GTE - Gran Tierra's Q3 oil production weighed by Suroriente blockades

Gran Tierra Energy ( NYSE: GTE ) -4.4% in early trading Tuesday after reporting Q3 oil production rose 5% Y/Y to 30,391 bbl/day, which came in below expectations as disruptions due to temporary blockades at the Suroriente project in Colombia cut average production for the quarter by 920 bbl/day.

During the quarter, Gran Tierra ( GTE ) said it started its enhanced oil recovery polymer injection project in the Acordionero field, which it calls a "milestone after several years of laboratory and modeling indicated the suitability of Acordionero for EOR."

Also in Colombia, Gran Tierra ( GTE ) said its Gaitas-1 well is now on production and a second, deeper exploration well in the field is being planned for Q4.

The company said its total Q4 production so far has averaged ~32K bbl/day.

As of the end of Q3, Gran Tierra ( GTE ) said it purchased ~10.8M shares, representing 2.9% of shares outstanding, for a total of $14.4M.

Gran Tierra Energy ( GTE ) "seems to have strong upside potential moving forward, so long as energy prices don't fall materially and stay low for long," Daniel Jones writes in an analysis published on Seeking Alpha .

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