Development Drilling and Additional Exploration Drilling Planning Continuing
Drilling was completed on the Dantayaco-1 exploration well in the Chaza Block in the Putumayo basin. Oil shows encountered during drilling and log analysis indicated potential pay in the M1 Limestone and upper Caballos Formation, however, only formation water was recovered during testing. Testing operations have been suspended and the well was plugged and abandoned on
Seven exploration wells have been budgeted for the Putumayo Basin in southern
Testing of the T Sandstone and the underlying Caballos Formation has been completed in the recently drilled Costayaco-10 development well in the Costayaco field in the Chaza Block. Both the T Sandstone and Caballos Formation tested oil as expected. A completion string is currently being installed. The well is expected to be put into production at approximately 1,200 barrels of oil per day from the Caballos reservoir in order to support Costayaco field plateau gross production of 19,000 barrels of oil per day.
The drilling of Juanambu-2, the second development well in the Juanambu oil field, began on
Permitting applications, facility inspections and testing of systems are nearly complete for the production infrastructure associated with the VM.x-1001 well in the Valle Morado block in the Noroeste Basin of northern
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in
The statements in this press release regarding Gran Tierra Energy's expectations, plans, projections and actions including Gran Tierra Energy's expectations regarding the drilling of Moqueta-1 and Juanambu-2, the expected production of Costayaco-10, and the expectations regarding gas sales from VM.x-1001 are "forward-looking statements" within the meaning of the U.S. federal and Canadian securities laws, including Canadian Securities Administrators' National Instrument 51-102 Continuous Disclosure Obligations and the U.S. Private Securities Litigation Reform Act of 1995. Statements containing the words "estimates", "expects", "will", "scheduled", "may", and variations of these words are forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Although Gran Tierra Energy believes that the assumptions underlying, and expectations reflected in, these forward-looking statements are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct.
Factors that could cause results to differ materially from those described in the forward-looking statements include: Gran Tierra Energy's operations are located in
All forward-looking statements in this press release are expressly qualified by information contained in Gran Tierra Energy's filings with regulatory authorities and, subject to its obligations under applicable securities laws, Gran Tierra Energy does not undertake to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Gran Tierra Energy Inc.