Gran Tierra Energy acquires assets in Oriente basin
Key Highlights
· Gran Tierra Energy acquired Oriente basin assets in Ecuador.
· Closing is expected no earlier than fourth-quarter 2025.
Gran Tierra Energy Inc. acquired Oriente basin assets in Ecuador from GeoPark Ecuador SA and Frontera Energy Colombia Corp.
The assets include Perico and Espejo blocks and their associated consortiums. The aggregate purchase price for the blocks and consortiums is $15.55 million, subject to customary working capital adjustments as of the effective date of Jan. 1, 2025. The agreement includes an additional contingent consideration of $1.5 million, payable upon Perico block achieving cumulative gross production of 2 MMbbl starting from Jan. 1, 2025.
The acquisitions are expected to close upon satisfaction of customary closing conditions, including the receipt of regulatory approvals for closing and operations takeover from the Ministry of Energy of Ecuador. Closing is expected no earlier than fourth-quarter 2025.
Frontera held about 16,700 net acres in Perico and Espejo. The blocks lie near existing production and infrastructure in Sucumbíos Province (OGJ Online, March 25, 2022).