Page 15 - LatAmOil Week 04 2023

LatAmOil NEWS IN BRIEF LatAmOil

Future net revenue after taxes and capital up 56% from 2021. With this significant growth
PERFORMANCE expenditures forecast to be $1.4bn (1P), $1.7bn in our net asset values per share* in 2022, we
(2P) and $1.9bn (3P) over the next five years. believe Gran Tierra is well positioned to offer
Gran Tierra Energy company average production of approximately “We have started 2023 strong with year-to-
Strong start to 2023 with year-to-date total exceptional long-term stakeholder value.
announces strong reserves 33,000 bpd of oil. date average production of approximately 33,000
Gary Guidry, President and CEO of Gran bpd of oil, which is the midpoint of our 2023
replacement and continued Tierra, commented: “During 2022, Gran Tierra production guidance. We also recently drilled
achieved strong 126% (1P), 148% (2P) and 280% the Moqueta-25 development well, which we
reserves growth in 2022 (3P) reserves replacement through our success- expect to bring on production in the new few
weeks. We have secured two drilling rigs for our
ful results from our development and explora-
Gran Tierra Energy, a company focused on tion drilling, waterflooding programmes and 2023 Acordionero and Costayaco development
international oil exploration and production field performance. drilling programmes and expect to spud devel-
with assets currently in Colombia and Ecuador, “We completed our 2022 development plan opment wells in both fields in early February
has announced the Company’s 2022 year-end on-budget including waterflooding efforts 2023. We also plan to continue to focus on the
reserves as evaluated by the Company’s inde- and development drilling in the Acordionero, development of our existing assets, appraisal of
pendent qualified reserves evaluator McDaniel Costayaco and Moqueta oilfields. After reduced new discoveries and new exploration drilling,
& Associates Consultants in a report with an exploration activity during 2020 and 2021, the while generating free cash flow to strengthen our
effective date of December 31, 2022. Company also made several key exploration balance sheet and return capital to shareholders
Added total company reserves of 14 mn boe discoveries during 2022. We believe our success through share buybacks.”
1P, 17 mn boe 2P and 31 mn boe 3P. Achieved on multiple fronts during 2022 demonstrates Gran Tierra Energy, 24 January 2023
126% 1P, 148% 2P and 280% 3P reserves replace- Gran Tierra’s ability to be a full-cycle oil and
ment. Fourth consecutive year of 1P reserves gas exploration, development and production GeoPark announces
growth. company focused on value creation for all our
Exploration discoveries alone added com- stakeholders. results for Q4 2022
pany reserves of 5 mn boe 1P, 16 mn boe 2P and “The success the Company achieved in 2022
32 mn boe 3P. Achieved three-year average per also reflects our ongoing conversion of reserves GeoPark Ltd, a leading independent Latin
barrel finding and development costs of $11.69 from the Probable to the Proved category. With American oil and gas explorer, operator and
PDP and $14.51 1P. Reserve life indexes of 7 115 booked Proved plus Probable Undeveloped consolidator, today announces its operational
(1P), 11 (2P) and 15 (3P) years. future drilling locations, Gran Tierra is well update for the three-month period ended
Net present value before tax discounted at positioned to continue to grow the Company’s December 31, 2022.
10% increased to $2.1bn (1P), $3.0bn (2P) and production in 2023 and beyond. Growing Production in Core Assets and
$4.1bn (3P). 1P net asset value per share of $4.62 “During 2022, a combination of our ongoing Achieving Guidance: Consolidated average oil
before tax, up 77% from 2021. 2P net asset value reductions in debt and per well drilling, comple- and gas production up 7% to 38,433 boepd.
per share of $7.36 before tax, up 56% from 2021. tion and workover costs, focus on maintaining Annual 2022 average production of 38,620
Net debt-adjusted production per share low operating costs, strong rebound in oil prices boepd, within guidance. 2022 exit production of
growth of 67% since 2021. and share buybacks allowed Gran Tierra to 37,700 boepd, with approximately 1,700 boepd
Net debt-adjusted reserves per share growth achieve net asset values per share before tax of of net production being deferred due to tem-
of 56% (1P), 57% (2P) and 69% (3P) since 2021. $4.62 (1P), up 77% from 2021, and $7.36 (2P), porary shut-ins in the CPO-5 block (GeoPark
non-operated, 30% WI) in Colombia and lower
gas demand in the Manati gas field (GeoPark
non-operated, 10% WI) in Brazil. Llanos 34
block (GeoPark operated, 45% WI) 2022 annual
average gross production up 2% to 57,016 bpd
of oil. CPO-5 block 2022 annual average gross
production up 50% to 18,600 bpd of oil (up 64%
to 20,235 boepd gross average production in Q4
2022).
GeoPark’s full-year 2022 work programme
included drilling of 50 gross wells (40 operated),
a record for GeoPark.
Llanos Basin, Llanos 34 block: Three drilling
and three workover rigs in operation. Average
gross production down 6% to 54,610 bpd of
oil. Production and operations were partially
affected for 15 days in Q4 2022 due to blockades.
Guaco Sur 1 exploration well was spudded and
reached total depth in December 2022. Pre-
liminary logging information indicated hydro-
carbons in the Guadalupe formation. Testing
activities are expected to start in late January
2023.

Week 04 25•January•2023 www. NEWSBASE .com P15