Gran Tierra Energy (LSE:GTE) announced it has satisfied all outstanding conditions to its deal with Ecopetrol, and it can now earn a 49% working interest in the Tisquirama block in the Middle Magdalena Valley Basin, in Colombia.
The contract covers the Tisquirama and San Roque fields, which averaged approximately 2,500 boepd on a gross basis during 2025, and creates a route for Gran Tierra to apply its waterflood expertise alongside its adjacent Acordionero operations, the company said.
Under the Tisquirama contract, Gran Tierra will focus Phase 1 capital activity on expanding waterflooding from its operated Acordionero field into the adjoining fields before accelerating development through wellbore optimisation and low‑risk infill drilling.
Phase 1 is completed after a minimum of $15 million of gross capital expenditures and the implementation of continuous water injection.
Continuous water injection is currently anticipated to be achieved in the first quarter of 2027, subject to executive committee approval of the corresponding plans. Upon completion of Phase 1, Gran Tierra will receive 49% of existing base production in addition to 49% of incremental production.
The company said it expects the arrangement to deliver operational synergies including integrated water management, potential gas‑to‑power projects using local natural gas, and the opportunity to manage the fields as a single operating hub to improve efficiency and maximise long‑term value.
