Gran Tierra Energy (GTE) Discovers New Oil in Colombia and Argentina Exploration Wells
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Gran Tierra Energy Inc. (NYSE: GTE) today announced results of two exploration wells.
Initial testing of the Melero-1 exploration well, located on the Garibay Block in the Llanos Basin, has been completed. The well spud on June 22, 2011, and reached total measured depth at 9,748 feet or 9,561 feet true vertical depth on July 16, 2011. Four drill stem tests were run and average production of 922 barrels of oil per day of 16.8 degrees API gravity with a 0.3% water cut was obtained from an interpreted 16 feet of net pay in the Upper Mirador reservoir. This well is currently suspended for long-term testing.
In addition, the Jilguero-2 appraisal well on the Garibay Block was spud on September 10, 2011. This well is located at the Jilguero oil discovery made by the joint venture between a subsidiary of Gran Tierra Energy and CEPSA Colombia S.A., a wholly-owned subsidiary of Compania Espanola de Petroleos, S.A.
The first of three exploration wells to be drilled in the Rinconada Norte Block located in the Neuquen Basin of Argentina has made a new discovery of oil, testing 1,023 barrels of oil equivalent per day.
The RN x-1004 well flowed a total combined test rate of approximately 944 barrels of oil per day and approximately 0.5 million cubic feet per day of natural gas for a total of approximately 1,023 barrels of oil equivalent per day from two intervals tested separately in the Precuyo formation. This well also flowed 43 barrels of water per day or a 4% water cut.
Test and electric log data from the depths of the zones tested (3,222 - 3,255 feet and 3,353 - 3,386 feet) suggests a gross oil column thickness of approximately 197 feet. The oil is 29.6 degrees API gravity.
Having completed the first of the three exploratory wells, the service rig is set to move to complete and test the next two wells, which have already been drilled and cased.
Initial testing of the Melero-1 exploration well, located on the Garibay Block in the Llanos Basin, has been completed. The well spud on June 22, 2011, and reached total measured depth at 9,748 feet or 9,561 feet true vertical depth on July 16, 2011. Four drill stem tests were run and average production of 922 barrels of oil per day of 16.8 degrees API gravity with a 0.3% water cut was obtained from an interpreted 16 feet of net pay in the Upper Mirador reservoir. This well is currently suspended for long-term testing.
In addition, the Jilguero-2 appraisal well on the Garibay Block was spud on September 10, 2011. This well is located at the Jilguero oil discovery made by the joint venture between a subsidiary of Gran Tierra Energy and CEPSA Colombia S.A., a wholly-owned subsidiary of Compania Espanola de Petroleos, S.A.
The first of three exploration wells to be drilled in the Rinconada Norte Block located in the Neuquen Basin of Argentina has made a new discovery of oil, testing 1,023 barrels of oil equivalent per day.
The RN x-1004 well flowed a total combined test rate of approximately 944 barrels of oil per day and approximately 0.5 million cubic feet per day of natural gas for a total of approximately 1,023 barrels of oil equivalent per day from two intervals tested separately in the Precuyo formation. This well also flowed 43 barrels of water per day or a 4% water cut.
Test and electric log data from the depths of the zones tested (3,222 - 3,255 feet and 3,353 - 3,386 feet) suggests a gross oil column thickness of approximately 197 feet. The oil is 29.6 degrees API gravity.
Having completed the first of the three exploratory wells, the service rig is set to move to complete and test the next two wells, which have already been drilled and cased.
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