Strong Balance Sheet and Core Asset Value


Current net debt (1) is under $499M as of Q3/23.


Forecasting free cash flow of approximately $135 million before exploration and $65 million after exploration for fiscal year 2023. (2) (3)


Currently trading at significant discount to PDP and 1P After Tax Net Asset Value per share of US$14.93/sh and $27.28/sh.(4)

1) “Adjusted EBITDA”, “return on average capital” and “net debt” are non-GAAP measures and do not have a standardized meaning under GAAP. Refer to "Non-GAAP Measures" in the appendix.

2) Based on an assumption of an average price of $85 Brent for 2023 (‘Base Case’). Midpoint cash flow of $295 million less the Base Case midpoint total capital of $230 million, with Base Case midpoint exploration-only capital of approximately $70 million added back.

3) Based on mid-point exploration budget for 2023.

4) Based on GTE McDaniel June 30, 2023 Reserves Report – AT NAV figures of: PDP/share of US$14.93, 1P/share of US$27.28, 2P/share of US$45.54. Closing share price as of October 30, 2023 of US$6.07/sh.

Top Tier Conventional
Oil Assets Under Waterflood

  • All core assets under waterflood leading to higher oil recovery rates & lower natural declines with modest future development costs = material free cash flow (5)
  • Low cost operator with 100% 1P reserve replacement over the past 4.5 years
  • Large amount of future development opportunities exist within the portfolio including a polymer injection project in Acordionero and a total of 115 Proved plus Probable Undeveloped future drilling locations

5) “Free cash flow“ and “net debt” are non-GAAP measure and do not have a standardized meaning under GAAP. Refer to "Non-GAAP Measures" in the disclaimers below.

Environmental, Social and Governance (ESG)



Since 2019 GTE reduced our scope 1 and scope 2 carbon emissions by 39% (6)




In Colombia, GTE has planted approximately 1.47 million trees and conserved, preserved and reforested over 3,800 hectares of land since 2018

6) Scope 1: direct emissions from owned and controlled sources; Scope 2: indirect operations from external power sources.