A work-over rig is to be moved to the Popa-1 well during the fourth quarter of 2006 to continue testing operations. These operations will include the perforation of zones deeper in the well bore that were not perforated in the initial test. A new 3-D seismic acquisition program covering approximately 140 square kilometers has been designed over the discovery to establish the potential volume of the hydrocarbon accumulation, and will cover several other exploration drilling leads adjacent to Popa-1. This program will also be acquired through the fourth quarter of 2006, and is designed to identify both potential exploration and development drilling opportunities for 2007.
Other Colombia Operations
A total of seven wells are planned or scheduled for the fourth quarter of 2006/early 2007.
In the Rio Magdalena Block, a new exploration well will be drilled adjacent to the Popa-1 well. This well, Patricia-1, will test the potential of a shallow Tertiary reservoir interval that contained oil shows in Popa-1, and is scheduled to be drilled in December, 2006.
In the Talora Block, adjacent to the Rio Magdalena Block, plans are continuing for the drilling of the Laura-1 exploration well. This well is to be drilled in the fourth quarter of 2006.
Locations have also been identified and rig options are being evaluated for two exploration prospects in the Putumayo Basin, both operated by Gran Tierra Energy (Argosy). The Juanambu-1 prospect in the Guayuyaco Block and the Cafelina Sur-1 prospect in the adjacent Chaza Block are scheduled to be drilled back-to-back beginning in the fourth quarter 2006 and continuing into 2007. Construction of the Juanambu-1 location has begun.
One well re-entry in the Mecaya Block is also scheduled for early 2007, and two exploration wells in the Primavera Block in the eastern Llanos Basin are scheduled for the first quarter of the year.
Drilling plans are also advancing in Argentina. In the El Vinalar Block, located in the Noroeste Basin of northern Argentina, work has begun on a sidetrack to the Puesto Climaco-2 well. This sidetrack will test the up-dip potential of an undrained reservoir interval in an existing proven producing field. This will be Gran Tierra Energy's first operated well in Argentina and is scheduled to be drilled in November, 2006.
Gran Tierra's acquisition of assets from Compania General de Combustibles S.A. (CGC) continues to be subject to various authorizations within Argentina, including court approval for the sale of CGC's interests in the eight properties. Pursuant to the terms of the current offer, court approval is to be obtained by September 29, 2006.
Net production to Gran Tierra in August, 2006 totaled approximately 1,100 barrels per day - in line with anticipated results (excluding production associated with the CGC acquisitions). Dana Coffield, President and Chief Executive Officer of Gran Tierra, stated "Over the past three months since the completion of the Argosy and Golden Oil acquisitions, we have expanded our drilling program for late-2006/early-2007 to include eight wells. We are identifying work programs to enhance current production. We continue to pursue new business opportunities. We are moving our Company forward along the path we identified early in the year, and we are focused on this next phase of our growth that is aimed on creating value through the drill bit."
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