Gran Tierra Energy hits record production growth, expects more in 2019

|About: Gran Tierra Energy, Inc (GTE)|By:, SA News Editor

Gran Tierra Energy (GTE -2.1%) is lower despite announcing record production growth, as current output hits 40K boe/day amid what so far is record quarterly production of 38,220 boe/day, up 6% from Q3 and 11% higher than the year-ago period.

For FY 2019, GTE forecasts production of 40K-42K boe/day, representing organic growth of 12%-18% over the first nine months of 2018 and includes no volumes for any potential exploration success including Pomorroso-1.

GTE also says it plans a 2019 capital budget of $350M-$370M and forecasts cash flow of $365M-$375M at a $65/bbl Brent oil price.

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