PR Newswire
CALGARY, Aug. 5, 2015
CALGARY, Aug. 5, 2015 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE MKT: GTE, TSX: GTE), a company focused on oil and gas exploration and production in Colombia, today announced its financial and operating results for the quarter ended June 30, 2015. All dollar amounts are in United States ("U.S.") dollars unless otherwise indicated.
"In the second quarter, Gran Tierra appointed a new management team with significant experience and a proven track record of value creation. The new team has operational and technical experience across North America, Latin America, Asia, Europe, the Middle East and Africa," commented Gary Guidry, President and Chief Executive Officer of Gran Tierra. "Gran Tierra has a solid platform in Colombia with extensive exploration positions in proven onshore basins to support future growth of the company and we now have a more intensive strategic focus on Colombia. During the quarter, the Company's board approved a new capital program, focused on acceleration of development activities in Colombia. The Company is focusing on ensuring its cost structure is such that it remains competitive in all commodity price environments. The Company continues to have a robust balance sheet with zero debt and is in a strong financial position at a time of weak oil prices in contrast to many of our peers," concluded Guidry.
Financial and Operating Highlights:
(1) Non-GAAP measure. See "Financial Highlights" below. |
Second Quarter 2015 Operational Highlights
Colombia
Chaza Block, Putumayo Basin (Gran Tierra 100% WI and Operator)
As announced on June 24, 2015, Gran Tierra increased its 2015 capital budget for Colombia by $55 million to grow production and continue development of the Costayaco and Moqueta fields. Three development wells (Costayaco-24D, Costayaco-25D and Costayaco-26D) will be drilled in Costayaco. The rig is currently rigging up on Costayaco-25D and is expected to spud in early August followed by Costayaco-26D. Costayaco-24D is expected to spud in December and be completed in the first quarter of 2016.
Three development wells are also planned for Moqueta in 2015. Civil work is ongoing at Moqueta-19i in preparation for drilling this well later this month. A rig is racked on this location ready to commence drilling once the civil work is complete. This well will be a water injection well to provide pressure support to the Moqueta South Fault Block. Moqueta-21D will follow Moqueta-19i. It is expected to spud in the fourth quarter of 2015. Moqueta-20D is expected to be drilled after Moqueta-21D. It is expected to spud in December 2015 and be completed in the first quarter of 2016.
In the second quarter, Gran Tierra successfully stimulated Costayaco-16. Costayaco-16 is now producing approximately 2,050 bopd gross from the Villeta T reservoir. Another workover is currently ongoing at Costayaco-11. Acid stimulation jobs were also conducted at Moqueta-5 and Moqueta-6. These jobs resulted in a total incremental production of approximately 260 bopd from these two wells.
Gran Tierra continued facilities work at the Costayaco and Moqueta fields. The 30,000 barrels of water per day ("BWPD") high pressure water injection facility was completed in April. The installation of the Costayaco-6 high pressure water injection line is currently ongoing. Similar to the gas to power co-generation project already onstream at Moqueta Field, a gas to power co-generation project is currently being planned for the Costayaco field before year-end.
Gran Tierra successfully recorded higher than budgeted pipeline transportation during the quarter with approximately 83% of the Company's Colombian crude being shipped through the Ecopetrol S.A. ("Ecopetrol") operated Trans-Andean oil pipeline (the "OTA pipeline") to the Port of Tumaco or through the Oleoducto de Crudos Pesado ("OCP") pipeline to the Port of Esmeraldas, with the remainder transported by truck or other pipelines. Gran Tierra's crude sold at the Ports of Tumaco and Esmeraldas received higher prices due to lower oil quality discounts than volumes trucked or shipped north to Barranquilla. Trucked volumes also have higher transportation costs, which either decrease realized oil prices or increase operating costs.
Santana Block
Gran Tierra's Santana contract expired on July 26, 2015, and all assets, staff and future liabilities were transferred to Ecopetrol. Gran Tierra will be returning this contract and all associated wells, facilities and liabilities to Ecopetrol as per the terms of the contract. Gran Tierra's NAR production from Santana Block was approximately 170 bopd and the loss of this production was previously factored into Gran Tierra's production forecasts and guidance for the year.
Garibay Block, Llanos Basin (Gran Tierra 50% WI, non-operated)
Unitization of the Jilguero Field was completed, with an effective date of June 18, 2015. As of this date, Gran Tierra became a 38.5% WI owner in the newly unitized field within the Garibay and Tiple Blocks.
The well Jilguero Sur-2 was drilled in the adjacent Tiple Block and is currently being tested with positive results to date. Gran Tierra has 60 days to elect to back into this well with no penalty, following commencement of production. Drilling of the first of two development wells in the Jilguero Field started in the third quarter of 2015 with the spud of Jilguero-3 in late July.
Peru
Block 95, Bretaña field, Marañon Basin (Gran Tierra 100% WI and Operator)
As announced in February 2015, the Company ceased all further development expenditures on the Bretaña field on Block 95 other than what is necessary to maintain tangible asset integrity and security. Gran Tierra has since commenced dismantling, removal and abandonment of the Bretaña long-term test facilities and expects suspension of all activities to be complete early in the third quarter of 2015.
Block 107, Ucayali Basin (Gran Tierra 100% WI and Operator)
We requested and were granted a three-year extension of the exploration period on Block 107. The exploration period will now end in July 2018.
Brazil
As announced in February 2015, the Company has refocused its strategy and resources on its core operations in Colombia. As a result of this change in strategy, in Brazil, the Company will focus capital spending on facilities projects at the Tiê field. These facilities are expected to allow the Company to maintain existing production levels.
Blocks 129, 142, 155, Recôncavo Basin (Gran Tierra 100% WI and Operator)
A temporary suspension (Ad Referendum) of the First Appraisal Plan ("PAD") phase 1 was received on May 18, 2015 from the Agência Nacional de Petróleo Gás Natural e Biocombustíveis ("ANP"). The temporary suspension is valid until the ANP Board of Directors makes a final decision on Gran Tierra's request for suspension of the PAD phase.
The ANP suspended Tiê field operations due to region-wide facilities audits on March 11, 2015. Pursuant to this audit, Gran Tierra completed a risk analysis, prepared additional documentation and presented this to the ANP on March 17, 2015, and April 10, 2015. The Tiê field resumed production on May 15, 2015.
Importantly, the ANP has authorized the extension of Tiê field gas flaring through December 2015. Discussions are ongoing regarding the gas sales agreement for a CNG project associated with Tiê's solution gas production. A commercial agreement is expected in the third quarter of 2015 which would allow the project to be onstream by year end 2015.
Blocks 86, 117, 118, Recôncavo Basin (Gran Tierra 100% WI and Operator)
Processing of the 3-D seismic data acquired in 2014 was completed in June 2015 and interpretation is ongoing evaluating potential conventional leads and prospects.
Production and Sales Volumes Review | |||||||||||||
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| Three Months Ended June 30, 2015 | | Three Months Ended June 30, 2014 (1) | ||||||||||
Volumes (MBOE) | Colombia | Brazil | Total | | Colombia | Brazil | Total | ||||||
Working Interest Production Before Royalties | 2,056 | | 45 | | 2,101 | | | 2,286 | | 104 | | 2,390 | |
Royalties | (412) | | (6) | | (418) | | | (569) | | (14) | | (583) | |
Production NAR | 1,644 | | 39 | | 1,683 | | | 1,717 | | 90 | | 1,807 | |
Inventory Adjustments and Losses | (319) | | (2) | | (321) | | | (211) | | (1) | | (212) | |
Sales | 1,325 | | 37 | | 1,362 | | | 1,506 | | 89 | | 1,595 | |
| | | | | | | | ||||||
Average Daily Volumes (BOEPD) | | | | | | | | ||||||
Working Interest Production Before Royalties | 22,601 | | 493 | | 23,094 | | | 25,117 | | 1,144 | | 26,261 | |
Royalties | (4,531) | | (69) | | (4,600) | | | (6,253) | | (151) | | (6,404) | |
Production NAR | 18,070 | | 424 | | 18,494 | | | 18,864 | | 993 | | 19,857 | |
Inventory Adjustments and Losses Werbung Mehr Nachrichten zur Gran Tierra Energy Aktie kostenlos abonnieren
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