Gran Tierra Energy Inc. announced the test results from the Arawana-J1 well (100% WI, Operator), marking a significant milestone for operations in Ecuador. These results not only highlight the potential of the Arawana field area but continues to demonstrate the success of exploration program in core southern Colombia (Rose discovery) and northern Ecuador (Bocachico and Charapa Norte discoveries). The company will utilize Gran Tierra's strong cash flow, solid balance sheet, and new production from this discovery to fund the development.

In addition, to progress testing Arawana-J1, the company provided an update on drilling operations. Following the drilling and completion of the Bocachico Norte-J1 well, the rig will move to the Charapa Block (100% WI, Operator) to commence drilling three exploration wells. Once this phase is complete, the rig will return to the Chanangue block to drill two additional exploration wells from the K pad, Zabaleta-K1 and Zabaleta Oeste-K1 (100% WI, Operator).

The Arawana-J1 discovery, which was the highest-risk well in 2024 exploration program, has set the stage for Gran Tierra to deliver strong reserve results and has opened another development horizon in Ecuador that The company expects to fully fund from internally generated cash flow. Bocachicoorte-J1 (100% WI, operator): Upon completion of drilling the Arawana-J 1 well, the drilling rig was moved on the same well pad and commenced drilling the Bocachico Norto-J1 exploration well. The 238km 2 3D program is 13% complete and will be finished shooting in mid-June.

Remainder of the 2024 Ecuador Exploration Program: Upon completion of the Bocachica Norte-J1 exploration well, the rig will be moved to the Charapa Block to drill three exploration wells and finally back to the Chanangue Block to target two Zabaleta exploration wells to test the Basal Tena up dip from Arawana-J 1, and test additional deeper U- and T-Sandstone units on the structural high.