Headquartered in Calgary and with its main operations in Colombia, Gran Tierra Energy, Inc. (ticker: GTE) averaged 29,879 BOEPD in its first quarter of 2017.
Q1 activity
During its first quarter of 2017, Gran Tierra recompleted its Costayaco-2 well into the “A” Limestone. This marks the third well producing out of the “A” Limestone. The company also drilled its Costayaco-28, which is the first horizontal well dedicated to producing out of the “A” Limestone. Following its completion in May, 2017 the Costayaco-28 is producing 1,053 BOPD and is still undergoing cleanup.
As of early June, Gran Tierra’s second “A” Limestone well had been spudded and reached the horizontal casing point.
In looking forward into 2017, the company predicted that its average 2017 production would be between 34,000 and 38,000 BOEPD from both the company’s assets in Colombia and Brazil.
Gran Tierra expects that its Brazil operations will contribute between 1,200 and 1,500 BOEPD to the total average 2017 production.
Discoveries
In the Putumayo basin, Gran Tierra’s Confianza-1 exploration well found oil in the Villeta “U” sand and the “A” Limestone in the PUT-7 Block. As of June, 2017, the Confianza-1 was producing at an average of 468 BOPD out of the “N” Sand.
As of June, 2017, Gran Tierra was undergoing two seismic programs in the PUT-7 Block. The first seismic program, known as the Cumplidor 3D seismic program, is intended to further define the A-imestone and U-Sand from the Confianza-1 discovery.
Gary Guidry, president and CEO of Gran Tierra, said that the company “believe[s] the A-Limestone play may have significant basin-wide oil potential,” following indications of A-Limestone potential in its Vonu-1 well, which was drilled adjacent to the Costayaco field, wherein the A-Limestone trend was initially found.
The company also found a reservoir in the Lisama D Sand when it drilled, cased and tested its Acordionero-8i injection well and its Acordionero-9 development well. The Acordionero-9 well is producing from the Lisama C Sand.
Acordionero field development
The Acordionero field, which Gran Tierra acquired in August, 2016, initially produced 4,730 BOPD. The company has since brought five producing wells and one injecting well online in the field—increasing the average production to 9,460 BOPD. Gran Tierra plans to drill four more wells in the north portion of the Acordionero field.
Gran Tierra Energy, Inc. is presenting at EnerCom’s The Oil & Gas Conference® 22
Gran Tierra will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.
The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors. The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. To register for The Oil & Gas Conference® 22 please visit the conference website.
