Gran Tierra Energy Inc. Announces Fifth Consecutive Ecuador Oil
Discovery from the Charapa-B6 Well
CALGARY, Alberta, Aug. 12, 2024 (GLOBE NEWSWIRE)
-- Gran Tierra Energy Inc.
(“Gran Tierra” or
the “Company”) (NYSE
American:GTE)(TSX:GTE)(LSE:GTE) today announced an
operational update. Production amounts are on an average
working interest before royalties (“WI”) basis
unless otherwise indicated. Per barrel (“bbl”) and
bbl of oil per day (“BOPD”) amounts are based on
WI sales before royalties.
Message to Shareholders
“We are pleased to announce that Gran Tierra has
successfully made another oil discovery with the Charapa-B6 well on
the Charapa Block in Ecuador. This significant find is located just
west of the recently discovered Arawana-J1 and Bocachico Norte-J1
wells on the Chanangue Block, further underscoring the potential of
this highly prospective region. The Charapa-B6 well marks our third
oil discovery in 2024, and remarkably, our fifth in Ecuador since
we resumed our exploration campaign after the disruptions caused by
the pandemic.
This series of discoveries is a testament to the
dedication and expertise of our team, and it reaffirms the value of
our strategic focus on high impact near field exploration in
Ecuador. This discovery is not only a reflection of the successful
implementation of our exploration strategy but also a strong
indicator of the promising future that lies ahead for Gran Tierra
in both Ecuador and Colombia. As we continue to explore and develop
our assets in the Putumayo and Oriente basins, we expect to
leverage our learnings from these exploration wells on both sides
of the border”, commented Gary Guidry, President and Chief
Executive Officer of Gran Tierra.
Charapa B6 Oil Discovery:
- Gran Tierra has
run production casing, cemented and perforated the Hollin oil zone
and has begun production testing.
- The Hollin oil
zone was perforated over 50 ft of reservoir with 45 ft of reservoir
pay based on log evaluation. A jet pump was run and the well has
produced at stabilized rates over 53 hours at 2,118 BOPD,
28.2-degree API gravity oil, a 2.2% water cut, and a gas-oil ratio
(“GOR”) of 21 standard cubic feet per stock tank barrel
(“scf/stb”).
- This is the
first exploration well drilled in the Charapa Block since the
successful Charapa B5 well was drilled in 2022. We continue to
build confidence and solidify our understanding of both the Charapa
and Chanangue Blocks with each successful exploration well drilled.
To date, the Charapa-B5 well has produced over 280 thousand bbls of
oil (“Mbbl”).
- The rig has been
moved to drill the Charapa-B7 exploration well which was spud on
August 9, 2024.
Five Consecutive Ecuador Oil
Discoveries:
Gran Tierra has successfully drilled five
exploration wells in Ecuador, each leading to an oil discovery.
Impressively, three of these five wells are drawing medium to light
hydrocarbons from distinct geological zones, highlighting the
exceptional potential of the Oriente and Putumayo basins and the
significant exploration opportunities that remain within both the
Charapa and Chanangue Blocks.
Well |
Zone |
Onstream
Date |
Initial
Rate (BOPD) |
IP30
(BOPD)1 |
IP90
(BOPD)2 |
IP30
BS&W3 |
API |
GOR
(scf/stb) |
Cumulative
Production
to Date
(Mbbl) |
Charapa-B5 |
Hollin |
11/9/2022 |
- |
1,092 |
910 |
2% |
28 |
160 |
287 |
Bocachico-J1 |
Basal Tena |
5/30/2023 |
- |
1,296 |
1,146 |
<1% |
20 |
204 |
396 |
Arawana-J1 |
Basal Tena |
5/17/2024 |
- |
1,182 |
- |
<1% |
20 |
264 |
76 |
Bocachico Norte-J1 |
T-Sand |
8/1/2024 |
1,353 |
- |
- |
- |
35 |
324 |
13 |
Charapa-B6 |
Hollin |
8/7/2024 |
2,118 |
- |
- |
- |
28 |
21 |
6 |
1. Average initial 30-day production per
well.
2. Average initial 90-day production per well.
3. Percentage of basic sediment and water in the initial
30-day production.
Contact Information
For investor and media inquiries please contact:
Gary Guidry
President & Chief Executive Officer
Ryan Ellson
Executive Vice President & Chief Financial Officer
+1-403-265-3221
info@grantierra.com
About Gran Tierra Energy
Inc.
Gran Tierra Energy Inc. together with its subsidiaries is an
independent international energy company currently focused on oil
and natural gas exploration and production in Colombia and Ecuador.
The Company is currently developing its existing portfolio of
assets in Colombia and Ecuador and will continue to pursue
additional new growth opportunities that would further strengthen
the Company’s portfolio. The Company’s common stock trades on the
NYSE American, the Toronto Stock Exchange and the London Stock
Exchange under the ticker symbol GTE. Additional information
concerning Gran Tierra is available at www.grantierra.com. Except
to the extent expressly stated otherwise, information on the
Company’s website or accessible from our website or any other
website is not incorporated by reference into and should not be
considered part of this press release. Investor inquiries may be
directed to info@grantierra.com or (403) 265-3221.
Gran Tierra’s Securities and Exchange Commission
(the “SEC”) filings are available on the SEC website at
http://www.sec.gov. The Company’s Canadian securities regulatory
filings are available on SEDAR+ at http://www.sedarplus.ca and UK
regulatory filings are available on the National Storage Mechanism
website at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Forward-Looking Statements and Legal
Advisories:
This press release contains opinions, forecasts, projections, and
other statements about future events or results that constitute
forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and financial outlook
and forward looking information within the meaning of applicable
Canadian securities laws (collectively, “forward-looking
statements”). All statements other than statements of historical
facts included in this press release and those statements preceded
by, followed by or that otherwise include the words “expect,”
“plan,” “can,” “will,” “should,” “guidance,” “forecast,” “budget,”
“estimate,” “signal,” “progress” and “believes,” derivations
thereof and similar terms identify forward-looking statements. In
particular, but without limiting the foregoing, this press release
contains forward-looking statements regarding: the Company’s
drilling program and the Company’s expectations regarding future
discoveries and drivers of production growth and the anticipated
timing of the drilling of the Charapa-B7 well. The forward-looking
statements contained in this press release reflect several material
factors and expectations and assumptions of Gran Tierra including,
without limitation, that Gran Tierra will continue to conduct its
operations in a manner consistent with its current expectations,
pricing and cost estimates (including with respect to commodity
pricing and exchange rates), the general continuance of assumed
operational, regulatory and industry conditions in Colombia and
Ecuador, and the ability of Gran Tierra to execute its business and
operational plans in the manner currently planned.
Among the important factors that could cause our
actual results to differ materially from the forward-looking
statements in this press release include, but are not limited to,
the risk factors detailed from time to time in Gran Tierra’s
periodic reports filed with the Securities and Exchange Commission,
including, without limitation, under the caption “Risk Factors” in
Gran Tierra’s Annual Report on Form 10-K for the year ended
December 31, 2023 filed February 20, 2024 and its other filings
with the SEC. These filings are available on the SEC website at
http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.
The forward-looking statements contained in this
press release are based on certain assumptions made by Gran Tierra
based on management’s experience and other factors believed to be
appropriate. Gran Tierra believes these assumptions to be
reasonable at this time, but the forward-looking statements are
subject to risk and uncertainties, many of which are beyond Gran
Tierra’s control, which may cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. All forward-looking statements are made as of the date
of this press release and the fact that this press release remains
available does not constitute a representation by Gran Tierra that
Gran Tierra believes these forward-looking statements continue to
be true as of any subsequent date. Actual results may vary
materially from the expected results expressed in forward-looking
statements. Gran Tierra disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law. In addition, historical,
current and forward-looking sustainability-related statements may
be based on standards for measuring progress that are still
developing, internal controls and processes that continue to
evolve, and assumptions that are subject to change in the
future.
Presentation of Oil and Gas
Information
References to a formation where evidence of
hydrocarbons has been encountered is not necessarily an indicator
that hydrocarbons will be recoverable in commercial quantities or
in any estimated volume. Gran Tierra’s reported production is a mix
of light crude oil and medium and heavy crude oil for which there
is not a precise breakdown since the Company’s oil sales volumes
typically represent blends of more than one type of crude oil. Well
test results should be considered as preliminary and not
necessarily indicative of long-term performance or of ultimate
recovery. Well log interpretations indicating oil and gas
accumulations are not necessarily indicative of future production
or ultimate recovery. If it is indicated that a pressure transient
analysis or well-test interpretation has not been carried out, any
data disclosed in that respect should be considered preliminary
until such analysis has been completed. References to thickness of
“oil pay” or of a formation where evidence of hydrocarbons has been
encountered is not necessarily an indicator that hydrocarbons will
be recoverable in commercial quantities or in any estimated
volume.
References in this press release to IP30, IP90
and other short-term production rates are useful in confirming the
presence of hydrocarbons, however such rates are not determinative
of the rates at which such wells will commence production and
decline thereafter and are not indicative of long-term performance
or of ultimate recovery. While encouraging, readers are cautioned
not to place reliance on such rates in calculating the aggregate
production of the Company. The Company cautions that such results
should be considered to be preliminary.
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