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Colombia/Ecuador: Gran Tierra Energy announces strong reserves replacement and continued reserves growth in 2022

25 Jan 2023

  • Added Total Company Reserves of 14 MMBOE 1P, 17 MMBOE 2P and 31 MMBOE 3P
  • Achieved 126% 1P, 148% 2P and 280% 3P Reserves Replacement
  • Fourth Consecutive Year of 1P Reserves Growth
  • Exploration Discoveries Alone Added Company Reserves of 5 MMBOE 1P, 16 MMBOE 2P and 32 MMBOE 3P
  • Achieved Three-Year Average Per Barrel Finding and Development Costs of $11.69 PDP and $14.51 1P
  • Reserve Life Indexes of 7 (1P), 11 (2P) and 15 (3P) Years
  • Net Present Value Before Tax Discounted at 10 Percent Increased to $2.1 Billion (1P), $3.0 Billion (2P) and $4.1 Billion (3P)
  • 1P Net Asset Value per Share of $4.62 Before Tax, Up 77% from 2021
  • 2P Net Asset Value per Share of $7.36 Before Tax, Up 56% from 2021
  • Net Debt-Adjusted Production per Share Growth of 67% since 2021
  • Net Debt-Adjusted Reserves per Share Growth of 56% (1P), 57% (2P) and 69% (3P) since 2021
  • Future Net Revenue After Taxes and Capital Expenditures Forecast to be $1.4 Billion (1P), $1.7 Billion (2P) and $1.9 Billion (3P) Over the Next Five Years
  • Strong Start to 2023 with Year-to-Date Total Company Average Production of Approximately 33,000 BOPD
Photo - see caption

Gran Tierra Energy, a company focused on international oil exploration and production with assets currently in Colombia and Ecuador, has announced the Company's 2022 year-end reserves as evaluated by the Company's independent qualified reserves evaluator McDaniel & Associates Consultants in a report with an effective date of December 31, 2022.

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented:

'During 2022, Gran Tierra achieved strong 126% (1P), 148% (2P) and 280% (3P) reserves replacement through our successful results from our development and exploration drilling, waterflooding programs and field performance. We completed our 2022 development plan on-budget including waterflooding efforts and development drilling in the Acordionero, Costayaco and Moqueta oil fields. After reduced exploration activity during 2020 and 2021, the Company also made several key exploration discoveries during 2022. We believe our success on multiple fronts during 2022 demonstrates Gran Tierra's ability to be a full-cycle oil and gas exploration, development and production company focused on value creation for all our stakeholders.

The success the Company achieved in 2022 also reflects our ongoing conversion of reserves from the Probable to the Proved category. With 115 booked Proved plus Probable Undeveloped future drilling locations, Gran Tierra is well positioned to continue to grow the Company's production in 2023 and beyond.

During 2022, a combination of our ongoing reductions in debt and per well drilling, completion and workover costs, focus on maintaining low operating costs, strong rebound in oil prices and share buybacks allowed Gran Tierra to achieve net asset values per share* before tax of $4.62 (1P), up 77% from 2021, and $7.36 (2P), up 56% from 2021. With this significant growth in our net asset values per share* in 2022, we believe Gran Tierra is well positioned to offer exceptional long-term stakeholder value.

We have started 2023 strong with year-to-date average production of approximately 33,000 bopd, which is the midpoint of our 2023 production guidance. We also recently drilled the Moqueta-25 development well, which we expect to bring on production in the new few weeks. We have secured two drilling rigs for our 2023 Acordionero and Costayaco development drilling programs and expect to spud development wells in both fields in early February 2023. We also plan to continue to focus on the development of our existing assets, appraisal of new discoveries and new exploration drilling, while generating free cash flow to strengthen our balance sheet and return capital to shareholders through share buybacks.'

Gran Tierra's Corporate Presentation has been updated and is available on the Company website.

Click here for full announcement

Source: Gran Tierra Energy

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