Gran Tierra to drill 4 Peru prospects

Thursday, January 30, 2014

Gran Tierra Energy (NYSE Amex: GTE, TSX: GTE) plans to drill four prospects in Peru beginning 2015 with a gross unrisked mean prospective resource potential of over 1.6Bb of oil, the company said in a statement.

The company's four largest prospects in Peru are: Cacique, Nanay and Saltarin-Harpia, in blocks 123 and 129; and Footwall in block 107.

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In Colombia, Gran Tierra has tested the T Sandstone formation of the Moqueta-12 delineation well with an average rate of 780b/d of 27° API oil with a 0.3% water cut. The underlying Caballos formation has also been tested at an average rate of 476b/d of 26.3° API oil with a 0.3% water cut.

The Miraflor West-1 well, in the Guayuyaco block, was also perforated and tested at an average rate of 348b/d of 29.8° API oil with a 1.2% water cut. Gran Tierra holds a 70% operator interest in the block.

At Llanos-22 the Mayalito-1 well was tested at an average rate of 834b/d of 24° API oil with a 0.68% water cut. The company holds a 45% interest in the Llanos-22 block.

Meanwhile, in Brazil Gran Tierra isolated the final two fracture stages at the 1-GTE-6HP-BA well, on block REC-T-129. Swabbing the well produced 11.2b of 38° API oil during 16.5 hours from the Candeias/Gomo Shale.