Gran Tierra signs onshore agreement with SOCAR in Azerbaijan

Gran Tierra Energy signed an exploration, development and production sharing agreement (EDPSA) with the State Oil Company of the Republic of Azerbaijan (SOCAR) covering an onshore licence area in the Guba-Khazaryani region of Azerbaijan.

Under the terms of the agreement, Gran Tierra, through an indirect wholly owned subsidiary, will hold a 65 % working interest and act as operator of the contract area, which encompasses approximately 0.4 million gross acres.

The EDPSA includes an initial five-year exploration and appraisal period followed by a 25-year development term for any commercial discoveries, with the possibility of extending development by an additional five years.

Under the work program, Gran Tierra plans to begin an airborne gravity study in 2026, with 3D seismic acquisition and exploration drilling scheduled to start in 2027. The initial phase includes commitments to drill two wells and acquire 250 sq km of 3D seismic data, with further drilling and seismic acquisition in a subsequent phase.