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Gran Tierra completes sale of Argentina operations

26th June 2014

Gran Tierra Energy has announced that it has closed the sale of its Argentina business in order to focus on other Latin American projects

Gran Tierra completes sale of Argentina operations
Gran Tierra Energy successfully closed the sale of its Argentina business to Madalena Energy for an aggregate consideration of approximately USD 69m

"With the successful sale of the Argentina business, Gran Tierra Energy increases its focus on its exciting exploration and development drilling campaign in Colombia and Peru in the second half of 2014,” said Dana Coffield, Gran Tierra Energy president and chief executive officer. "We are currently drilling ahead on the Moqueta-13 development well, intended to be completed as a production well in the Moqueta field.  In addition, planning is underway to drill four exploration wells in the second half of 2014 in the Putumayo Basin of Colombia.”

“We continue to work towards starting long term test production at the Bretaña field in Peru, anticipated to start in the fourth quarter of this year, in addition to drilling an appraisal well in the field before year-end.”

Gran Tierra Energy successfully closed the sale of its Argentina business to Madalena Energy for an aggregate consideration of approximately USD 69m, comprising USD 49m in cash, USD 14m in Madalena shares, and expected working capital adjustments of approximately USD 6m.  The effective date of this transaction was April 30, 2014.

 

 

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