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February 2021 Investor Presentation – Gran Tierra Energy, Inc.

Gran Tierra Energy, Inc. · Feb 1, 2021 · 39 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. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 1
    Financial Overview Creating Value & Path to in Colombia Value Creation & Ecuador February 2021 1
  2. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 2
    GRAN TIERRA SNAPSHOT Independent international exploration and production 100% company with assets in Colombia & Ecuador Oil 2020 Reserves1 1P 2P 3P MMBOE 79 133 174 Diversified RLI (years)2 10 17 22 High-quality asset base NPV10…
  3. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 3
    STRONG PERFORMANCE IN A CHALLENGING YEAR Handling challenges with Preserving financial strength Delivering on operational COVID-19 pandemic by adapting to uncertainty targets Diligent management of COVID-19 safety Total operating…
  4. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 4
    NO NEAR-TERM MATURITIES, HEDGING PROGRAM IN PLACE Maturity Profile & Debt Instruments US215MM Committed Credit Facility due 2022 25 - Covenant relief on debt to EBITDA covenant until October 2021 300 300 US300MM of 2025 Senior…
  5. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 5
    GTE UNIQUELY POSITIONED FOR VALUE CREATION 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 Robust free cash…
  6. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 6
    2021 KEY OBJECTIVES Continue to optimize waterflood & increase recovery factors Increase reserves with minimal capital expenditures 2021 Budget 1 Budget High Case Brent Oil Price (/bbl) 49.00 56.00 Direct free cash flow to debt…
  7. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 7
    GRAN TIERRAS FOCUSED STRATEGY STRATEGY TACTICS Proven, Under-Explored Conventional Apply Proven Technology Hydrocarbon Basins GTE has been able to reduce drilling World-class exploration program targeting large prospect times/costs…
  8. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 8
    OIL & GAS ESSENTIAL TO THE TRANSITION A significant share of the energy mix for decades Other renewables Oil and gas remain Bioenergy essential to meet Hydro global energy demand, Nuclear but energy production Natural Gas needs…
  9. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 9
    GTES CONTRIBUTION AS AN E&P COMPANY Maximize Value GTEs mandate is to develop high value resource opportunities in order to deliver top-quartile returns Social Investments GTE aims to have a meaningful and sustainable impact…
  10. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 10
    PRUDENT RISK MANAGEMENT Business Risks Risk Management Policies Liquidity o Liquidity o Committed reserves- based bank facility due in Liquidity November 2022 Investment o Operate 95% of asset base, allows strong visibility on…
  11. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 11
    HSE IS A KEY PRIORITY AT GTE 2020 Achievements 0.14 LTIF 0.35 TRIF 0.12 GTE achieved its BEST SAFETY 0.3 RECORD, achieving its first year with a 0.1 0.25 Lost Time Incident Frequency (LTIF) of 0.08 0.2 zero, during which the…
  12. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 12
    ENVIRONMENTAL, SOCIAL, GOVERNANCE FACT SHEET Environmental Social Gran Tierra has committed to reforesting 1,000 Over 214,000 people benefited from GTEs social hectares of land and securing and maintaining investments 18,000 hectares of…
  13. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 13
    WATERFLOOD UPDATE 15
  14. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 14
    WATERFLOODING IMPROVED OIL RECOVERY Waterflooding practiced since the 1920s, widest practiced secondary recovery method GTE utilizes waterflood technology in several key pools, improves recovery by: Displacing / sweeping oil towards…
  15. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 15
    WATERFLOODING CANDIDATE SCREENING All of Gran Tierras assets currently under waterflood greatly exceed success factors as per Willhites waterflood screening criteria1 Asset Overview Gran Tierras assets rank as world-class candidates…
  16. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 16
    WATERFLOODING MAXIMIZING FIELD RECOVERY1 Size of the bubble represents 2P OOIP in MMBOE under waterflood 2P Original Oil-In-Place2 (MMbbls) 100% 76 Costayaco 178 MM 75% Cohembi MQT 178 179 76 376 MM MM Water Cut (%) 179…
  17. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 17
    COSTAYACO WATERFLOOD PERFORMANCE - HISTORICAL 60,000 Oil Prod. Rate Water Prod. Rate Production and Injection Rate (barrels per day) Current watercuts: Water Inj. Rate 50,000 1P - GLJ YE20101 25% ACR 85% CYC 2P - GLJ YE20101…
  18. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 18
    ASSET OVERVIEW 20
  19. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 19
    CORE ASSET FINANCIAL SUMMARY (2P)1 2P Reserves 5 Year Free Cash Flow (FCF)2 B.T. NPV 102 (MMBOE) (USMM) (USMM) 116 252 30 193 160 9 133 66 1.3 2.0 MMBOE Billion 747 346 Billion 1,205 256 28 Acordionero Chaza Suroriente…
  20. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 20
    2020 RESERVES1 ACORDIONERO COSTAYACO MOQUETA SURORIENTE Reserves by Category Reserves by Category Reserves by Category Reserves by Category 100 25 14 12 12 10 80 20 23 10 81 12 8 11 60 15 8 66 18 10 6 9 40 10 12 6 8 4 6 39 4 20…
  21. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 21
    ACORDIONERO SNAPSHOT Key Highlights Asset Overview 100% WI Gran Tierra Since acquired in 2016, Acordionero has produced 21MMbbls & generated 140MM of free cash flow (YE2020) Increasing water injection has flattened production…
  22. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 22
    COSTAYACO SNAPSHOT Key Highlights Asset Overview 100% WI Gran Tierra Multiple, high-quality stacked reservoirs; oil concentrated in the T & Kc sandstone reservoirs Sandstone light oil peripheral waterflood, carbonates light oil…
  23. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 23
    MOQUETA SNAPSHOT Key Highlights Asset Overview 100% WI Gran Tierra Multiple stacked reservoirs, highly structured, oil concentrated in the T & Kc reservoirs Sandstone light oil waterflood development Reserves1 2P reserves of 10…
  24. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 24
    SURORIENTE SNAPSHOT Key Highlights Asset Overview 52% WI Gran Tierra, 48% Ecopetrol GTE became operator in March 2019 Excellent waterflood response observed to date at the Cohembi field, with potential to increase production…
  25. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 25
    TRANSPORTATION 27
  26. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 26
    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…
  27. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 27
    EXPLORATION OVERVIEW 29
  28. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 28
    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…
  29. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 29
    Financial APPENDIX Overview & Path to Value Creation 31
  30. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 30
    MCDANIEL PRICE DECKS Jan 1, 2021 Oil Price (US/bbl) Brent Comparison (US/bbl) McDaniel, Jan 1 2021 McDaniel, Jan 1 2020 Brent WTI 85 85 80 80 75 75 70 70 65 65 60 60 55 55 50 50 45 45 40 40 2021 2022 2023 2024 2025 2026…
  31. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 31
    GTE RESERVES SUMMARY 1P1 Highlights 1P Production (W.I., Mboe/d) 40 Production increase is primarily from the major 35 32 35 31 assets waterfloods and infill locations mboe/d 30 25 25 Development expenditures over the next 5…
  32. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 32
    GTE RESERVES SUMMARY 2P1 Highlights 2P Production (W.I., Mboe/d) 47 Production increase is primarily from the major 50 42 45 39 assets waterfloods and infill locations 40 mboe/d 33 32 35 27 Development expenditures over the…
  33. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 33
    GTE RESERVES SUMMARY 3P1 Highlights 3P Production (W.I., Mboe/d) 55 Production increase is primarily from the major 60 49 46 assets waterfloods and infill locations 50 43 mboe/d 35 38 40 33 Development expenditures over the…
  34. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 34
    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…
  35. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 35
    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 equivalent (MMBOE)…
  36. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 36
    NON-GAAP MEASURES EBITDA & Adjusted EBITDA EBITDA, as presented, is defined as net income or loss adjusted for depletion, depreciation and accretion (DD&A) expenses, interest expense and income tax expense or recovery. Adjusted EBITDA, as…
  37. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 37
    NON-GAAP MEASURES Funds Flow from Operations and Operating Netback Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, asset impairment, goodwill impairment, deferred tax expense or…
  38. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 38
    NON-GAAP MEASURES Funds Flow from Operations A reconciliation from net cash provided by operating activities to funds flow from operations is as follows: Twelve Months Ended Twelve Months Ended December 31, December 31, Funds flow…
  39. February 2021 Investor Presentation – Gran Tierra Energy, Inc. – slide 39
    900, 520 3RD AVENUE SW CALGARY, ALBERTA, CANADA T2P 0R3 END Investor Relations 403-265-3221 infograntierra.com 44

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