Peru: Gran Tierra gets Maranon operatorship

Gran Tierra Energy Inc., Calgary, took a farm-out from Global Energy Development PLC to earn an interest in Block 95 in the Maranon basin in Peru.

By OGJ editors
HOUSTON, Dec. 13
-- Gran Tierra Energy Inc., Calgary, took a farm-out from Global Energy Development PLC to earn an interest in Block 95 in the Maranon basin in Peru.

Gran Tierra will become block operator and fund an exploratory well and pay past costs to earn a 60% interest in the 1.3 million acre block. It would spud a well by the end of 2011.

Block 95 is due south of Gran Terra’s existing acreage in the basin. The contract area contains the 1974 Bretana-1 well that tested 18° gravity oil at 800 b/d, natural. Gran Tierra will assume the cost of drilling an exploratory well up to $15 million, along with its share of past costs incurred in respect of the well. It will pay its pro rata share of costs above $15 million.

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