Gran Tierra Energy(US:GTE) Globenewswire·2026-02-19 22:05Core Viewpoint - Gran Tierra Energy Inc. has signed an exploration, development, and production sharing agreement (EDPSA) with the State Oil Company of the Republic of Azerbaijan (SOCAR) for the Guba-Khazaryani region, marking a strategic entry into Azerbaijan's hydrocarbon sector [1][2]. Company Overview - Gran Tierra Energy Inc. is an independent international energy company focused on oil and natural gas exploration and production in Canada, Colombia, and Ecuador, with plans to expand its portfolio [5]. Agreement Details - The EDPSA grants Gran Tierra a 65% working interest and operatorship over approximately 0.4 million gross acres, more than double its current acreage in Ecuador [4]. - The agreement includes a five-year exploration and appraisal period, followed by a 25-year development phase for any economic discoveries, with a potential five-year extension [4]. - The exploration phase consists of an initial three-year period for a gravity study and drilling two wells, followed by a two-year phase for additional drilling and seismic acquisition [4]. Strategic Importance - Azerbaijan is recognized as a world-class petroleum region with significant oil and gas fields, providing Gran Tierra with access to established infrastructure and a supportive regulatory environment [2][4]. - The region has produced over 100 million barrels of oil and more than 200 billion cubic feet of natural gas, highlighting its potential for exploration and development [4]. - Gran Tierra aims to leverage its expertise in complex geologies to enhance exploration and development activities in Azerbaijan, aligning with its strategy for risk-mitigated, capital-efficient growth [2][4]. Future Plans - The company plans to commence an airborne gravity study in 2026, with seismic acquisition and drilling activities expected to begin in 2027, funded by forecasted net cash from operating activities [4].