Gran Tierra Completes Drilling in Peru

Instant Max AI

(Gran Tierra Energy Inc., 20.Jan.2015) – The Bretaña Sur appraisal well completed drilling operations on the L4 lobe on the Bretaña field and encountered approximately six feet of oil pay above the oil-water contact in the Vivian Sandstone Reservoir.

This oil column is less than what was estimated by Gran Tierra Energy prior to drilling and Gran Tierra Energy expects the Bretaña Sur results will remove the Possible reserves that have been booked for the Bretaña field. A reduction in Probable reserves in the field is also expected, the magnitude of which is unknown at the moment. Gran Tierra Energy will prepare a revised reserve report and information respecting the exact amount of the reduction in Gran Tierra Energy’s reserves will be provided after new mapping and the reservoir characterization is updated. This is expected to follow the company’s year-end 2014 reserve report, which will not include this new data as it has only become available after year-end.

Gran Tierra Energy is continuing with a design for a revised development scenario based upon new resource estimates that contemplates a field development from the existing northern (L2) platform and associated oil processing facilities, consistent with the first stage of the original draft development plan.

Equipment for the first long term test (LTT) production from the Bretaña discovery well has been delivered to the L2 platform and testing of facility components has begun, with first production expected to begin in the second quarter of 2015. The startup time, duration and level of production for the LTT may be adjusted further within the context of the operating and oil price environment at that time.

Gran Tierra Energy is operator and holds a 100% working interest in Block 95, Bretaña Field.

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