Gran Tierra targeting 19 wells in 2013

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Friday, December 14, 2012

Canadian oil firm Gran Tierra Energy (TSX: GTE) plans to invest US$363mn in its regional operations in 2013, which includes the drilling of 19 wells, according to a company press release.

The firm is targeting production of 27,000b/d gross and 20,000b/d net after royalties for 2013. Last month, the company averaged some 18,200b/d net after royalty, according to the release.

Much of the drilling activity will be concentrated in Colombia, with four exploration wells in the Putumayo basin and six appraisal and development wells in the Moqueta and Costayaco fields. Seismic surveys will also be conducted in 2D and 3D.

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Operations in Brazil include drilling two gross horizontal exploration wells in the Recôncavo basin and completion work in two wells in the Tiê field. Exploration could start in additional wells, depending on results from the Recôncavo basin.

Gran Tierra plans on drilling 6 wells in Argentina, as well as one exploration well in the Marañon basin and a 392km infill 2D seismic survey in the Ucayali basin in Peru.