(Alliance News) - Gran Tierra Energy Inc on Tuesday said production was up in the second quarter so far as it continues to bring wells online.
The Calgary, Canada-based explorer and producer of oil and gas said total average production between May 15 and May 28 was 36,800 barrels of oil per day, while second quarter production to date is around 33,600 barrels of oil per day, up 6% from the first quarter.
The company noted that the increase has been driven by a ramp-up of production in the second quarter, as it brought its Acordionero, Costayaco and Moqueta oil wells online.
The firm said total average production in the year so far is 32,400 barrels of oil per day, within its forecast range of 32,000 to 34,000 barrels.
So far in 2023, Gran Tierra has drilled 19 wells in Colombia, with two production wells and one water injection well as Costayaco set to be completed and tied-in during June.
At Moqueta, one production well is currently being drilled, with another set to be drilled in late June and early July.
Chief Executive Gary Guidry said: "Gran Tierra has completed most of its development program for 2023 with the drilling of 19 development wells, consisting of 12 new production wells and seven new water injection wells. We remain on track and on budget with our development and exploration drilling programs for 2023.
"The success of our 2023 development program has been an important factor in our ongoing ramp up in oil production during 2023 and continues to demonstrate the excellent production capabilities of our major assets. We expect the ongoing positive results from our waterflood projects in the Acordionero, Costayaco, Moqueta and Suroriente fields to continue adding oil production from existing and new wells for the remainder of 2023. We are also beginning to see positive results in our polymer flood project in Acordionero."
"By completing the majority of our development program in the first five months of 2023, we expect to realize higher oil production for the rest of 2023."
Gran Tierra shares were trading flat at 440.00 pence each in London on Friday afternoon.
By Harvey Dorset, Alliance News reporter
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Gran Tierra (GTE)