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Gran Tierra Energy Inc. (GTE) stock is rising, Here is the reason why

Gran Tierra Energy Inc. (NASDAQ: GTE) stock soared by 2.15% to 0.61 at the last close on Wednesday. Gran Tierra Energy along with its subsidiaries is a privately held worldwide energy business focusing on oil and gas exploration and production in Colombia and Ecuador.

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What is happening?

GTE provided an update on the effects of current nationwide demonstrations in Colombia on their operations on May 18, 2021.


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However,

Gran Tierra is optimistic that once the blockades are removed, production may be restarted effectively at pre-suspension levels owing to the appropriate and safe shut-in of certain wells and fields in line with GTE’s interim oil production restrictions. Gran Tierra further thinks that GTE’s oil reserves will not be harmed as a result of the temporary shutdowns.

The oil fields of Gran Tierra previously shown their endurance in the year 2020, when global oil prices plummeted. To safeguard the balance sheet and liquidity, GTE temporarily shut down several wells and fields at the time.

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