GTE - Gran Tierra Energy sees 2022 production at 19% higher Y/Y

Gran Tierra Energy (NYSE:GTE) trades 2.6% higher premarket after it announced its 2022 capital budget and production guidance wherein it indicates that the planned 2022 capital program is a balanced program between development and optimization of existing assets and potentially high-impact exploration. It has provided the following ranges for the company's 2022 budget: The company expects to allocate ~70% of its 2022 capital program towards development activities in its core assets - $70M for the Acordionero field in the Middle Magdalena Valley Basin and $40M and $30M respectively to the Costayaco and Moqueta (3 development wells) fields in the Putumayo Basin. Moqueta work program is expected to commence in 2H22 and is planned to continue into 2023. The remaining 30% of the capital program is expected to be allocated toward exploration-related activities across company's portfolio including up to 6-7 new exploration wells. Gran Tierra expects its credit facility to be paid down to a balance of under

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Gran Tierra Energy sees 2022 production at 19% higher Y/Y