Gran Tierra Energy (GTE) said Wednesday that it has finalized all conditions tied to its previously announced agreement with Ecopetrol (EC) to acquire a 49% working interest in Colombia's Tisquirama block, expanding its footprint in the Middle Magdalena Valley Basin.
The block includes the Tisquirama and San Roque fields, which produced about 2,500 barrels of oil equivalent per day on a gross basis in 2025, it said.
Gran Tierra added that the assets sit adjacent to its operated Acordionero field and offer potential operational synergies due to similar geology and shared infrastructure.
Under the agreement, Gran Tierra said it plans to initially focus on expanding waterflood operations from Acordionero into the Tisquirama fields, alongside well optimization and low-risk infill drilling. The company said it expects to complete Phase 1 of the project by Q1 of 2027 after investing at least $15 million in gross capital expenditures and implementing continuous water injection.
Once Phase 1 is completed, Gran Tierra said it will receive 49% of both the fields' existing base production and incremental production.