Calgary-based Gran Tierra Energy is extending its operations in Colombia, winning exploration rights to three blocks totalling approximately 140,000 acres next door in Ecuador.
The company says the new blocks in Ecuador’s Oriente Basin create a contiguous acreage position extending from its existing assets in the Putumayo Basin in Colombia. Final award of these blocks is contingent upon regulatory approvals and the execution of participation contracts.
The entry into Ecuador establishes Gran Tierra as one of the top landholders in the play trend, the company said this week. The Putumayo and Oriente Basins are the same geological basin, with different names due to the international border between Colombia and Ecuador, it said.
Gran Tierra considers the play to be a conventional oil resource fairway.
Its winning bids include drilling of 14 exploration wells over four years across the blocks. The company’s share of revenues is tied to the Oriente blend oil price and to production volumes.
The company expects to commence its Ecuador exploration drilling program in 2020.