- Gran Tierra Energy (GTE +4.5%), GeoPark (GPRK +0.3%) and Frontera (OTC:FECCF) have won bids to develop seven oil exploration blocks with potentially high reserves in Ecuador, the country's energy ministry says.
- GTE won contracts for the Chanangue, Charapa and Iguana blocks, while a consortium formed by Chile's GeoPark and Canada's Frontera will operate the Perico and Espejo blocks.
- The ministry says development of the blocks will require an investment of $1.17B and allow an estimated peak production of 18K bbl/day in 2024.