Gran Tierra Energy Inc., a company focused on oil exploration and production in South America, announced that the company has initiated field operations in Blocks 122 and 128 in northern Peru.
Blocks 122 and 128 are both exploration blocks that were awarded to Gran Tierra Energy in 2006. These two blocks are on the eastern flank of the prolific Maranon Basin where over one billion barrels of recoverable oil has been discovered to date. Block 122 encompasses approximately 1.2 million acres and Block 128 encompasses approximately 2.2 million acres of land. Gran Tierra Energy is operator and holds a 100% working interest in both blocks.
Approximately 20,000 linear kilometers of new high definition gravity and magnetic data is scheduled to be acquired over the entirety of Blocks 122 and 128 in the coming three months to fulfill the company's work program commitments for the First Exploration Period of each block. This data will be used to define exploration leads over which 2-D seismic data will be acquired in the Second Exploration Period of each block. The Second Exploration Periods for both blocks begins in the second quarter of 2008.
"With the onset of our operations in Peru, Gran Tierra Energy has begun maturing a vast land position to identify high impact leads and prospects for future drilling," said Dana Coffield, President and CEO of Gran Tierra Energy Inc. "Our lands in Peru are located immediately adjacent to an extremely prolific petroleum basin but have never been tested by drilling. In addition, Peru has one of the most attractive fiscal regimes in Latin America. This exploration program complements our ongoing reserve and production growth that has been achieved through our exploration drilling operations in Colombia and Argentina in 2007."
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