Interim chief executive Duncan Nightingale said the spending cutbacks aimed to “preserve a strong balance sheet and maximize the company's potential for growth” following a price recovery.
“Gran Tierra will continue to work diligently to mature leads and prospects to a drill ready status in preparation for an improved commodity price environment," he said.
The Calgary-based explorer plans to spend $140 million in the coming year, down 54% from $310 million, with spending retained at projects that can yield immediate value in a budget based on $50 Brent oil prices.
The
