Brazil: Gran Tierra enters Camamu-Almada blocks

Gran Tierra Energy Inc., Calgary, has taken farmouts from Statoil do Brasil Ltda. to earn working interests in two blocks in the Camamu-Almada basin off Brazil.

Gran Tierra Energy Inc., Calgary, has taken farmouts from Statoil do Brasil Ltda. to earn working interests in two blocks in the Camamu-Almada basin off Brazil.

Gran Tierra will earn a 10% working interest in the BM-CAL-7 block operated by Petrobras and a 15% working interest in BM-CAL-10 operated by Statoil, subject to ANP approval. An exploratory well is to be drilled on BM-CAL-10 in late 2011.

BM-CAL-7 covers 336,558 acres and BM-CAL-10 415,137 acres in 400-2,800 m of water. Multiple leads and prospects have been identified on the blocks.

Camamu-Almada is immediately south and offshore from the onshore Reconcavo basin, where Gran Tierra Energy operates four blocks and is near the start of development and exploratory drilling.

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