Gran Tierra Energy Inc. has announced another oil and gas discovery in South America. This marks the company’s fifth discovery in the region since resuming exploration activities after the COVID-19 pandemic.
CEO’s Statement on the Discovery
“We are delighted to announce that Gran Tierra has successfully made another oil discovery with the Charapa-B6 well on the Charapa Block in Ecuador,” said Gary Guidry, President and Chief Executive Officer of Gran Tierra.
“This significant find, located near the recently discovered Arawana-J1 and Bocachico Norte-J1 wells on the Chanangue Block, further emphasizes the potential of this highly prospective region.”
Guidry added, “The Charapa-B6 well marks our third oil discovery in 2024, and remarkably, our fifth in Ecuador since we resumed our exploration campaign after the disruptions caused by the pandemic.”
Details of the Charapa B6 Discovery
The Charapa B6 well has undergone production casing, cementing, and perforation of the Hollin oil zone, and production testing has commenced.
The Hollin oil zone was perforated over 50 feet of reservoir, with 45 feet of reservoir pay identified based on log evaluation.
A jet pump was installed, and the well has demonstrated stabilized production rates over 53 hours at 2,118 barrels of oil per day (bopd).
The oil exhibits a 28.2-degree API gravity, a 2.2% water cut, and a gas-oil ratio (GOR) of 21 standard cubic feet per stock tank barrel (scf/stb).
Building Confidence and Understanding
This is the first exploration well drilled in the Charapa Block since the successful Charapa B5 well in 2022.
The company states that it continues to “build confidence and solidify our understanding of both the Charapa and Chanangue Blocks with each successful exploration well drilled.”
To date, the Charapa-B5 well has produced over 280,000 barrels of oil.
Ongoing Exploration Efforts
The rig has now been repositioned to drill the Charapa-B7 exploration well, which was spudded on August 9, 2024.
Five Consecutive Successes in Ecuador
Gran Tierra has successfully drilled five exploration wells in Ecuador, each resulting in an oil discovery.
Three of these wells are extracting medium to light hydrocarbons from distinct geological zones, highlighting the exceptional potential of the Oriente and Putumayo basins and the significant exploration opportunities that remain within both the Charapa and Chanangue Blocks.
CEO’s Concluding Remarks
“This series of discoveries is a testament to the dedication and expertise of our team, and it reaffirms the value of our strategic focus on high-impact near-field exploration in Ecuador,” Guidry concluded.
“This discovery is not only a reflection of the successful implementation of our exploration strategy but also a strong indicator of the promising future that lies ahead for Gran Tierra in both Ecuador and Colombia. As we continue to explore and develop our assets in the Putumayo and Oriente basins, we expect to leverage our learnings from these exploration wells on both sides of the border.”