Gran Tierra Energy Sells North Sea Subsidiary Amid Growth Plans
Gran Tierra Energy Takes Strategic Steps in Market Sale
Gran Tierra Energy Inc. today revealed that its wholly owned subsidiary has signed an agreement to sell Gran Tierra North Sea Limited to NEO Energy for a total of US$7.5 million. NEO Energy is recognized as a prominent private upstream company and a significant independent operator in the United Kingdom Continental Shelf.
Details of the Sale Agreement
Gran Tierra North Sea Limited, widely known as GTNSL, possesses a 100% equity interest in UKCS licence P2358, which notably includes the Serenity Discovery. The sale reflects a strategic decision aimed at optimizing Gran Tierra’s focus and resource allocation.
Transaction Completion Conditions
The transaction's successful completion hinges on several customary conditions precedent. One of the critical aspects involves obtaining consent from the North Sea Transition Authority regarding the change of control of GTNSL. All parties anticipate that the transaction will finalize in the upcoming third quarter.
Gran Tierra Energy's Growth Mission
Gran Tierra Energy, along with its subsidiaries, positions itself as an independent international energy firm specializing in oil and gas exploration and production in various regions. The company remains actively involved in developing its asset portfolio, with ongoing projects in Canada, Colombia, and Ecuador. These developments reflect the company’s vision for broader operational diversity and growth in the future.
Commitment to Sustainable Development
In addition to fostering economic growth through its projects, Gran Tierra is also committed to sustainable practices within its operations. By focusing on environmentally friendly exploration methods, the company strives to maintain a balance between profitability and responsibility toward natural resources.
Investor Connectivity
Gran Tierra is eager to keep the investor community informed about its progress and is readily available for inquiries. Individuals interested in understanding more about their operations can reach out via their dedicated contact channels, reflecting the company's commitment to transparency and communication.
For investor and media inquiries, please contact:
Gary Guidry
President & Chief Executive Officer
Ryan Ellson
Executive Vice President & Chief Financial Officer
+1-403-265-3221
info@grantierra.com
Frequently Asked Questions
What is the recent sale announced by Gran Tierra Energy?
Gran Tierra Energy has signed an agreement to sell its subsidiary Gran Tierra North Sea Limited to NEO Energy for US$7.5 million.
What does the subsidiary Gran Tierra North Sea Limited hold?
GTNSL holds a 100% equity interest in UKCS licence P2358, which includes the notable Serenity Discovery.
What are the conditions for the transaction completion?
Completion is subject to customary conditions, including approval from the North Sea Transition Authority.
How does this sale fit into Gran Tierra's overall strategy?
The sale is part of Gran Tierra's broader strategy to streamline operations and focus on core assets across various geographic regions.
Where can investors find more information about Gran Tierra Energy?
Investors can find additional information through the company's official channels and are encouraged to reach out for inquiries.
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