The exploration blocks were awarded to Gran Tierra Energy in 2006. They are on the eastern side of the Maranon basin, where over one billion barrels of recoverable oil has been discovered to date. Block 122 encompasses approximately 1.2 million acres and Block 128 encompasses approximately 2.2 million acres of land. Gran Tierra Energy is operator and holds a 100% working interest in both blocks.
Approximately 20,000 linear kilometers of new high-definition gravity and magnetic data is scheduled to be acquired over the entirety of the blocks in the next three months in order to fulfill the company’s work program commitments for the first exploration period of each block.
The data will be used to define exploration leads over which 2D seismic data will be acquired in the second exploration period of each block, which begin in the second quarter of 2008.
Dana Coffield, president and CEO of Gran Tierra, said: With the onset of our operations in Peru, Gran Tierra Energy has begun maturing a vast land position to identify high impact leads and prospects for future drilling. This exploration program complements our ongoing reserve and production growth that has been achieved through our exploration drilling operations in Colombia and Argentina in 2007.
