Gran Tierra planning Colombia drilling ramp-up
Colombia-focused oil junior Gran Tierra has outlined plans to drill 10 development wells in the second half of 2018 as it expands its operations in the South American country.
The program includes six wells at its 100%-owned Acordionero field in the Middle Magdalena basin, the company said in a quarterly earnings call.
Acordionero output has increased 274% to 17,710b/d since the company acquired the acreage two years ago, according to the Calgary-based firm.
"Acordionero continues to be Gran Tierra's self-funding growth engine in terms of material economic production increases," CEO Gary Guidry said.
He added that the company's operations outlook has also been boosted by recent drilling results at the Ayombero-1 well in the La Luna play and the Costayaco field in the Putumayo basin.
Gran Tierra said it plans to drill three appraisal wells at Ayombero by the end of the year in the hope of converting La Luna's prospective resources into reserves. An exploration well will also be spudded at La Paloma block, targeting La Luna carbonate oil play.
In addition, the company expects to drill three exploration wells in PUT-7 block and an exploration well in Alea 1848A block in the second half of 2018.
"Our exploration campaign is designed to test the majority of our large portfolio of unrisked mean prospective resources of 1.5Bboe," Guidry said.
Gran Tierra said it expanded its 2018 capital program to US$305mn to US$325mn, to be fully funded by cash from operations.
Meanwhile, second quarter Colombia production hit a record 35,400boe/d, up 18% year-on-year. The company said it is on track for full-year output of 36,500-38,500boe/d.
Gran Tierra reported Q2 net income of US$20.3mn, turning around a US$6.8mn loss a year earlier.
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