This budget includes drilling of seven exploration wells in Colombia, four exploration wells in Peru and re-entry and side-tracking of a well in Argentina. The approved 2010 budget includes funds for 2-D and 3-D seismic acquisition programmes in Colombia, Peru, and Argentina and facility upgrades in Colombia and Argentina. Excluding potential exploration success, production in 2010 is expected to range between 14-16,000 barrels of oil per day (BOPD) net after royalty.
Dana Coffield, president and CEO of Gran Tierra Energy, said: “Gran Tierra Energy’s strong balance sheet and extensive land position containing a broad portfolio of exploration opportunities, with a balance of risk and reward, places us in an excellent position to execute our 2010 exploration work programme.
“Going forward, we continue to sharpen our focus in Colombia by divesting non-core properties and preparing the Company to begin the largest exploration drilling program in its history in 2010. In conjunction, we are also working to derive value from our Argentine gas assets ahead of drilling in mid-2010.”
