On a proved plus probable and proved plus probable plus possible basis, GTE says the field reserves nearly double the total corporate reserves booked at year-end 2012.
CEO Dana Coffield says the discovery is a "dramatic reserve addition," and is expected to provide significant growth for GTE and assist Perupetro in achieving its objective to bring new oil to the market for Peru in the coming decade.
Gran Tierra Energy (GTE +9.2%) moves sharply higher after reporting Q1 results that beat estimates on the top and bottom lines. Q1 EPS was $0.20 vs. $0.15 analyst consensus; revenue totaled $205M vs. consensus of $188M. GTE attributes its strong start to the year with new oil exploration well success in Peru, and record production of 23.4K boe/day.
Gran Tierra Energy (GTE +5.6%) says it successfully completed initial testing of the Bretaña Norte 95-2-1XD exploration well in Peru at 1,984 bbl/day, a rate that "far exceeded expectations... This discovery has material contingent resource potential, and is expected to provide significant growth for the company."
Gran Tierra Energy (GTE) +9.1% AH on news of an oil discovery in Peru, where initial results indicate 99 ft. of gross oil column in the Bretaña Norte exploration well. GTE says the prospect contains substantial contingent resource potential. GTE also says it is in the process of completing the Moqueta-8 well in Colombia as a production well.
Gran Tierra Energy (GTE +3.4%) pushes higher after Q3 results showed record levels of production of more than 19K boe/day, and the addition of "substantial" potential reserves at the Moqueta field in Colombia. Earnings fell slightly, to $0.16/share vs. $0.17 in the same period a year ago, while revenue and cash flow were stronger.
Gran Tierra Energy's (GTE +2.4%) Q2 production in its Colombia-focused portfolio tumbled 22% Y/Y due to pipeline disruption in a country that has seen a significant increase in rebel attacks on oil and gas assets in recent months. The attacks have cost the country an estimated average of 11K bbl/day in lost production.
Gran Tierra Energy, Inc., together with its subsidiaries is an international energy company engaged in oil and gas acquisition, exploration, development and production. The Company owns oil and gas properties in Colombia, Argentina, Peru and Brazil.