"Gran Tierra Energy has successfully booked significant reserves at the Bretaña field in Peru. On a proved plus probable ("2P") and proved plus probable plus possible ("3P") basis, the Bretaña field reserves nearly double the total corporate 2P and 3P reserves booked at year-end 2012. We are currently planning on initiating long-term test production from this field beginning in September 2014, with an appraisal well planned to be drilled in the fourth quarter of this year in the southern portion of the Bretaña field," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy.
Gran Tierra Energy is scheduled to spud a water-injector well in the in the first quarter of 2014 and begin drilling the Bretaña Sur appraisal well on the southern portion of the field in the fourth quarter, 2014.
Long-term test (LTT) production from the Bretaña-1ST well is anticipated to start in September of 2014 at a rate of approximately 2,500 barrels of oil per day gross. The LTT will provide valuable information on the reservoir to optimize field development, in addition to providing early cash flow.
Gran Tierra Energy’s 2014 capital spending program for the Bretaña field is $107m, consistent with the previously reported $148m 2014 capital spending program for Peru, and includes LTT facilities, drilling a water disposal well, platform construction and drilling of an appraisal well, a Front End Engineering Design for field development, and additional related costs.
