BUZZ-Gran Tierra Energy Inc: Hits 5-yr low after production results

Tue Jan 20, 2015 4:01pm EST
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** Canadian oil and gas producer's shares down 34 percent at C$2.90, hits a five-year low

** At Bretaña Sur appraisal well, company encountered about six feet of oil pay above the oil-water contact in the Vivian Sandstone Reservoir; oil column less than estimated

** Mackie Research Capital downgrades to "hold" from "buy", citing the results, which show the field is less prospective than initially thought

** Brokerage also cuts price target to C$3.50 from C$5.35, noting that though company's 2015 capital budget is fully funded, it fail to see much growth in 2015

** Company's Eslabón Sur well on the Chaza Block in Colombia, has been suspended after failing to discover commercial hydrocarbons in the Caballos Reservoir

** Mackie Research becomes the second brokerage to rate the stock "hold", 14 analysts rate it "buy" or higher

** The stock has lost nearly 46 percent of its value in 2014 driven by a 60 percent drop in crude