Gran Tierra Energy will earn a 10% working stake in concession contract BM-CAL-7 operated by Petrobras, and a 15% working stake in concession contract BM-CAL-10 operated by Statoil, in the offshore Camamu-Almada Basin.
BM-CAL-7 encompasses about 1,362sq km, and BM-CAL-10 encompasses about 1,680sq km; water depths range from nearly 400 to 2,800m.
The Camamu-Almada Basin lies immediately south and offshore from the onshore Reconcavo Basin, where Gran Tierra Energy is the operator of four blocks and is poised to begin both development drilling and exploration drilling operations.
Under the farm-in agreements, Gran Tierra Energy will be a non-operating partner and will pay its participating stake share of costs incurred to date and in the future on the concession contracts as well as a carry on the drilling of the first exploration obligation well with respect to concession contract BM-CAL-7 and concession contract BM-CAL-10.
The first exploration well on BM-CAL-10 is anticipated to be drilled late 2011.
The completion is subject to obtaining regulatory approval from Agencia Nacional de Petroleo, Gas Natural e Biocombustíveis and other customary conditions of closing.
