Gran Tierra Energy Inc. Announces Positive Test Results from Bocachico Norte-J1
05 August 2024 - 8:15PM
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
Gary Guidry, President and Chief Executive
Officer of Gran Tierra, commented: “We are thrilled with the
continued success of the Bocachico Norte-J1 well which marks the
fourth consecutive oil discovery in Ecuador. These discoveries are
a testament to our strong technical analysis and understanding of
the geology, as well as our well-positioned land in the
Oriente/Putumayo basin in Ecuador and Colombia. The production from
the T-Sand and identified net pay in the B-Limestone and Basal Tena
highlights the multi zone potential in our blocks. The presence of
multiple producing zones and the ability to comingle production
enhance our operational flexibility and economics. Together with
the Arawana field, we expect these fields to be key drivers of
production growth, reserve additions and free cash flow for the
Company for years to come.”
Bocachico Norte-J1 Oil
Discovery:
- Gran Tierra has
run production casing, cemented and perforated the T-Sand oil zone
and has begun production testing.
- The T-Sand was
perforated over 20 ft of reservoir with 29 ft of reservoir pay
based on log evaluation. A jet pump was run and the well has
produced at stabilized rates over 51 hours at 1,353 barrels oil per
day (“BOPD”), 35.5-degree API gravity oil, less than 1% water cut,
and a gas-oil ratio of 336 standard cubic feet per stock tank
barrel.
- This positive
test in the T-Sand builds confidence in the multizone potential
(Basal Tena / U-Sand / T-Sand) for the Zabaleta well which is
expected to be drilled in the second half of 2024 and is 200 feet
up dip from the recent Arawana discovery well. Arawana continues to
produce with strong results from the Basal Tena zone greater than
900 bopd. The artificial lift system will be converted from a jet
pump to electrical submersible pump in the third quarter of 2024.
The cumulative production to date from Arawana is approximately
74,000 bbl.
- This test
verifies the Bocachico structure potential in the T-Sandstone and
continues to diversify the corporate producing product stream to
lighter hydrocarbons.
Contact Information
For investor and media inquiries please contact:
Gary GuidryPresident & Chief Executive Officer
Ryan EllsonExecutive 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 regarding
expectations regarding drivers of production growth, reserves
additions and free cash flow for the Company; anticipated timing of
the drilling of the Zabaleta well, 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 drivers
of production growth, reserves additions and free cash flow. 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.
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