GTE - Gran Tierra Energy enters agreement with Ecopetrol oil company of Colombia
2023-04-12 02:25:10 ET
- Gran Tierra Energy ( NYSE: GTE ) enters agreement with Ecopetrol S.A., the national oil company of Colombia and renegotiated the terms and the duration of the contract for the Suroriente Block in the Department of Putumayo.
- It was scheduled to end in mid-2024.
- Gran Tierra will continue to be the operator of Suroriente and is committing to a capital investment program of $123M over a three-year period from the agreement’s effective date, expected to be funded by Gran Tierra’s internal cash flow.
- The company became the operator of Suroriente in March 2019 with a 52% working interest, with Ecopetrol holding the remaining 48% WI.
- Suroriente’s Q1 2023 average production of 8,167 bopd gross (4,247 bopd WI) was its second highest quarterly average production average since Q2 2015, despite no development wells being drilled since Q1 2018.
- Stock price up 2.2% during late after hours.
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Gran Tierra Energy enters agreement with Ecopetrol, oil company of Colombia