Gran Tierra Energy clears conditions for Colombia Tisquirama contract

(Alliance News) - Gran Tierra Energy Inc on Wednesday said it has satisfied all conditions required to effect its previously announced contract with Bogota-based, state‑controlled integrated oil and gas company Ecopetrol SA.

Back in March, the Calgary, Canada-based oil and gas company entered a strategic partnership with Ecopetrol to jointly develop fields in Colombia's Middle Magdalena Valley, expanding its footprint around its largest producing asset.

Gran Tierra Energy had signed a contract under which it is expected to earn a 49% working interest in the Tisquirama block, subject to regulatory approvals and other conditions.

Under the terms of the Tisquirama contract, Gran Tierra is anticipated to focus initial phase one capital activity on waterflood expansion its operated Acordionero field into the adjoining fields, ahead of "accelerating development through wellbore optimisation and low-risk infill drilling."

The company said completion of phase one is achieved with a minimum of USD15 million of gross capital expenditures and implementation of continuous water injection. Gran Tierra said this is expected to be achieved in the first quarter of next year.

Following phase one completion, the company is set to receive 49% of existing base production as well as 49% of incremental production. Gran Tierra noted the fields averaged around 2,500 barrels of oil equivalent per day on a gross basis in 2025.

Shares in Gran Tierra fell 5.7% to 580.00 pence on Wednesday afternoon in London.

"Gran Tierra expects the Tisquirama contract to create meaningful operational synergies with Acordionero, including integrated water management, the potential implementation of gas-to-power projects utilizing natural gas production in the area, and the opportunity to manage the Fields as a single operating hub to improve efficiency and maximize long-term value," the company says.

By Christopher Ward, Alliance News reporter

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