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1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc.

Gran Tierra Energy, Inc. · May 12, 2020 · 36 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 1
    Financial Overview Creating Value & Path to in Colombia Value Creation & Ecuador May 2020 1
  2. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 2
    Forward-Looking Information Cautionary Advisory (continued) The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management's experience and other factors believed to…
  3. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 3
    GRAN TIERRA SNAPSHOT Independent international exploration and NYSE AMEX production company focused in Colombia & LSE TSX GTE Ecuador, attractive investment destinations Middle Production 2017 2018 2019 Q120 Magdalena WI Production…
  4. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 4
    MEASURES TAKEN IN RESPONSE TO CURRENT CONDITIONS 2020 Capital Program Significantly Cut Temporarily Suspended Higher Cost Oil Production Guard Balance Sheet With Protective Oil Price Hedges Drive Operating and G&A Cost…
  5. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 5
    POSITIONED TO WITHSTAND NEAR-TERM VOLATILITY o Focused on maintaining liquidity DISCIPLINED o Protect balance sheet from further oil price downward swings FINANICAL o Executive Team & Board have taken a 20% reduction in salary and…
  6. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 6
    GRAN TIERRAS FOCUSED STRATEGY STRATEGY TACTICS Proven, Under-Explored Conventional Apply Proven Technology Hydrocarbon Basins GTE has been able to reduce World-class exploration program targeting large prospect drilling times/costs…
  7. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 7
    ENVIRONMENTAL, SOCIAL, GOVERNANCE FACT SHEET Safety Environmental Economic Opportunities In 2019, Gran Tierra had its BEST Gran Tierra has committed to reforesting Almost 16,000 local labour opportunities SAFETY RECORD in terms of Lost…
  8. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 8
    REASONS TO INVEST IN GRAN TIERRA Sustainable business model with significant value in booked reserves base 1P reserves underpin value; clear path to 2P and 3P exploitation; world class hydrocarbon basins Technically focused team,…
  9. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 9
    MCDANIEL RESERVES1 ACORDIONERO COSTAYACO MOQUETA SURORIENTE Reserves by Category Reserves by Category Reserves by Category Reserves by Category 100 25 14 15 12 80 20 23 10 14 92 10 60 15 8 12 75 18 10 11 40 10 6 7 5 7 41 10 4…
  10. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 10
    Waterflood Update 11
  11. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 11
    WATERFLOODING IMPROVED OIL RECOVERY Water flooding practiced since the 1920s, widest practiced secondary recovery method GTE utilizes waterflood technology in several key pools, improves recovery by: Displacing / sweeping oil towards…
  12. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 12
    WATERFLOODING CANDIDATE SCREENING All of Gran Tierras assets currently under waterflood greatly exceed success factors as per Willhites waterflood screening criteria1 Gran Tierras assets rank as world-class candidates for…
  13. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 13
    WATERFLOODING MAXIMIZING EXISTING FIELD RECOVERY1 Size of the bubble represents OOIP in MMBOE under waterflood 2P Original Oil-In-Place2 (MMbbls) 100% 76 Costyaco 178 75% Cohembi MM 178 MQT 180 76 381 MM MM Water Cut (%)…
  14. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 14
    COSTAYACO WATERFLOOD PERFORMANCE - HISTORICAL 60,000 Oil Prod. Rate Water Prod. Rate Current watercuts: Production and Injection Rate (barrels per day) Water Inj. Rate 50,000 1P - GLJ YE2010 1 25% ACR 85% CYC 1 (early life…
  15. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 15
    PROTECTING LONG TERM VALUE OF CORE ASSETS ACORDIONERO COSTAYACO MOQUETA Significant Reduction in Significant Reduction in New Well Capital Costs New Well Capital Costs o 2020 activity includes three well stimulations, expected…
  16. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 16
    Acordionero Review 17
  17. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 17
    ACORDIONERO 34% OOIP GROWTH IN 3 YEARS1 PDN March 2016 GTE April 2018 GTE Jan 20201 MCD YE2016 2P OOIP 280 MMBBL2 MCD YE2018 2P OOIP 332 MMBBL2 MCD YE2019 2P OOIP 381 MMBBL2 Acordionero continues to grow highlighting early nature…
  18. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 18
    ACORDIONERO WATERFLOOD + VOLUMETRICS Strong response evidenced during the second Average Acordionero Well Waterflood Response half of 2019 in Acordionero 1,000 50,000 Average Pump Intake Pressure (psi) 950 45,000 Pressure…
  19. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 19
    PIP1 INCREASES & PRODUCTION GAINS PIP & oil rate increasing Oil rate increasing, PIP flat & increasing Acordionero: waterflood response is evident in pump intake pressure (PIP) and oil rate increases in wells 1. PIP = Pump Intake…
  20. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 20
    ACORDIONERO Q1/2020 DEVELOPMENT : AC55 TO AC59 1,200 Normalized Daily Oil Production (bopd) 1,000 800 600 400 200 0 0 10 20 30 40 50 60 Days Ac-55 Ac-56 Ac-57 Ac-58 Ac-59 Average Q1/2020 infill wells averaging…
  21. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 21
    Transportation 22
  22. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 22
    ACCESS TO EXISTING TRANSPORTATION INFRASTRUCTURE Gran Tierra benefits from large spare capacity in pipelines & trucking throughout Colombia & Ecuador, which leads to: Strong oil prices linked to Brent Narrow oil price differentials…
  23. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 23
    Exploration Overview 24
  24. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 24
    JANUARY 1, 2015 JANUARY 1, 2020 WHERE WE ARE NOW1 Putumayo Putumayo + Oriente Total Net Acres (M acres) 303% 2,174 540 Middle Middle Dec/2015 Dec/2019 Mag. Mag. Putumayo Llanos Middle Mag Ecuador of Prospects and Leads2…
  25. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 25
    VALUE OF 3D SEISMIC COVERAGE Regional 2D Seismic Coverage 3D Seismic Coverage Advanced Processing 3D seismic enhances image quality and improves prospect definition and drilling chance of success 26
  26. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 26
    PUTUMAYO / ORIENTE: SCHEMATIC STRATIGRAPHIC SECTION A Charapa Pomorroso Costayaco Confianza Cohembi Miraflor A Datum: N Sst N Sst N Sst VILLETA FORMATION M2 Lmst A Lmst A Lmst A Lmst U Sst U Sst B Lmst T Sst Basement…
  27. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 27
    PUTUMAYO & ORIENTE UNDEREXPLORED, PROVEN BASINS Colombias Putumayo basin is underexplored due to past above-ground security issues, now mitigated by Peace Agreement Same geology as Ecuador, where almost 6 billion bbls of oil produced1…
  28. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 28
    Financial Overview & Path to Appendix Value Creation 29
  29. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 29
    MCDANIEL PRICE DECKS Jan 1, 2020 Oil Price (US/bbl) Brent Comparison (US/bbl) McDaniel, Jan 1, 2020 McDaniel, Jan 1, 2019 Brent WTI SEC Brent SEC Brent, Jan 1, 2020 SEC Brent, Jan 1, 2019 90 90 85 83.1 85 81.4 79.8 77.9 78.3 80…
  30. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 30
    GLOSSARY OF TERMS NON GAAP NON-GAAP TERMS Operating netback: Oil and gas sales less operating and transportation expenses. Operating netback per boe as presented is defined as oil and gas sales price less forecasts of transportation and…
  31. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 31
    GLOSSARY OF TERMS OIL & GAS OIL & GAS TERMS Barrel (bbl) Barrels of oil per day (bopd) Thousand cubic feet (Mcf) Barrels of oil equivalent (BOE) Barrels of oil equivalent per day (BOEPD) Million barrels of oil (MMBO) Billion…
  32. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 32
    NON-GAAP MEASURES EBITDA & Adjusted EBITDA EBITDA, as presented, is defined as net income (loss) adjusted for depletion, depreciation and accretion (DD&A) expenses, interest expense and income tax expense. Adjusted EBITDA is defined as…
  33. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 33
    NON-GAAP MEASURES Funds Flow from Operations Funds flow from operations, as presented, is defined as net income (loss) adjusted for DD&A expenses, asset impairment, deferred tax expense (recovery), stock-based compensation (recovery)…
  34. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 34
    NON-GAAP MEASURES Funds Flow from Operations A reconciliation from net cash provided by operating activities to funds flow from operations is as follows: Three Months Ended March 31, Twelve Months Ended December Twelve Months Ended…
  35. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 35
    PRESENTATION OF OIL & GAS INFORMATION Reserves Information Unless otherwise expressly stated, all reserves values, future net revenue, ancillary information and any measure of oil and gas activities contained in this presentation is as at…
  36. 1Q 2020 Earnings Presentation – Gran Tierra Energy, Inc. – slide 36
    900, 520 3RD AVENUE SW CALGARY, ALBERTA, CANADA T2P 0R3 END Investor Relations 403-265-3221 infograntierra.com 40

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