8th Jun 2022 08:02
(Alliance News) - Gran Tierra Energy Inc on Tuesday said it has fully repaid a credit debt facility and that it was on track with its development and exploration drilling programmes for 2022.
A debt of USD207 million from June 2020 has been paid off last Thursday, the Calgary, Canada-based oil and gas explorer & producer said. Meanwhile, the total average production from April 1 to June 6 was 30,556 barrels of oil per day. Production is increasing as it produced 33,140 barrels of oil per day for the 16-day period from May 22 to June 6, the company focused on Ecuador and Colombia said.
Citing oil fields it operates in Colombia, the firm said: "Gran Tierra has begun to ramp up production in the latter half of second quarter 2022, as newly drilled Acordionero and Costayaco oil wells have been steadily brought online."
In Ecuador, the company said it is in the final stages of wellsite construction for the planned Bocachico-1 exploration well in the Chanangue Block and started construction of another wellsite in the Charapa Block.
"We are very pleased with the positive production results that we are seeing with both our Acordionero and Costayaco infill development well programs, which have been an important factor in our ongoing ramp up in oil production during 2022," said Chief Executive Gary Guidry. "We believe Gran Tierra is well positioned to optimize value from each of our assets through continued development and enhanced oil recovery activities in 2022."
Gran Tierra Energy shares closed 7.1% higher at 139.24 pence each in London on Monday afternoon.
By Tom Budszus; [email protected]
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