CALGARY, Alberta - Gran Tierra Energy Inc. (NYSE American:NYSE:GTE)(TSX:GTE)(LSE:GTE), an international energy company, has reported a 6% increase in its average production year to date, reaching approximately 33,100 barrels of oil per day (BOPD). This uptick is attributed to successful drilling campaigns in the Acordionero and Costayaco fields. The company's current production for March 2024 stands at approximately 35,200 BOPD, marking the highest output for the Costayaco field since May 2019.
Gran Tierra's President and CEO, Gary Guidry, expressed satisfaction with the performance of the development drilling program, particularly highlighting the Costayaco wells as evidence of the field's potential and the reliability of the company's geologic and reservoir modeling. The promising results align with Gran Tierra's 2024 production guidance of 32,000 to 35,000 BOPD, as outlined in the budget released on January 23, 2024.
In the Costayaco Development Campaign within the Putumayo Basin, Gran Tierra has drilled five wells since December 2023, of which four are producing oil and one is a water injector. Notably, the wells were completed 13% below budget, with CYC-58 setting a new field record for cost and time efficiency. The company plans to replace jet pumps with electronic submersible pumps in the third quarter to enhance production.
The Acordionero Development Campaign in the Middle Magdalena Valley Basin saw an 11-well drilling program that included nine producers and two water injection wells, all of which are now on production. These wells were drilled 17% below budget, contributing to the expectation that Acordionero will generate significant free cash flow and support high growth assets.
Gran Tierra is also preparing to commence a high-impact exploration program in Ecuador in April, following the completion of the Acordionero drilling program. Additionally, a 3D seismic program on the Charapa block is underway to aid in full field development and prospect identification.
The company has been recognized for its operational safety, receiving top safety metrics from the Colombian Health, Safety and Environmental National Committee for 2023 and an 'A' rating from MSCI for its ESG performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.