Maurel et Prom acquires Gran Tierra's assets for $1.33 billion
The independent hydrocarbon producer has signed a binding agreement to take over all of Gran Tierra's assets in Colombia and Ecuador. The transaction, valued at $1.33 billion, relies heavily on the transfer of the target's existing debt to limit the cash outlay at closing.
A binding agreement on Gran Tierra's Colombian and Ecuadorian assets
Maurel et Prom announced on August 5, 2026 the signing of an acquisition agreement (share purchase agreement) covering Gran Tierra Energy CI GmbH, the entity grouping all of Gran Tierra's assets and operations in Colombia and Ecuador. The transaction covers an oil portfolio operated essentially in-house, combining producing assets, development projects and exploration acreage.
The assets concerned represented production of 29,026 barrels per day (bopd) on a working interest basis in the first half of 2026, of which 20,653 bopd in Colombia and 8,373 bopd in Ecuador. The 2P reserves certified by McDaniel & Associates stood at 144 million barrels as of December 31, 2025, excluding Tisquirama assets acquired in the first quarter of 2026.
Production is entirely oil-oriented and relies on existing processing, storage and transportation infrastructure as well as several evacuation routes. The main Colombian assets include Acordionero, Costayaco and Moqueta on the Chaza block, the Suroriente block centered on Cohembi, as well as recently acquired interests in Tisquirama and San Roque.
The group aims to increase production on a working interest basis to approximately 40,000 bopd by 2029-2030, through the execution of the development and exploration portfolio. Olivier de Langavant, Chief Executive Officer of Maurel et Prom, stated that the transaction strengthens the group's position in Latin America and marks its entry into Ecuador.
Financing backed by the transfer of Gran Tierra's debt
The total transaction value amounts to $1.33 billion, subject to working capital adjustments and other customary adjustments, with an economic effective date of March 31, 2026. Of this amount, $65 million will be payable 364 days after closing in the form of a loan note, and a deposit of $50 million is due by Maurel et Prom at signing.
A substantial portion of the purchase price will be settled through the transfer of Gran Tierra's debt instruments. This transfer covers the 9.50% Senior Notes due 2029 ($88 million outstanding as of June 30, 2026), the 9.75% Senior Secured Notes due 2031 ($494 million) and the $350 million prepayment facility concluded with Trafigura.
This structure significantly reduces the cash outlay compared to the total transaction value. The transaction will be financed by existing cash resources and available credit lines of the group.
Maurel et Prom reported a positive net cash position of $257 million as of June 30, 2026. Immediately available banking liquidity reached $500 million, comprising $370 million in cash and $130 million of undrawn RCF, supplemented by $100 million of undrawn shareholder loan.
Closing targeted for end of 2026, subject to regulatory and shareholder conditions
On July 10, 2026, the group signed an agreement with its banking syndicate to refinance its existing debt. This agreement provides for a new facility of $465 million over five years, comprising a term loan of $300 million and a revolving credit line of $165 million, refinancing expected to generate approximately $250 million in additional liquidity.
The completion of the transaction remains subject to several customary conditions precedent. These include approval by Gran Tierra's shareholders, obtaining required consents from holders of the 2031 Senior Secured Notes and under the prepayment facility, as well as regulatory approvals in Colombia and Ecuador.
Subject to satisfaction of these conditions, closing is targeted for around December 31, 2026. The acquisition comes following the completion of the takeover of the Sinu-9 gas license in January 2026, which had marked Maurel et Prom's return as an operator in Colombia.
