Target & Recommendation: GTE continues to perform as advertised - a name couched in low-decline, high-recovery rate assets with a concert of powerful exploration/appraisal catalysts to make the name attractive for upside hunters. The company's primary risk, that of security disruptions on the OTA chewing into cash-flow (and more importantly, souring investor confidence), is slowly eroding. GTE is proving itself able to manage those security risks via opex increases rather than more important production losses. INVESTORS SHOULD AGGRESIVELY BUY THE STOCK BEFORE TOO MUCH APPRAISING IS ACCOMPLISHED - before Bretana-Norte (potential world-class discovery), Moqueta possible reserves (Costoyaco's not so baby brother), Brazil Hz (potential play-opener) and Ramiriqui (High net-back Foothills discovery) are discovered by the current risk-averse production-focused market. It would also be wise to pre-empt an upward guidance revision - an inevitable revision/beat should production continue to peform at its current clip. We have raised our target price from $10.20 to $10.50 per share (based on NAV) and reiterate our TOP PICK recommendation on GTE's shares.