Gran Tierra acquires assets in Ecuador’s Oriente Basin

Gran Tierra entered into definitive agreements to acquire all of GeoPark’s and Frontera’s interests in the Perico and Espejo Blocks in Ecuador’s Oriente Basin, and their associated consortiums, for $15.55 million. The agreement includes an additional contingent consideration of $1.5 million, payable upon the Perico Block achieving cumulative gross production of 2 million barrels from 1 January 2025.

The Perico Block is directly adjacent to Gran Tierra-operated Iguana Block, where the company recently made two oil discoveries in the U Sandstone. Espejo, located further south, has delivered oil discoveries under the previous operator.