Gran Tierra Energy Inc. reported strong production results, net income of $36 million in Q2 2024.
From GlobeNewswire: 2024-07-31 18:00:00
Gran Tierra Energy Inc. completed the Charapa 3D Seismic Program, drilling Bocachico Norte-J1 and Charapa B6 Wells, with strong production results. Achieved second quarter 2024 total average WI production of 32,776 BOPD, a 4% increase from 2023. Repurchased 3.9 million outstanding shares since January 1, 2023. Ended the quarter with $115 million in cash.
During the second quarter of 2024, Gran Tierra focused on stimulating and adding electrical submersible pumps to wells in their development campaign. They saw improvements in production from Costayaco 56, 57, 58, and 59 wells despite temporary offline status. Positive results seen in Bocachico and Arawana fields. More wells planned for development in Ecuador in second half of 2024.
In Ecuador, the Bocachico Norte-J1 well was drilled and is expected to yield positive results in multiple zones. Log data confirmed Gran Tierra’s geological understanding of the Bocachico field. Arawana-J1 and Bocachico-J1 wells continue to produce strong results. Charapa B6 well confirms expected hydrocarbon column. Construction in Arawana field area ongoing.
Gran Tierra’s 3D seismic program at the Charapa Block is complete, revealing potential prospectivity and additional areas of interest. Preliminary results confirm reserves and identify future drilling locations. Company achieved a net income of $36 million in the second quarter of 2024 and finished the quarter with $115 million in cash. Net debt stands at $521 million.
Key highlights of the quarter include Gran Tierra’s total average WI production of 32,776 BOPD, up 4% from 2023. Net income for the second quarter of 2024 was $36 million. Adjusted EBITDA was $103 million. The company strategically revised its 2022 tax return to optimize tax benefits, resulting in an offsetting of tax liabilities. Gran Tierra also repurchased approximately 0.4 million shares during the quarter.
Read more at GlobeNewswire:: Gran Tierra Energy Inc. Reports Second Quarter 2024 Net