Gran Tierra Energy Inc. (
) shares surged in late trade after the company provided updates
for its exploration drilling in Peru and appraisal drilling in
Breta a Norte 95-2-1XD exploration well: Log interpretations and
MDT fluid and pressure sampling indicate the presence of an
oil-bearing sandstone reservoir in the Vivian Sandstone beginning
at 9,408 feet measured depth ("MD") or 8,851 feet true vertical
depth ("TVD") with an approximate gross oil column thickness of 99
feet and 53 feet net pay thickness.
Moqueta-8: The Caballos formation consisted of 209 feet TVD
gross reservoir or 104 feet TVD net reservoir thickness. It was
perforated and tested from 5,361 feet to 5,538 feet MD for 57 hours
at a rate of 651 barrels of oil per day ("BOPD") of 28.2 API oil
with a 0.4% water cut. The T Sandstone formation consisted of 85
feet TVD gross reservoir or 72 feet TVD of net reservoir thickness.
It was perforated and tested from 5,153 feet to 5,256 feet MD for
16.4 hours at a rate of 925 BOPD of 27.0 API oil and a stabilized
0.4% water cut. The U Sandstone formation consisted of 44 feet TVD
gross reservoir or 32 feet TVD net reservoir thickness. It was
perforated and tested from 4,866 feet to 4,911 feet MD for 24 hours
at a rate of 24 BOPD of 16.3 API oil with a 0.4% water cut. This
well is being completed as a production well.
GTE is up 9.1% at $5.97 in a 52-week range of $4 - $6.65.
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