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Gran Tierra Energy Inc. (GTE) is an independent international energy company focused on the acquisition, exploration, development, and production of oil and gas. Headquartered in Calgary, Canada, the company strategically concentrates on onshore oil and gas properties in Colombia. Gran Tierra is publicly listed on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbols GTE.
The company is committed to growth and value creation, aiming to reposition itself as the leading independent oil producer in Colombia. Gran Tierra produces light and medium crude oil, as well as natural gas. The majority of its revenue is derived from its operations in Colombia, with additional prospective properties located in Ecuador.
Gran Tierra takes pride in its partnerships with local communities, implementing shared value, sustainable community, and social responsibility programs. Recent achievements include significant advancements in exploration and increased production capacity, contributing to the company's robust financial condition. Gran Tierra continues to pursue strategic initiatives and maintain strong financial stewardship to ensure long-term success.
The company remains resilient in the face of challenges, such as geopolitical events and fluctuations in market conditions. Gran Tierra actively manages risks and maintains operational efficiency, adapting to changing environments to protect and enhance shareholder value.
For the latest updates, news, and developments about Gran Tierra Energy Inc., visit StockTitan and stay informed about their ongoing projects and financial performance.
Gran Tierra Energy Inc. (NYSE American:GTE) has announced its fifth consecutive oil discovery in Ecuador with the Charapa-B6 well on the Charapa Block. This marks the company's third oil discovery in 2024. The Charapa-B6 well has produced at stabilized rates of 2,118 BOPD with 28.2-degree API gravity oil, a 2.2% water cut, and a gas-oil ratio of 21 scf/stb. The Hollin oil zone was perforated over 50 ft of reservoir with 45 ft of reservoir pay.
Gran Tierra has successfully drilled five exploration wells in Ecuador, each resulting in an oil discovery. The company has already spudded the Charapa-B7 exploration well on August 9, 2024. These discoveries underscore the potential of the Oriente and Putumayo basins and highlight Gran Tierra's successful exploration strategy in the region.
Gran Tierra Energy (NYSE American:GTE) announced successful test results from its Bocachico Norte-J1 well in Ecuador. The T-Sand oil zone produced a stabilized rate of 1,353 barrels of oil per day (BOPD) with 35.5-degree API gravity oil and less than 1% water cut over a 51-hour period. This is the fourth consecutive oil discovery in Ecuador, underlining the company's strong technical proficiency and valuable landholdings in the Oriente/Putumayo basin. Multiple producing zones were identified, enhancing operational flexibility. The Arawana field continues strong production, contributing over 74,000 bbl to date. Both fields are expected to drive production growth, reserve additions, and free cash flow in the coming years.
Gran Tierra Energy reported net income of $36 million for Q2 2024, reversing losses from previous quarters. The company achieved an average WI production of 32,776 BOPD, a 4% YoY increase.
Gran Tierra's operating netback was $113 million, with an adjusted EBITDA of $103 million. The company repurchased 3.9 million shares since January 2023, representing 11% of its outstanding shares. The cash balance was $115 million as of the end of June 2024.
Exploration highlights include successful wells in Bocachico and Charapa fields, with new drilling pads expected by early September. The company saw promising results from Charapa B6 and Bocachico Norte-J1, with tests planned for Q3 2024.
Despite a 38% decline in funds flow from operations, due to a strategic tax revision, Gran Tierra maintained positive financial metrics. Capital expenditures were $61 million, driven by an extensive exploration campaign.
Transportation expenses and G&A expenses increased, though operational costs decreased 3% from the prior year.
Gran Tierra Energy Inc. (NYSE American:GTE, TSX:GTE, LSE:GTE) has announced the release date for its 2024 second quarter financial and operating results. The company will publish the results on Wednesday, July 31, 2024, after market close. A conference call and webcast to discuss the results are scheduled for Thursday, August 1, 2024, at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time).
Interested parties can register for the conference call through a provided link, which will generate a unique PIN and call-in details. The company has also implemented a 'Call Me' function for convenience. A live webcast will be accessible via Gran Tierra's website, and an audio replay will be available until August 1, 2025.
Gran Tierra Energy announced promising test results from its Arawana-J1 well in Ecuador. The well produced up to 1,358 barrels of oil per day with a less than 1% water cut. This discovery highlights the potential of the Arawana field area, similar to the Cohembi field in Colombia. Gran Tierra plans to use its strong cash flow and new production to fund development.
The company also commenced drilling the Bocachico Norte-J1 well and plans further exploration in the Charapa and Chanangue blocks. CEO Gary Guidry emphasized the success of the exploration program and the potential for significant discoveries in Ecuador.
Gran Tierra Energy Inc. announced the results of its annual meeting of stockholders, where all nine director nominees were elected, and the ratification of KPMG LLP as the independent registered public accounting firm for 2024 was approved along with the compensation of named executive officers. The detailed voting results were provided.
The company also released its 2023 Sustainability Report, emphasizing its commitment to building long-term value and delivering on sustainability goals.
Gran Tierra Energy Inc. announced its First Quarter 2024 Results, showcasing a 3% increase in total average WI production, positive preliminary results in the Arawana Exploration Well, and strong financial performance with Funds Flow from Operations of $74 million, Free Cash Flow of $19 million, and Adjusted EBITDA of $95 million. The Company's President, Gary Guidry, highlighted significant progress in development drilling programs, successful drilling in Costayaco, and promising Arawana exploration results. Gran Tierra's commitment to environmental, social, and governance safety was also emphasized.
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