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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (107095)	5/5/2021 11:52:46 AM
From: Goose94	Read Replies (2) of 202922

Gran Tierra Energy (GTE-T) Mackie Research Buy Target $1.50 GTE reported its Q1/21 financial and operational results which were in line with our forecasts. As previously announced, production net before royalty in Q1/21 averaged 24,463 boe/d, which is an increase of 12% from the Q4/20 average of 21,907 boe/d. Adjusted funds flow of US$29.0 million was a substantial improvement over the Q4/20 funds flow of US$9.0 million. GTE maintained its 2021 average production guidance of between 28,000 and 30,000 boe/d and capital budget of US$130 to US150 million. With the strong recovery in oil prices, GTE increased its 2021 cash flow guidance to between US$205 to US$225 million. The primary focus in the balance of 2021 is on growing production from the Acordionero oil field through low risk drilling, workovers and waterflood activities. With much improved oil prices, we expect GTE to generate free cash flow to fund its 2021 capital program. We are maintaining our BUY recommendation and our $1.50 target price.

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