Gran Tierra Inks 3 New Exploration and Exploitation Contracts in Colombia

Gran Tierra has signed three Exploration and Exploitation contracts with the National Hydrocarbon Agency totaling 235,264 acres in which Gran Tierra has a 100% working interest.

The Piedemonte Norte Block, encompassing 78,743 acres, lies southwest of the Chaza Block where the Costayaco field is located. The Piedemonte Sur Block, encompassing approximately 73,897 acres, is located immediately west of the Orito Field, the largest oil field in the Putumayo Basin. Further south, the Rumiyaco Block encompasses 82,624 acres in the central Putumayo Basin. These blocks were previously a part of the Putumayo West A and B Technical Evaluation Areas.

"These exploration and exploitation contracts provide Gran Tierra Energy with access to a number of material exploration prospects in regions of the Putumayo Basin that have gone relatively unexplored since the 1980's," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "The seismic reprocessing we completed in 2008 identified several prospective structures on both Piedemonte blocks that lie on the same geological trend as our Costayaco discovery."

Piedemonte Norte Block (100% working interest, 78,743 acres)

Gran Tierra Energy's work obligations on the Piedemonte Norte Block will be completed in six consecutive phases. The first phase, which must be completed within 12 months, requires Gran Tierra Energy to acquire 70 km of 2D seismic data. Subsequent work phases are also 12 months in length, and include the following work obligations:

  • Phase 2 -- drill one exploration well to 4,500 feet;
  • Phase 3 -- acquire 70 square kilometers of 3D seismic;
  • Phase 4 -- drill one exploration well to 4,500 feet;
  • Phase 5 -- drill one exploration well to 4,500 feet;
  • Phase 6 -- drill one exploration well to 4,500 feet;

Piedemonte Sur Block (100% working interest, 73,897 acres)

Gran Tierra Energy's work obligations on the Piedemonte Sur Block will also be completed in six consecutive phases. The first must be completed within 12 months, and requires Gran Tierra Energy to drill one exploration well to 3,000 feet. Subsequent work phases are also 12 months in length, and include the following work obligations:

  • Phase 2 -- acquire 55 kilometers of 2D seismic;
  • Phase 3 -- drill one exploration well to 3,000 feet;
  • Phase 4 -- acquire 60 square kilometers of 3D seismic;
  • Phase 5 -- drill one exploration well to 3,000 feet;
  • Phase 6 -- drill one exploration well to 3,000 feet;

Rumiyaco Block (100% working interest, 82,624 acres)

Gran Tierra Energy's work obligations on the Rumiyaco Block will be completed in six consecutive phases as well. Gran Tierra has nine months to complete the first phase, which requires Gran Tierra Energy to reprocess 60 km of 2D seismic and acquire 68 km of additional 2D seismic. Subsequent work phases are 12 months in length, and include the following work obligations:

  • Phase 2 -- drill one exploration well to 8,000 feet;
  • Phase 3 -- drill one exploration well to 8,000 feet or acquire 50 square kilometers of 3D seismic;
  • Phase 4 -- drill one exploration well to 8,000 feet;
  • Phase 5 -- drill one exploration well to 8,000 feet;
  • Phase 6 -- drill one exploration well to 8,000 feet;

Operations update

Ecopetrol has completed repairs on the Trans Andean Pipeline and normal production operations are expected to resume shortly. Production testing of Costayaco-7 is ongoing, and is expected to be completed in early July. Costayaco-8 has now reached total depth and well logging operations have begun.
 

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