Gran Tierra Energy announces oil discovery in Peru

Feb 12, 2013 12:00 AM

Gran Tierra Energy has provided updates for its exploration drilling in Peru and appraisal drilling in Colombia.

'Initial drilling results from the Bretaña Norte 95-2-1XD exploration well in Peru indicate oil-saturated reservoir with a gross oil column of 99 feet that was encountered approx. 48 feet higher than oil discovered at Bretaña-1 approx. 4 kms away. Three cores encompassing 90 percent of the oil-bearing reservoir section were successfully acquired. Oil samples have also been acquired and are being analyzed which, with a testing program that is currently being designed to test reservoir productivity, will assist in determining the commerciality of the discovery. As previously announced, this prospect contains substantial contingent resource potential, so these initial results are extremely exciting,' said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. 'In addition, we have successfully tested the Moqueta-8 appraisal well in Colombia and are now drilling the Moqueta-9 appraisal well, as we continue to evaluate the full potential of this growing oil discovery,' concluded Coffield.

Peru

Block 95 (100% working interest and operator)

Gran Tierra Energy has drilled, and initial well-log results have been obtained, from the Bretaña Norte 95-2-1XD exploration well. Oil shows were encountered at the top of the target Vivian reservoir section and coring operations were then initiated, resulting in the recovery of oil-saturated core over most of the oil-column and additional core in the underlying water column. Log interpretations and MDT fluid and pressure sampling indicate the presence of an oil-bearing sandstone reservoir in the Vivian Sandstone beginning at 9,408 feet measured depth (MD) or 8,851 feet true vertical depth (TVD) with an approximate gross oil column thickness of 99 feet and 53 feet net pay thickness.

Gran Tierra Energy is designing a testing program for the Bretaña Norte well to evaluate reservoir productivity with results expected in late February.

In its press release dated June 11, 2012, Gran Tierra Energy announced the results of a contingent gross lease resource estimate for the oil discovery on Block 95, provided by its independent reserves auditor, GLJ Petroleum Consultants effective June 1, 2012. The resource estimate has been prepared in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook. The estimates included a low estimate '1C' contingent resources of 11.5 million stock tank barrels of oil (MMSTB), a best estimate '2C' contingent resources of 31.6 MMSTB, and a high estimate '3C' contingent resources of 88.1 MMSTB. Additional information respecting such contingent resource estimates is included in the June 11, 2012, press release.

The Supreme Decree approving the assignment of the additional 40% working interest in Block 95 to Gran Tierra Energy Peru S.R.L. was issued by the Government of Peru on January 23, 2013. It is expected that the Public Deed to finalize the assignment and vest a 100% working interest in the company will be executed in the near future.

Colombia

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

Gran Tierra Energy completed initial testing of Moqueta-8 by collecting reservoir data and fluid samples using a hydraulic jet pump from the Caballos formation, along with the T Sandstone and U Sandstone from the Villeta formations. The Caballos formation consisted of 209 feet TVD gross reservoir or 104 feet TVD net reservoir thickness. It was perforated and tested from 5,361 feet to 5,538 feet MD for 57 hours at a rate of 651 barrels of oil per day (BOPD) of 28.2° API oil with a 0.4% water cut. The T Sandstone formation consisted of 85 feet TVD gross reservoir or 72 feet TVD of net reservoir thickness. It was perforated and tested from 5,153 feet to 5,256 feet MD for 16.4 hours at a rate of 925 BOPD of 27.0° API oil and a stabilized 0.4% water cut. The U Sandstone formation consisted of 44 feet TVD gross reservoir or 32 feet TVD net reservoir thickness. It was perforated and tested from 4,866 feet to 4,911 feet MD for 24 hours at a rate of 24 BOPD of 16.3° API oil with a 0.4% water cut. This well is being completed as a production well.

Moqueta-9, the next well in the appraisal program to further define the reserve potential of the field, was spud on January 20, 2013 and is targeting the northern portion of the Moqueta field. Initial results are expected in late February.

 

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