Gran Tierra: Another oil discovery on Charapa in Ecuador

Gran Tierra has now drilled five exploration wells in Ecuador, each leading to an oil discovery. The latest oil discovery with the Charapa-B6 well on the Charapa Block is located just west of the recently discovered Arawana-J1 and Bocachico Norte-J1 wells on the Chanangue Block.

The Charapa-B6 well marks the company’s third oil discovery in 2024 and its fifth in Ecuador since resuming its exploration campaign post-COVID. This was the first exploration well drilled in the Charapa Block since the Charapa-B5 well was drilled in 2022. The rig has been moved to drill the Charapa-B7 exploration well, which was spud on 9 August 2024.

Gran Tierra has run production casing, cemented and perforated the Hollin oil zone and has begun production testing. The Hollin oil zone was perforated over 50 ft of reservoir with 45 ft of reservoir pay based on log evaluation. A jet pump was run, and the well has produced at stabilized rates over 53 hours at 2,118 bopd, 28.2° API gravity oil, a 2.2% water cut, and a gas-oil ratio of 21 standard cu ft per stock tank barrel.