Gran Tierra Energy has agreed to divest its subsidiary, Gran Tierra North Sea Limited (GTNSL), to NEO Energy for $7.5m (C$10.26m).
GTNSL holds a 100% equity interest in UKCS licence P2358, which includes the Serenity Discovery.
NEO Energy is a private upstream company and a significant independent operator on the UK Continental Shelf (UKCS).
The closure of the transaction is subject to standard conditions including approval from the North Sea Transition Authority regarding the change of control of GTNSL.
The sale is due to be finalised in the third quarter of 2025 (Q3 2025).
Gran Tierra Energy, together with its subsidiaries, is currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company said it will continue to pursue further new growth opportunities to strengthen its portfolio.
Earlier this year, Gran Tierra Energy outlined its 2025 capital budget and production guidance, projecting capital expenditures of between $240m and $280m.
The company also expects cash flow from operating activities to range from $260m to $300m for 2025.
In May, Gran Tierra’s total average working interest (WI) production reached 46,647 barrels of oil equivalent per day (boepd), a 14% increase from Q4 2024 and a 45% increase compared with Q1 2024.
However, the company reported a net loss of $19m, an improvement from $34m posted in the previous quarter and a break-even result in Q1 2024.
Last year, Gran Tierra Energy made headlines with a new oil discovery at the Charapa-B7 well in Ecuador.
This discovery is part of a series of successful explorations in the country, including the Charapa-B5, Charapa-B6, Bocachico-J1, Bocachico Norte-J1 and Arawana-J1 wells, contributing to cumulative production of one million barrels since 2022.
