Gran Tierra Energy Inc (NYSE: GTE) Announces Restoration of Production at Colombian Oil Wells

Gran Tierra Energy Inc (NYSE: GTE) announced restoring production at its Colombian oil wells.

Further Highpoints in its update

  • Finish of Colombian Obstructions Distressing Gran Tierra: As announced by Gran Tierra on May 17, 2021, several objections and obstructions across Colombia obstructed numerous key conveyance ways through the country, resultant in the impermanent shut-in of some of Gran Tierra’s wells and oil fields. Though these obstructions were not focused on at Gran Tierra, these proceedings caused the company to execute provisional creation limitations during May and June 2021. The Colombian administration has now effectively discussed conclusions to all of the obstructions in the areas that were disturbing Gran Tierra’s processes, which has allowed the company to begin reinstating its oil production throughout its entire Colombian collection.
  • Present Creation Ramping Back-Up: Gran Tierra’s current regular total production is about 29,000 BOPD and is back to heights attained earlier in 2021, before the disturbances caused by the obstructions.
  • Second Quarter 2021 Creation: Gran Tierra’s real second quarter 2021 overall production was around 23,400 BOPD, down about 4% from the first quarter typical production of 24,463 BOPD. The decrease was exclusively due to the provisional influence of the obstructions during the second quarter of 2021. Before the undesirable effects of the obstructions, Gran Tierra had predicted the second quarter of 2021 creation of about 28,000-30,000 BOPD.
  • Second solid Half 2021 Production: Gran Tierra prognoses second half 2021 total creation to average around 30,000-32,000 BOPD.

Financial Highpoints:

Reorganized 2021 AdviceGran Tierra now prognoses full-year 2021 regular production to come in at or somewhat under the low end of its preceding guidance variety and typical 27,500-28,500 BOPD (previously 28,000-30,000 BOPD) due to the effect of obstructions on making in second quarter 2021. Though, due to the company’s prediction second half of 2021 making and presently strong Brent oil price setting, Gran Tierra now prognoses augmented full-year 2021 EBITDA and cash flow with no alteration to the capital management series ($130-150 million). Accordingly, the company now supposes 2021 EBITDA of $265-285 million (before $255-275 million) and 2021 cash flow of $215-235 million (before $205-225 million).

Leave a Comment

Your email address will not be published.