000 BOPD in Q2 2023.
Gran Tierra completed its drilling campaigns at Costayaco and Moqueta fields. The CYC-54 well, the northernmost well in Costayaco, showed promising results with a 48-hour production test rate of 1,464 BOPD. The company plans to release its Q2 2023 financial results on August 1, 2023.
Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE) ha fornito un aggiornamento operativo per il secondo trimestre del 2023. L'azienda ha raggiunto una produzione media totale di circa 33.800 BOPD, un aumento del 7% rispetto al primo trimestre del 2023. La produzione media da inizio anno si attesta a 32.900 BOPD, con una produzione attuale di 34.800 BOPD.
L'azienda prevede che le spese in conto capitale per il 2023 siano nella fascia bassa dell'intervallo precedentemente indicato di 210-230 milioni di dollari. Nella prima metà del 2023, Gran Tierra ha perforato 21 pozzi di sviluppo, di cui 14 nuovi produttori e 7 nuovi iniettori. Il campo Acordionero ha registrato una produzione media di circa 18.000 BOPD nel secondo trimestre del 2023.
Gran Tierra ha completato le sue campagne di perforazione nei campi Costayaco e Moqueta. Il pozzo CYC-54, il pozzo più a nord di Costayaco, ha mostrato risultati promettenti con un tasso di test di produzione di 1.464 BOPD in 48 ore. L'azienda prevede di pubblicare i suoi risultati finanziari del secondo trimestre del 2023 il 1 agosto 2023.
Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE) ha proporcionado una actualización operativa para el segundo trimestre de 2023. La compañía logró una producción promedio total de aproximadamente 33,800 BOPD, un aumento del 7% en comparación con el primer trimestre de 2023. La producción promedio hasta la fecha se sitúa en 32,900 BOPD, con una producción actual de 34,800 BOPD.
La compañía espera que los gastos de capital para 2023 se encuentren en el extremo inferior del rango guiado previamente de 210 a 230 millones de dólares. En la primera mitad de 2023, Gran Tierra perforó 21 pozos de desarrollo, incluidos 14 nuevos productores y 7 nuevos inyectores. El campo Acordionero promedió aproximadamente 18,000 BOPD en el segundo trimestre de 2023.
Gran Tierra completó sus campañas de perforación en los campos Costayaco y Moqueta. El pozo CYC-54, el pozo más al norte de Costayaco, mostró resultados prometedores con una tasa de prueba de producción de 1,464 BOPD en 48 horas. La compañía planea publicar sus resultados financieros del segundo trimestre de 2023 el 1 de agosto de 2023.
Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE)는 2023년 2분기 운영 업데이트를 제공했습니다. 이 회사는 총 평균 하루 생산량이 약 33,800 BOPD로, 2023년 1분기 대비 7% 증가했다고 보고했습니다. 올해 평균 생산량은 32,900 BOPD이며, 현재 생산량은 34,800 BOPD입니다.
회사는 2023년 자본 지출이 이전에 안내된 2억 1천만 달러에서 2억 3천만 달러 범위의 하단에 이를 것으로 예상하고 있습니다. 2023년 상반기 동안 Gran Tierra는 21개의 개발 우물을 시추했으며, 이 중 14개는 새로운 생산 우물, 7개는 새로운 주입 우물입니다. Acordionero 필드는 2023년 2분기에 약 18,000 BOPD의 평균 생산량을 기록했습니다.
Gran Tierra는 Costayaco 및 Moqueta 필드에서의 시추 캠페인을 완료했습니다. Costayaco에서 가장 북쪽에 위치한 CYC-54 우물은 48시간 생산 테스트에서 1,464 BOPD로 유망한 결과를 보였습니다. 회사는 2023년 2분기 재무 결과를 2023년 8월 1일에 발표할 계획입니다.
Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE) a fourni une mise à jour opérationnelle pour le deuxième trimestre de 2023. L'entreprise a atteint une production moyenne totale d'environ 33.800 BOPD, avec une augmentation de 7 % par rapport au premier trimestre de 2023. La production moyenne depuis le début de l'année est de 32.900 BOPD, avec une production actuelle de 34.800 BOPD.
L'entreprise s'attend à ce que les dépenses en capital pour 2023 se situent à l'extrémité inférieure de la fourchette précédemment communiquée de 210 à 230 millions de dollars. Au cours de la première moitié de 2023, Gran Tierra a foré 21 puits de développement, dont 14 nouveaux producteurs et 7 nouveaux injecteurs. Le champ Acordionero a enregistré une production moyenne d'environ 18.000 BOPD au deuxième trimestre de 2023.
Gran Tierra a achevé ses campagnes de forage dans les champs Costayaco et Moqueta. Le puits CYC-54, le puits le plus au nord de Costayaco, a montré des résultats prometteurs avec un taux de test de production de 1.464 BOPD sur 48 heures. L'entreprise prévoit de publier ses résultats financiers pour le deuxième trimestre de 2023 le 1er août 2023.
Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE) hat ein Betriebsupdate für das 2. Quartal 2023 bereitgestellt. Das Unternehmen erzielte eine durchschnittliche Gesamtproduktion von etwa 33.800 BOPD, was einem Anstieg von 7% im Vergleich zum 1. Quartal 2023 entspricht. Die durchschnittliche Produktion im bisherigen Jahresverlauf liegt bei 32.900 BOPD, bei einer aktuellen Produktion von 34.800 BOPD.
Das Unternehmen erwartet, dass die Investitionen für 2023 am unteren Ende der zuvor prognostizierten Spanne von 210-230 Millionen US-Dollar liegen werden. In der ersten Hälfte des Jahres 2023 bohrte Gran Tierra 21 Entwicklungsbohrungen, darunter 14 neue Förderbohrungen und 7 neue Injektionsbohrungen. Im Acordionero-Feld wurden im 2. Quartal 2023 durchschnittlich etwa 18.000 BOPD gefördert.
Gran Tierra hat seine Bohrkampagnen in den Feldern Costayaco und Moqueta abgeschlossen. Der CYC-54-Brunnen, der nördlichste Brunnen in Costayaco, zeigte vielversprechende Ergebnisse mit einer Produktionsrate von 1.464 BOPD in einem 48-Stunden-Test. Das Unternehmen plant, seine finanziellen Ergebnisse für das 2. Quartal 2023 am 1. August 2023 zu veröffentlichen.
- Total average production increased by 7% to 33,800 BOPD in Q2 2023
- Current average production reached 34,800 BOPD
- Capital expenditures expected to be at the lower end of guidance range
- Successful drilling of 21 development wells in H1 2023
- Acordionero field maintained strong production at 18,000 BOPD in Q2 2023
- CYC-54 well showed promising results with 1,464 BOPD production test rate
- None.
- Achieved Second Quarter 2023 Total Company Average Production of Approximately 33,800 BOPD, an Increase of
7% from First Quarter 2023 - 2023 Year-to-Date Total Company Average Production1 of Approximately 32,900 BOPD
- Total Company Current Average Production1 of Approximately 34,800 BOPD
- 2023 Capital Expenditures Expected To Be Approximately
$210 -$230 Million , at Lower End of 2023 Guidance - First Half 2023 Drilling Activity Summary: 21 Development Wells Drilled, Consisting of 14 New Producers and 7 New Injectors
CALGARY, Alberta, July 12, 2023 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced an operational update. All dollar amounts are in United States dollars, and production amounts are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Per barrel (“bbl”) and bbl of oil per day (“BOPD”) amounts are based on WI sales before royalties.
Message to Shareholders
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: "We are very pleased with the results from our development drilling campaign during the first half of 2023, which has been a key factor in our ongoing ramp up of production and further demonstrates the quality of our assets and our ability to execute on our strategy. By completing the majority of our development program during the first half of 2023, Gran Tierra is positioned to realize higher oil production for the rest of the year, and with most of our development capital behind us, this should allow us to maximize cash flow in the second half of 2023. The Company is well positioned to optimize value and grow production from our assets through continued enhanced oil recovery activities."
Operations Update:
- Production
- During second quarter 2023, Gran Tierra’s total average production was approximately 33,800 BOPD, which is at the high end of the Company’s 2023 previously disclosed average annual production guidance range. Gran Tierra's total Company current average production2 for third quarter 2023 to date is approximately 34,800 BOPD.
- During second quarter 2023, Acordionero’s production averaged approximately 18,000 BOPD, another strong quarter of performance due to the successful 2023 drilling program and ongoing prudent management of the enhanced oil recovery waterflood scheme.
- Development
- During the first half of 2023, the Company drilled a total of 21 wells:
- Acordionero: 10 wells were drilled; 6 are on production, 4 are on water injection
- Costayaco and Moqueta: Gran Tierra has completed its drilling campaign at Costayaco and Moqueta which consisted of 7 wells (4 production and 3 water injection) and 4 wells (4 production), respectively. The CYC-54 well is the most northern well drilled in the Costayaco field and the success of the well has resulted in the identification of multiple additional drilling opportunities to target un-swept portions of oil. A summary of the recent 48-hour production test from the CYC-54 well on electric submersible pump is as follows:
- During the first half of 2023, the Company drilled a total of 21 wells:
| Average Production Test Rates over Period | |||||||
| Well Name | Oil (BOPD) | Watercut (%) | Gas-Oil Ratio (scf*/bbl) | Producing Zones | |||
| CYC-54 | 1,464 | 41 | 137 | Villeta & Caballos | |||
*scf = standard cubic feet
Second Quarter 2023 Financial Results: Gran Tierra will release second quarter financial results post-market on August 1, 2023, followed by a conference call the following day. Additional details, including how to participate in the conference call, will be press released during the week of July 24, 2023.
1Gran Tierra's total 2023 year-to-date average production is for the period of January 1, 2023, to July 11, 2023.
2Gran Tierra's total current average production is for the period of July 1, 2023, to July 11, 2023.
Corporate Presentation:
Gran Tierra’s Corporate Presentation is available on the Company website at www.grantierra.com.
Contact Information:
For investor and media inquiries please contact:
Gary Guidry
President & Chief Executive Officer
Ryan Ellson
Executive Vice President & Chief Financial Officer
Rodger Trimble
Vice President, Investor Relations
+1-403-265-3221
info@grantierra.com
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Information on the Company’s website (including the Corporate Presentation referenced above) does not constitute a part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.
Gran Tierra’s U.S. Securities and Exchange Commission (“SEC”) filings are available on the SEC website at www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR at www.sedar.com and UK regulatory filings are available on the National Storage Mechanism (“the NSM”) website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra's filings on the SEC, SEDAR and the NSM websites are not incorporated by reference into this press release.
Forward Looking Statements and Legal Advisories:
This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward-looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). The use of the words “expect,” “plan,” “can,” “will,” “should,” “guidance,” “forecast,” “signal,” “progress,” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: the Company’s expected future production (including as a result of our testing results), expected capital expenditures and anticipated results from the Company’s drilling campaign. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), and the general continuance of assumed operational, regulatory and industry conditions in Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.
Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: Gran Tierra’s operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, the Russian invasion of Ukraine, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC, and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; the ability of Gran Tierra to execute its business plan and realize expected benefits from current initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that Gran Tierra does not receive the anticipated benefits of government programs, including government tax refunds; Gran Tierra’s ability to comply with financial covenants in its credit agreement and indentures and make borrowings under any credit agreement; capital market disruptions; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2022 and its other filings with the Securities and Exchange Commission. These filings are available on the Securities and Exchange Commission website at http://www.sec.gov and SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In particular, the unprecedented nature of the current economic downturn, pandemic and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact Gran Tierra’s business and financial condition. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The estimates of future production and total capital may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for 2023. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.
Presentation of Oil and Gas Information:
References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium and heavy crude oil for which there is not a precise breakdown since the Company’s oil sales volumes typically represent blends of more than one type of crude oil. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.
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