GTE - Gran Tierra Energy expects higher oil production in 2023 after Q2 gains

2023-05-30 12:16:02 ET

Gran Tierra Energy ( NYSE: GTE ) said Tuesday its Q2 production to May 28 totaled ~33.6K bbl/day of oil on an average working interest before royalties basis, up 6% Y/Y , citing "exciting" results from the Acordionero, Costayaco and Moqueta infill development well drilling programs.

For the full year so far, the company said it averaged total production of 32.4K bbl/day of oil, within FY 2023 guidance of 32K-34K bbl/day and above FY 2022 output of 30,746 bbl/day.

Gran Tierra ( GTE ) said it has completed most of its development program for 2023, with the drilling of 19 development wells, and remains on track and on budget with its development and exploration drilling programs for 2023.

"By completing the majority of our development program in the first five months of 2023, we expect to realize higher oil production for the rest of 2023," President and CEO Gary Guidry said, adding Gran Tierra ( GTE ) is well positioned to optimize value and grow production as demonstrated by current average production of ~36.8K bbl/day.

More on Gran Tierra Energy:

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• Analysis: Gran Tierra Energy's Latest Numbers Disappoint But It Remains A Buy
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