11/27/2022 0 Comments Spud inc lifing![]() In Ecuador, the Bocachico-1 exploration well was cased and has commenced a 3-reservoir testing program. Our Gaitas-1 well in the Middle Magdalena Valley is currently on production and a second, deeper exploration well in the field is being planned for the fourth quarter of 2022. On the exploration front, we progressed on several prospects during the Quarter. We continue to see strong performance from our all of our waterfloods and development drilling programs. This pilot injection test is a milestone after several years of laboratory and modeling indicated the suitability of Acordionero for EOR. In addition to the share buybacks, we are equally as excited to have started buying back some of our bonds in the open market to strengthen our balance sheet.ĭuring the Quarter, we commenced our enhanced oil recovery ( “EOR”) polymer injection project in the Acordionero field. Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “We are pleased to announce that we started returning value to shareholders via share buybacks during the third quarter of 2022 ( “the Quarter”). Per barrel (“ bbl”) and bbl per day (“ BOPD”) amounts are based on WI sales before royalties. All dollar amounts are in United States dollars, and production amounts are on an average working interest before royalties (“ WI”) basis unless otherwise indicated. (“ Gran Tierra” or the “ Company” ) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced an operational and financial update. 11, 2022 (GLOBE NEWSWIRE) - Gran Tierra Energy Inc. Ecuador Exploration: Drilled and Cased Bocachico-1 Exploration Well with Production Testing Underway and Currently Drilling Charapa Norte-1 WellĬALGARY, Alberta, Oct.Colombia Exploration: Production Testing Gaitas-1 Well, Planning a Gaitas-2 Well, Drilled and Cased Rose-1 Well.As of September 30, 2022, Gran Tierra Had a Cash Balance of $118 Million and Net Debt (2) of $462 Million.Bought Back 6.7% of Gran Tierra’s 6.25% Senior Notes Due February 2025 for $17.3 Million in September 2022. ![]() Bought Back 10.8 Million Gran Tierra Shares of Common Stock for $14.4 Million during September 2022.Fourth Quarter-To-Date 2022 Total Company Average Production (1) of Approximately 32,000 BOPD.Achieved Third Quarter 2022 Average Production of Approximately 30,391 BOPD, Up 5% from One Year Ago. ![]()
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