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Refer here for a map of the Block.
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- The reservoirs share similar geological characteristics to Gran Tierra’s adjoining Acordionero field, where the Company has successfully applied waterflood techniques to enhance recovery. Management will utilize a similar development strategy as at Acordionero, with active waterflood development and efficient low-cost infill drilling. There are greater than 60 unbooked drilling locations across the Block and Gran Tierra and Ecopetrol will evaluate the potential use of multi-leg horizontal drilling techniques to increase reservoir contact and optimize capital efficiencies.
- The development wells will be targeting the same formations and depths in Acordionero which we are currently drilling and completing for less than $2.0 million. We have drilled over 100 wells in the Acordionero field.
- Proximity to Acordionero will provide operational synergies including optimizing water management and injection across the Fields. Natural gas from the blocks may support gas-to-power infrastructure, enabling self-generated electricity and lowering operating costs across the area.
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Contact Information
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For investor and media inquiries please contact:
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Gary Guidry, Chief Executive Officer
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Ryan Ellson, Executive Vice President & Chief Financial Officer
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About Gran Tierra Energy Inc.
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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 Canada, Colombia, Ecuador and Azerbaijan. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador; however, we have recently entered into an exploration, development and production sharing agreement with SOCAR and may eventually expand our operations into Azerbaijan 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 [email protected] or (403) 265-3221.
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Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the “SEC”) are available on the SEC website at http://www.sec.gov. Gran Tierra’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.
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Forward Looking Statements and Legal Advisories:
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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”), which can be identified by such terms as “expect,” “plan,” “can,” “will,” “should,” “guidance,” “estimate,” “forecast,” “signal,” “progress,” “believes,” and “remains subject to,” derivations thereof and similar terms are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding the satisfaction of the conditions precedent to, and the timing of the effectiveness of, the Contract, including receipt of regulatory approvals from the SIC; Gran Tierra’s ability to earn its working interest in the Block; the expected timing, cost and scope of the committed work program and Phase 1 capital activities, including the capital carry and social investment; the expected timing of obtaining operatorship and entitlement to base production; the expected allocation of capital and operating expenditures following completion of the Phase 1 carry commitment; OOIP relating to the Block and the Acordionero field, planned waterflood expansion, drilling, development and water injection activities; potential production levels, recovery factors and development potential; the potential use of multi-leg horizontal drilling techniques; and anticipated operational synergies, including water management integration and the potential use of natural gas to support gas-to-power infrastructure.
English (US)