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: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
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 [email protected] 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.
