12th Jul 2022 07:02
(Alliance News) - Gran Tierra Energy Inc on Tuesday it has fully repaid its credit facility as it produced more oil in its second quarter.
The Calgary, Canada-based oil and gas explorer & producer explained it wiped its credit facility balance which stood at USD207 million in June 2020. It added it plans "to replace it with a new, smaller credit facility once all securities pledges against the current facility are released."
As it benefits from higher oil prices, its cash position grew to USD109 million as of June 30, up from USD17 million two years ago.
Meanwhile, its total average oil production rose by 25% to 30,607 barrels of oil per day in the second quarter, from 24,463 a year ago.
Gran Tierra Energy closed untraded at 100.00 pence each on Monday.
By Tom Budszus; [email protected]
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