Gran Tierra Energy Inc. (GTE) shares gained 7.71% in after-hours on Monday, July 12, 2021, and closed the day at $0.77 per share. Earlier, in the morning session, GTE’s stock lost 0.29% to close Monday’s normal session at $0.71 per share. GTE shares have risen 103.15% over the last 12 months, and they have moved down 6.67% in the past week. Over the past three months, the stock has gained 8.95%, while over the past six months, it has declined 62.11%.

Let’s see what are the latest news and developments about GTE?

Restoration of Production and Revised 2021 Guidance

On July 12, 2021, Gran Tierra Energy Inc announced operational and financial updates and updated 2021 guidance.

Operational update

On May 17, 2021, several protests and blockades across Colombia impacted several key transportation routes throughout the country, resulting in the temporary shut-in of some of Gran Tierra’s wells and oil fields. After the successful negotiations by the Colombian government, all of the blockades are removed which has allowed the Company to commence restoring its oil production throughout its entire Colombian portfolio.

Gran Tierra forecasts the second half of 2021 total production to average approximately 30,000-32,000 BOPD.

Revised 2021 financial outlook

Gran Tierra now expecting 27,500-28,500 BOPD(previously 28,000-30,000 BOPD), due to the above-mentioned problems in Colombia.

Gran Tierra is expecting 2021 EBITDA of $265-285 million (previously $255-275 million) and 2021 cash flow of $215-235 million (previously $205-225 million).

Annual Meeting of Stockholders

On June 03, 2021, Gran Tierra Energy Inc announced the results of the Company’s semi-annual credit facility redetermination and the voting results from its annual meeting of stockholders held on June 2, 2021.

The semi-annual redetermination of Gran Tierra’s bank-syndicated revolving credit facility has been completed. The next redetermination is scheduled for November 2021.

All eight individuals nominated by Gran Tierra was also elected by the stockholders and they also voted for the ratification of the appointment of KPMG LLP as Gran Tierra’s independent registered public accounting firm for the fiscal year ending December 31, 2021.

Recent financial results announcement

On May 04, 2021, Gran Tierra Energy Inc released its financial and operating results for the quarter ended March 31, 2021.

Q1 2021 financial highlights

• The company suffered a net loss of $37.422 million in Q1 2021 compared to a net loss of $251.63 million inQ1 2020.
• funds flow from operations was $29 million in Q1 2021 compared to $22.23 million in Q1 2020.
• The Quarter’s expenditures were approximately $37 million compared to $44 million in Q1 2020.
• Adjusted EBITDA was $42 million in Q1 2021 compared to $34.5 million in Q1 2020.

Conclusion

The recent financial and operational update was the reason behind its after-hours surge on Monday. We are pretty sure that GTE can continue its rally on Tuesday as well.