CALGARY, Alberta - Gran Tierra Energy Inc. (NYSE American:NYSE:GTE) (TSX:GTE) (LSE:GTE), an international energy company, has announced a new oil discovery at the Bocachico Norte-J1 well in Ecuador, marking the fourth consecutive find in the region.
The company has begun production testing at the T-Sand oil zone, after perforating over 20 feet of the reservoir, and has reported stabilized production rates of 1,353 barrels of oil per day with a 35.5-degree API gravity oil.
President and CEO Gary Guidry expressed enthusiasm over the discovery, highlighting the company's technical expertise and strategic positioning in the Oriente/Putumayo basin, which spans Ecuador and Colombia. The discovery is expected to contribute to production growth, reserve additions, and free cash flow for Gran Tierra in the coming years.
The well test results have confirmed the potential of the Bocachico structure in the T-Sandstone and are anticipated to diversify the company's production towards lighter hydrocarbons.
Additionally, the Arawana field, which continues to yield strong results from the Basal Tena zone at over 900 barrels of oil per day, is projected to be a significant contributor to the company's production. A switch from a jet pump to an electrical submersible pump is scheduled for the third quarter of 2024.
Looking ahead, the Zabaleta well is planned to be drilled in the second half of 2024. It is located 200 feet up dip from the Arawana discovery well and is expected to further confirm the multizone potential of the region.
Gran Tierra Energy Inc., headquartered in Calgary, Alberta, is focused on the exploration and production of oil and natural gas in Colombia and Ecuador. The company's common stock is traded on the NYSE American, Toronto Stock Exchange, and London Stock Exchange.
This operational update is based on a press release statement by Gran Tierra Energy Inc. The forward-looking statements included in the press release involve risks and uncertainties that could cause actual results to differ materially from the anticipated outcomes. The company has disclaimed any intention or obligation to update or revise any forward-looking statements, except as required by law.
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