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Gran Tierra Energy Inc on Tuesday said four of its recently drilled prospects are producing oil, offering future development opportunities.
The Calgary, Canada-based oil and gas exploration company focused on Colombia and Ecuador said its Charapa Norte-1 well in the Oriente Basin of Ecuador is producing 1,100 barrels of oil per day with virtually no water. The company said the Charapa Norte prospect offers future well locations that could be drilled in 2023.
The Rose-1 well in Colombia’s Putumayo Basin is producing 300 bopd, and also indicates potential future well sites in the area.
The company also reported an average rate of 227 bopd at the Bocachico-1 well in Ecuador, and ‘encouraging results’ at the Gaitas-1 and Gaitas-2 wells in Colombia.
‘All four [prospects] have produced oil from different reservoir zones. We believe these prospects may offer future development opportunities in 2023 and beyond,’ Chief Executive Officer Gary Guidry said.
Gran Tierra had a total average production of 32,000 bopd in the fourth quarter-to-date of 2022, with a current total average of 33,000 bopd.
‘We look forward to finishing 2022 on a strong note. We are also excited about our 2023 development and exploration capital programs and potential future share and bond buybacks,’ Guidry said.
Gran Tierra shares closed down 6.2% at $1.06 in New York on Monday.
By Harvey Dorset, Alliance News reporter
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