Gran Tierra Energy Inc (TSX: GTE), focused on oil exploration and production in South America, said it signed three exploration and exploitation contracts with the Colombian National Hydrocarbon Agency totaling 235,264 acres in which Gran Tierra has a 100 percent working interest.
The Piedemonte Norte block, encompassing 78,743 acres, lies southwest of the Chaza block where the Costayaco field is located. The Piedemonte Sur block, encompassing approximately 73,897 acres, is located immediately west of the Orito field, the largest oil field in the Putumayo Basin. Further south, the Rumiyaco Block encompasses 82,624 acres in the central Putumayo Basin."These exploration and exploitation contracts provide Gran Tierra Energy with access to a number of material exploration prospects in regions of the Putumayo Basin that have gone relatively unexplored since the 1980's," said Dana Coffield, president and CEO. "The seismic reprocessing we completed in 2008 identified several prospective structures on both Piedemonte blocks that lie on the same geological trend as our Costayaco discovery."
On Operations, Gran Tierra said Ecopetrol has completed repairs on the Trans Andean Pipeline and normal production operations are expected to resume shortly. Production testing of Costayaco-7 is ongoing, and is expected to be completed in early July. Costayaco-8 has now reached total depth and well logging operations have begun.
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