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Gran Tierra Energy Inc on Tuesday it has fully repaid its credit facility as it produced more oil in its second quarter.
The Calgary, Canada-based oil and gas explorer & producer explained it wiped its credit facility balance which stood at $207 million in June 2020. It added it plans ‘to replace it with a new, smaller credit facility once all securities pledges against the current facility are released.’
As it benefits from higher oil prices, its cash position grew to $109 million as of June 30, up from $17 million two years ago.
Meanwhile, its total average oil production rose by 25% to 30,607 barrels of oil per day in the second quarter, from 24,463 a year ago.
Gran Tierra Energy closed untraded at 100.00 pence each on Monday.
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