Gran Tierra advances Moqueta campaign in Colombia

Friday, May 8, 2015

Colombia-focused Gran Tierra Energy has completed drilling its Moqueta-17 development well in the Chaza block in the Putumayo basin, the company said during a Q1 earnings call.

However, drilling of the Moqueta-18 well has been suspended due to surface drilling restrictions.

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The company is currently testing the Zapatero-1 well with initial injectivity reported at 2,500b/d.

Gran Tierra expects to achieve up to US$5mn of additional operating cost savings in Colombia in 2015 a result of use of gas for power generation and renegotiated supply and service contracts.

The firm spent US$74mn of its planned US$140mn capex during the first quarter.

It intends to spend US$55mn of the remaining total on the expansion of its block 107 project in Peru this year.

In Brazil, Gran Tierra hopes to restart operations on its Tiê field following the suspension of activities on March 11 due to an audit by regulator ANP.

The company's production averaged 24,015boe/d during Q1. Revenue and other income reached US$76.7mn for the quarter, a 50% drop from the US$152mn seen during the same period of last year.