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Gran Tierra Energy Inc
|
November 2023 Investor Presentation
| Gary S. Guidry | Page 4 of 11 |
May 03, 2024
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Document:
"November 2023 Investor Presentation"
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Top tier conventional oil assets under waterflood • Low decline with modest future development capital (53% of 2023 mid-point cash flow) 2 • 1,180 MMBOE 3 2P Original Oil-In- Place (OOIP) available for waterflooding Track record of material production growth and return on capital • Production per share growth of 70% 1 • Achieved return on average capital employed of 25% during the third quarter 2023 Strong balance sheet and core asset value • Currently trading at significant discount to AT Net Asset Value/share 4 • PDP: US$14.93/sh – 59% discount • 1P: US$27.28/sh – 78% discount • 2P: US$45.54/sh – 87% discount • Net debt 5 of $499 million and net debt to Adjusted EBITDA 5 of 1.2x as at September 30, 2023 High impact exploration portfolio with near-term catalysts • High-rate discoveries for 2022, and further exploration planned for 2024 WHY INVEST IN GRAN TIERRA? Slide 4 Gran Tierra offers many exciting catalysts for 2023, while building off a successful year in 2022 1. Based on WI average production 2020-MY 2023 2. Based on 1P 2023 FDC costs of $157 MM and 2023 mid-point cash flow guidance of $295 MM 3. Based on GTE McDaniel June 30, 2023 Reserves Report 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 5. “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. Generating Long-Term Value Internationally | November 2023 WHY INVEST IN GTE?