GTE - Gran Tierra Energy resumes production at several fields

Gran Tierra Energy (GTE) +6% in premarket, as the company say's its oil production volumes have been positively impacted by the resumption of production at the Suroriente and PUT-7 Blocks, as well as at several minor fields, and by the recommencement of workover activities at the Acordionero oil field.Quarter (Q3) to date production has averaged ~18,700 boe/day BOE per day; during September, production increased to an approximate average of 21,250 Boe/day (Q2 averaged 20,165 Boe/day)Cost optimization programs have reduced operating costs for the company by ~$3/bbl, and expects further cost reduction of ~$0.50/bbl in the next quarter, with additional operational improvements identified.The company says it is analyzing multiple scenarios focused on providing strong free cash flow in 2021 in order to reduce debt, and believes that its asset base will resume average production in excess of 30,000 boe/day in 2021.

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Gran Tierra Energy resumes production at several fields