January 20, 2015 / 9:04 PM / 3 years ago

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

** 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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below