Gold Oil Initiating Seismic Acquisition in Rosa Blanca Block
Gold is in the process of initiating the acquisition of a 60 km 2D seismic survey in the southern portion of the Rosa Blanca Block, located in the prolific Middle Magdalena Basin in Colombia.
The seismic program will give additional structural information on the structure tested by the RB-1 well which, when combined with former seismic lines, rock samples and logs gathered from well RB-1, could confirm structural and stratigraphic conditions for potential hydrocarbon deposits as well as explain and help the Company understand why the recently drilled RB-1, which had hydrocarbon shows in cuttings and in the e-logs, but only tested water.
Prospective leads are identified to the south of well RB-1. The new seismic and G&G studies may confirm that this southern lead enters into the VMM1 Block to the south, owned and operated by Lewis Energy Colombia. Interpretation of new seismic lines should be available by the end of November.
Gold is also pleased to announce that its former partners in the Rosa Blanca Block (Lewis Energy Colombia, Osage Exploration and Development Inc. and Empesa SA) have signed an agreement in which Gold recovers the interest formerly farmed out to Osage and takes over the operatorship of the Block. Gold now has a 90% interest and Empesa the remaining 10%. Lewis Energy, which owns and operates the neighboring block to the south, VMM1, has an option to reenter the Rosa Blanca Block for a 25% interest after the seismic acquisition subject to paying back some of the past costs.
With regard to the Azar project in which Gold holds a 20% interest (Gran Tierra 40% and operator, Lewis Energy 40%) the Company
announces that the 2D seismic program with 4 lines with a total of 51
kms has been successfully acquired. Processing has been completed
and interpretation will start immediately.
Furthermore the 3D 50km2 seismic program was completed last week and data (SEG-D) will now be sent for processing. Data should be ready for interpretation by end of October this year.
With the fulfillment of both seismic programs the partners have fulfilled the work program for this third exploration phase as required under the ANH contract. The next exploration phase, fourth, of the Azar contract commences in November 2009 and the minimum work program includes one exploration well, which the partners expect to drill in Q2 2010.
The program to test the Burdine wells is continuing and a strategy to put at least one of the wells on production is being evaluated.
The Chairman of Gold, Mark Pritchard, commented that "it is certainly good news for Gold to have the opportunity at zero additional cost to
acquire a seismic program which will give new information on the prospectivity of the Rosa Blanca Block. We are pleased to retain Empesa as partners on the licence and welcome the opportunity for Lewis Energy to partner with us in the future. I am also encouraged by the progress of the seismic programme on Azar as with both recently acquired seismic surveys the G&G information on Azar will be very detailed and this combined with the information and knowledge that Gran Tierra has from its main producing assets located to the west of Azar we should have a higher probability of success for the next main event on this block, which is an exploration well in 2010."
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