Gran Tierra earlier reported that its Juanambu-1 well encountered reservoir quality sandstones with hydrocarbon shows in four zones. These zones will be evaluated with the test program, which is expected to last approximately three weeks once the service rig is on location.
Gran Tierra Energy holds a 50% working interest and is Operator of this block. Partner, Solana Resources Limited, holds a 50% working interest and Ecopetrol has a 30% interest back-in right on commercial discoveries. If Ecopetrol exercises its back-in right, then Gran Tierra Energy will hold a 35% working interest and retain Operatorship, and Solana Resources Limited will hold a 35% working interest in the new commercial field.
The Pride-17 drilling rig, which drilled the Juanambu-1 well, has been mobilized to the adjoining Chaza Block and has initiated the drilling of the Costayaco-1 exploration well. Gran Tierra is the operator of the Chaza block with a 50% working interest.
Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated and traded in the United States and operating in South America. Gran Tierra holds interests in producing and prospective properties in Argentina, Colombia and Peru.
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