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GRAN TIERRA ENERGY INC.

(GTE)
  Report
Delayed Nyse  -  04:00:00 2023-01-26 pm EST
1.000 USD   +6.93%
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Gran Tierra expects increase in annual production as drilling planned

12/08/2022 | 07:22am EST

(Alliance News) - Gran Tierra Energy Inc on Thursday announced its 2023 capital expenditure budget and production guidance.

Gran Tierra is a Calgary, Canada-based oil and gas company with a focus on South America.

It declared its 2023 capital expenditure budget of USD210 million to USD250 million. The company said it expects to allocate about 70% of its 2023 capital program towards development activities in its core assets in Colombia.

Gran Tierra said it also plans to drill 18 to 23 development wells and 4 to 6 exploration/appraisal wells. It expects total production of 32,000 barrels of oil per day to 34,000 barrels of oil per day, representing an 8% increase from 2022.

Gran Tierra Chief Executive Officer Gary Guidry said: "Our forecast 2023 capital budget is a balanced, returns-focused program which is expected to provide free cash flow generation, ongoing strengthening of our balance sheet, shareholder returns via share buybacks, optimization of ultimate oil reserves value and exposure to exploration upside. We see material potential in our exploration portfolio located in highly prospective geological trends in Ecuador and Colombia."

In November, Gran Tierra had posted net income of USD39.6 million in the three months that ended September 30, up from USD35.0 million in the same period last year, but down from USD53.0 million last quarter. Its total average production for the quarter was 30,391 barrels of oil per day, up 5% from the 28,957bopd last year.

Shares were flat at 100.20 pence each on Thursday morning in London.

By Xindi Wei, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.

Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 0.19% 87.61 Delayed Quote.0.61%
GRAN TIERRA ENERGY INC. 6.93% 1 Delayed Quote.-5.54%
NASDAQ COLOMBIA -0.24% 307.547019 Real-time Quote.6.06%
WTI 0.40% 81.417 Delayed Quote.-0.46%
All news about GRAN TIERRA ENERGY INC.
01/25Gran Tierra Reports Strong Reserves Replacement, Growth For 2022
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Analyst Recommendations on GRAN TIERRA ENERGY INC.
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Financials (USD)
Sales 2022 809 M - -
Net income 2022 - - -
Net Debt 2022 565 M - -
P/E ratio 2022 2,17x
Yield 2022 -
Capitalization 346 M 346 M -
EV / Sales 2022 1,13x
EV / Sales 2023 1,11x
Nbr of Employees 319
Free-Float 94,6%
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Technical analysis trends GRAN TIERRA ENERGY INC.
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 1,00 $
Average target price 2,16 $
Spread / Average Target 116%
EPS Revisions
Managers and Directors
Gary Stephen Guidry President, CEO & Non-Independent Director
Ryan Ellson Chief Financial Officer & Executive VP-Finance
Robert Bruce Hodgins Non-Executive Chairman
Peter James Dey Independent Director
Ronald William Royal Independent Director
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