Gran Tierra 'back on track' after Colombia unrest

Gran Tierra is on target to meet its 2024 oil production guidance despite interruptions at its flagship Acordionero field in Colombia, executives said on Thursday. 

The Canadian company reported average working-interest production of 32,242b/d in the first quarter, up 3% on the previous three-month period and 2% higher than the 1Q23 figure. 

But the company said it deferred around 1,000b/d due to social unrest in the Acordionero area in northern Cesar department. 

"The way the social disruption was handled helped us to create relationships and I think we're back on track," chief operating officer Sebastien Morin told analysts during a quarterly earnings call. 

According to Morin, the field is now producing more than 17,000b/d and the company is "well positioned" to reach its 2024 overall guidance of 32,000-34,000b/d.

Acordionero forms part of the Middle Magdalena Valley basin's Midas block, in which Gran Tierra has a 100% working interest. 

Gran Tierra posted a US$78,000 net loss in the first quarter compared to net income of US$7.7mn in the prior three-month period amid higher operating expenses and transport costs. 

Capital expenditures for the quarter totaled US$55mn, up from US$39mn in the prior three-month period.