Gran Tierra readjusts reserve estimates

BFP Magazine

  • Oil discoveries in Colombia

    Gran Tierra readjusts reserve estimates

    Source: Bnamericas

    Friday, September 14, 2007

    Calgary-based Gran Terra Energy has readjusted the initial reserve estimates for two recent oil discoveries in Colombia to incorporate a third-party overriding royalty, the company said in a statement.

    The overriding royalty applies to Gran Tierra`s interests in the Chaza and Guayuyaco blocks.

    For the Costayaco oil discovery, independent reserve auditor Gaffney, Cline & Associates (GCA) has now allocated Gran Tierra proved reserves of 2.7Mb compared to the previous level of 3Mb, probable reserves of 5.5Mb (6Mb previously reported) and additional possible reserves of 7.4Mb (8.2Mb previously reported).

    For the Juanambu discovery, GCA has allocated Gran Tierra proved reserves of 100,000b (no change from previous report), probable reserves of 300,000b (no change) and additional possible reserves of 900,000b (1.1Mb previously reported).

    The Costayaco discovery on the Chaza block in the Putumayo basin of Colombia was announced in the second quarter and tested at 5,906b/d. Test oil production is currently being trucked to existing facilities and a staged development program is being planned.

    A flow line is being designed for full commercial production and two additional wells are scheduled to be drilled on the Chaza block late in the fourth quarter of 2007. A new 3D seismic program has been expanded to cover 70km2.

    The Juanambu field discovery on the Guayuyaco block was announced in early 2007 and tested at 778b/d. The application for commerciality is advancing and test oil production is being trucked.

    A flow line for the block is being designed and a second Juanambu well is planned for drilling in 2008.

    As a result of the adjustments and production for the first half of 2007, Gran Tierra`s total proved, probable and possible oil reserves stands at 23.8Mb (previously reported at 25.6Mb), according to the statement

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