Gran Tierra Nears Target Depth on Palmar Largo Well

Canadian oil company Gran Tierra Energy plans to reach a target depth of 4,330m on its Ramon Lista-1001 well at its Palmar Largo joint venture in Argentina by mid-December and begin testing in early January, the company said in a statement.

The 1001 well is located roughly 10km northwest of the Palmar Largo field in Argentina's northwest basin, and was spudded on September 25, the statement said.

Drilling is currently at a depth of 4,028m.

Gran Tierra acquired a 14% working interest in the Palmar Largo JV from South Korean oil company Dong Won Corporation last June at a price of US$7mn.

The Palmar Largo JV consists of several producing oil fields operated by Argentine oil company Pluspetrol, and currently turns out 340 barrels a day net before royalties to Gran Tierra.

Gran Tierra also owns 50% interests in two other minor properties in the northwest basin, Nacatimbay and Ipaguazu, both of which are operated by Argentine oil exploration company CGC.

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