Page 14 - LatAmOil Week 23 2022

LatAmOil NEWS IN BRIEF LatAmOil

programmes across all of our assets continue to Environmental licenses are in place for Gran
PERFORMANCE perform well as demonstrated by our current Tierra’s multi-well exploration programme in
average production of 33,140 [bpd of oil].” both the Chanangue and Charapa Blocks. Sig-
Gran Tierra Energy Operations Update, Production: nificant progress has also been made with Gran
So far during second quarter 2022, Gran Tierra’s environmental licensing for explora-
provides operational Tierra has achieved total average production of tion drilling in the Iguana Block with approval
30,556 bpd of oil. As forecast in the Company’s expected during second half 2022.
and financial update May 3, 2022 press release, Gran Tierra has begun In Colombia, on June 2, 2022, Gran Tierra
to ramp up production in the latter half of second spud the Churuco exploration well in the Chaza
Gran Tierra Energy has announced an opera- quarter 2022, as newly drilled Acordionero and Block, which is targeting a potential, sepa-
tional and financial update. Costayaco oil wells have been steadily brought rate reservoir located between the Company’s
Gary Guidry, President and CEO of Gran online. Gran Tierra’s total current average pro- Costayaco and Moqueta oil fields.
Tierra, commented: “Gran Tierra remains on duction over the last 16 days is 33,140 bpd of oil. Financial Update: As of June 2, 2022, Gran
track and on budget with our development and Acordionero: During 2022, Gran Tierra Tierra has completely paid off its credit facility.
exploration drilling programmes for 2022. We has successfully drilled 12 wells (7 oil produc- As part of a focus on significant debt reduction,
are very pleased with the positive production ers and 5 water injectors) in the Acordionero the Company steadily reduced its credit facility
results that we are seeing with both our Acor- field with 4 wells remaining to be drilled in the balance from $207mn as of June 30, 2020 to $0 as
dionero and Costayaco infill development well 2022 programme. The Company continues to of June 2, 2022. Gran Tierra may, at its discretion,
programmes, which have been an important make progress with its planned polymer flood terminate or replace the credit facility.
factor in our ongoing ramp up in oil production pilot project in this field, with polymer injection Gran Tierra Energy, June 7 2022
during 2022. planned to begin in the newly drilled AC-95i
“At the same time, we have achieved a major injection well during third quarter 2022.
milestone for the Company by completely pay- Costayaco and Moqueta: All five of the 2022 PROJECTS & COMPANIES
ing off our credit facility on June 2, 2022. We planned Costayaco infill development oil wells
have significantly strengthened our balance have been drilled, with the final well currently Challenger Energy
sheet by steadily reducing our credit facility bal- on production test. On an electric submersible
ance from $207mn as of June 30, 2020, to $0 as pump, the new CYC-45 infill oil well has pro- announces H2-2022
of June 2, 2022. duced at an average rate of 1,618 bpd of oil, at a
“After a two-year pause during the low and 10% water cut and gas-oil ratio of 162 standard work programme
volatile oil price environment of 2020 and 2021, cubic feet per stock-tank barrel, over the 11-day
we are excited with the restart of Gran Tierra’s period of May 21-31, 2022. The Moqueta work update for Trinidad
exploration drilling campaign. We spud the programme of three infill development wells is
Churuco exploration well in the Putumayo expected to begin in the fourth quarter of 2022 AIM-listed Challenger Energy, the Caribbean
Basin of Colombia on June 2, 2022, which is and is planned to continue into 2023. and Atlantic-margin focused oil and gas com-
expected to reach its target depth by mid-June Exploration: In Ecuador, Gran Tierra is in pany, with oil production, appraisal, develop-
2022. In Ecuador, we have obtained all necessary the final stages of wellsite construction for the ment and exploration assets across the region,
licensing and secured a drilling rig, which put planned Bocachico-1 exploration well in the has provided an update in relation to the work
Gran Tierra on-track to spud its first planned Chanangue Block and has started construc- programme for its assets in Trinidad and Tobago
exploration well on the Chanangue Block during tion of another wellsite in the Charapa Block. and Suriname for the balance of 2022 and pre-
third quarter 2022. The Company has secured a drilling rig for the paratory work for 2023.
“We believe Gran Tierra is well positioned upcoming exploration campaign in Ecuador and The Company’s focus in regards to its opera-
to optimise value from each of our assets plans to spud the Bocachico-1 exploration well tions in Trinidad and Tobago is to deliver near-
through continued development and enhanced in the Chanangue Block during third quarter term production growth, sufficient to both offset
oil recovery activities in 2022. Our waterflood 2022. natural reservoir decline and to reach approxi-
mately 550-600 bpd of oil average production
rate by the end of 2022. This outcome would
enable the Company as a whole to operate on a
cashflow positive basis (assuming prevailing oil
prices).
In support of achieving this outcome, the
Company’s work programme for the balance of
2022 will comprise a very specific, fully-funded
range of activities across its Trinidadian asset
portfolio, including:
Recompletions of 10-15 existing wells, to
open up different reservoir units, halt or reduce
water production, and/or to inhibit sand influx,
and thereby increasing oil production from
those recompleted wells. Recompletions are
planned in each of the Goudron, Inniss-Trinity
and Bonasse fields, with work expected to be
completed by October 2022

P14 www. NEWSBASE .com Week 23 09•June•2022