Gran Tierra Energy Inc. Announces Positive Test Results from Bocachico Norte-J1

CALGARY, Alberta, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced an operational update.  Production amounts are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Per barrel (“bbl”) and bbl of oil per day (“BOPD”) amounts are based on WI sales before royalties.

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “We are thrilled with the continued success of the Bocachico Norte-J1 well which marks the fourth consecutive oil discovery in Ecuador. These discoveries are a testament to our strong technical analysis and understanding of the geology, as well as our well-positioned land in the Oriente/Putumayo basin in Ecuador and Colombia. The production from the T-Sand and identified net pay in the B-Limestone and Basal Tena highlights the multi zone potential in our blocks. The presence of multiple producing zones and the ability to comingle production enhance our operational flexibility and economics. Together with the Arawana field, we expect these fields to be key drivers of production growth, reserve additions and free cash flow for the Company for years to come.”

Bocachico Norte-J1 Oil Discovery:

• Gran Tierra has run production casing, cemented and perforated the T-Sand oil zone and has begun production testing.
• The T-Sand was perforated over 20 ft of reservoir with 29 ft of reservoir pay based on log evaluation. A jet pump was run and the well has produced at stabilized rates over 51 hours at 1,353 barrels oil per day (“BOPD”), 35.5-degree API gravity oil, less than 1% water cut, and a gas-oil ratio of 336 standard cubic feet per stock tank barrel.
• This positive test in the T-Sand builds confidence in the multizone potential (Basal Tena / U-Sand / T-Sand) for the Zabaleta well which is expected to be drilled in the second half of 2024 and is 200 feet up dip from the recent Arawana discovery well. Arawana continues to produce with strong results from the Basal Tena zone greater than 900 bopd. The artificial lift system will be converted from a jet pump to electrical submersible pump in the third quarter of 2024. The cumulative production to date from Arawana is approximately 74,000 bbl.
• This test verifies the Bocachico structure potential in the T-Sandstone and continues to diversify the corporate producing product stream to lighter hydrocarbons.

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