Gran Tierra Energy reports 126% 1P reserves replacement; 1P NAV per share up 77% to $4.62

GRAN TIERRA ENERGY INC.

Added 14 MMBOE 1P (126% replacement), 17 MMBOE 2P (148%), 31 MMBOE 3P (280%); exploration added 5 MMBOE 1P.
1P NPV10 before tax $2.05B (+26% YoY); 2P NPV10 $3.0B (+25% YoY); 1P NAV/share $4.62 (+77%).
2023 YTD avg production ~33,000 bopd, within guidance of 32,000-34,000 bopd.
Acordionero development well costs avg ~$1.1M/well, down 47% from 2019; workover costs down 51%.
Reserve life index: 7 years (1P), 11 (2P), 15 (3P); three-year avg F&D PDP $11.69/boe.

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