- 2025 Capital Expenditure Budget of $240-280 Million and Expected 2025 Cash Flow(1) of $260-300 Million
- 2025 Capital Program Includes 10-14 Development Wells and 6-8 High Impact Exploration Wells
- Forecast 2025 Production of 47,000-53,000 BOEPD, Representing at the Midpoint, an Increase of 44% from 2024
- Forecast 2025 Free Cash Flow(2) of $90 Million Before Exploration, $20 Million After Exploration in Base Case
- Plan to Allocate Up To 50% of After Exploration Free Cash Flow to Share Buybacks
- Achieved Total Company Production for 2024 of 34,710 BOEPD, an Increase of 6% from 2023
Gran Tierra Energy , a publicly listed diversified exploration and production company, with assets in Canada, Colombia, and Ecuador, has announced its 2025 capital budget, production guidance and operational update. All dollar amounts are in United States dollars and all production volumes are on a working interest before royalties basis and are expressed in barrels of oil equivalent ('boe') per day ('BOEPD'), unless otherwise stated.
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: 'Following up on a strong 2024, which included a very successful exploration campaign and a new country entry into Canada, we are looking forward to our 2025 development and exploration program. Our 2025 budget, which is expected to be fully funded by Cash Flow(1), takes a balanced, returns-focused approach to capital allocation while focusing on portfolio longevity. At the midpoint of the Base Case, our production guidance of 50,000 BOEPD represents an increase of 44% from the 34,710 BOEPD 2024 total company production achieved in 2024.
We plan to focus on profitably growing reserves and production across our Colombian, Ecuadorian and Canadian assets, pursue high impact exploration throughout our portfolio, and invest in facility and infrastructure projects to maximize the long-term value of our assets. This year’s budget would fulfil our exploration commitments in Ecuador which were a result of obtaining the lands back in 2019. Since 2021 we have drilled 10 exploration wells, had 9 discoveries and shot 238 kilometers of 3D seismic in Ecuador. This year, we expect to drill four exploration wells in Ecuador and two to three wells to further appraise our exciting discoveries. We have also planned a very active capital program in the Suroriente block including drilling 5-7 wells, investing in a gas-to-power project, and significant facility investment to increase fluid handling due to increased production and water injection. We forecast spending approximately $60-$80 million in Suroriente, which would fulfil a material component of our $123 million commitment associated with obtaining the 20-year extension. In addition, we plan on drilling a further two to four high impact exploration wells in Colombia. The exploration program and Suroriente capital program represent approximately $135 million of this year’s capital program. After the fulfilment of commitments in 2025, we expect 2026 and beyond to be focused on exploiting our extensive asset base, including anticipated development of our recent discoveries, drilling on our extensive Canadian landholdings and optimizing our assets under waterflood.
We believe Gran Tierra is strongly positioned with a low base decline, a robust portfolio of conventional and unconventional oil and gas assets, and a high-impact exploration program. As we continue to profitably advance our operational and financial goals, we remain deeply committed to the well-being of our employees and the communities where we operate, recognizing their essential role in our success.'
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Source: Gran Tierra Energy
