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Gran Tierra Energy Announces Increased Working Interest And Contingent Resource Estimate For Block 95, Peru

Stocks in this article: GTE

The oil field discovered on Block 95, with the Bretaña 10-16-1X discovery well drilled in 1974, flowed 807 barrels of oil per day naturally without pumps for approximately six hours from the Vivian Formation.  Well records indicate inconsistent oil gravity values of 13.1° API and 17.6° API. As the Bretaña well is located in a remote location, an oil gravity of 13.1° API will make this project challenging to develop in the current economic environment.  If the oil gravity is 17.6° API, this project will likely be economic to develop in the current economic environment.  Gran Tierra Energy is planning to drill a new exploration well in the fourth quarter of this year to further delineate this field and to explore deeper reservoir horizons not penetrated by the discovery well. A drilling site location has been identified and civil construction initiated for the Bretaña Norte 95-2-1X exploration well on this structure.


Chaza Block, Putumayo Basin (Gran Tierra Energy 100% WI and operator)

A 3-D seismic program has now been acquired over the Moqueta Field. The new maps over the field indicate the eastern flank of the structure extends more than 2.5 kilometers to the northeast at the level of the lowest known oil in existing well bores in the field, implying additional reserve potential may exist on the east flank of the structure that had not previously been recognized. A new well to evaluate this additional potential is being designed for drilling late this year.

Mobilization for a drilling rig is underway for the Moqueta-7 appraisal well in the Moqueta field, which is expected to be spud in early July.  This well is targeting additional appraisal of the down-dip extent of the oil columns encountered in the Villeta U, Villeta T and Caballos reservoirs in the field approximately 960 meters west-southwest of the Moqueta-4 appraisal well.  Gran Tierra Energy intends to target the interpreted oil-water contact, which has not yet been encountered by drilling, approximately 225 feet below the lowest known oil in existing well bores in the field; Moqueta-7 could be used as an oil producer or water injector for pressure support depending on the well results. 

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