Market Impact: Neutral. Gran Tierra reported 2Q16 production of 25,744 boe/d that was in line with our expectations, but 4% less than consensus. However, cash flow from operations of US$34 mm was in line with our expectations and consensus. Gran Tierra will commence its exploration drilling program in 3Q16e. The closing of the PetroLatina acquisition has been accelerated to the end of August 2016e.