Gran Tierra Vitality Inc. is planning to drill 10 to 14 web improvement wells in 2025, together with a number of with its new three way partnership associate in Canada.
The Calgary, Alberta-based firm stated in a information launch that it plans to drill 5 to seven gross improvement wells within the Cohembi oil area situated within the Southern Putumayo Basin of Colombia. Gran Tierra can be planning facility growth, gas-to-power era upgrades, and continued social funding within the space. The corporate has allotted a capital expenditure price range of $240 million to $280 million for the 12 months.
In Colombia’s Acordionero, Gran Tierra stated it plans to give attention to the optimization of the sector via continued waterflood growth actions, together with facility expansions, and gas-to-power era upgrades. The corporate is planning an energetic improvement drilling program for 2026.
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In the meantime, in Ecuador’s Chanangue, the corporate plans to proceed its appraisal program on the extremely potential Arawana/Zabaleta productive development by drilling two to 3 appraisal wells.
At Simonette in Canada, Gran Tierra plans to drill 2.5 web wells, “focusing on two-layer co-development of the Decrease and Center Montney providing improved capital effectivity and decrease proportionate infrastructure spending,” it stated. Gran Tierra and its three way partnership associate, Logan Vitality, have began drilling the primary two wells being drilled. Each wells are deliberate to be stimulated by the top of the primary quarter or the start of the second quarter of 2025.
For 2024, Gran Tierra reported whole firm common manufacturing of roughly 34,710 barrels of oil per day, a rise of 6 p.c over 2023 and 13 p.c in comparison with 2022.
Gran Tierra President and CEO Gary Guidry stated, “Following up on a powerful 2024, which included a really profitable exploration marketing campaign and a brand new nation entry into Canada, we’re trying ahead to our 2025 improvement and exploration program”.
“We plan to give attention to profitably rising reserves and manufacturing throughout our Colombian, Ecuadorian and Canadian property, pursue excessive impression exploration all through our portfolio, and put money into facility and infrastructure initiatives to maximise the long-term worth of our property. This 12 months’s price range would fulfil our exploration commitments in Ecuador which have been a results of acquiring the lands again in 2019. Since 2021 we’ve got drilled 10 exploration wells, had 9 discoveries and shot 238 kilometers of 3D seismic in Ecuador,” Guidry continued.
This 12 months, we anticipate to drill 4 exploration wells in Ecuador and two to 3 wells to additional appraise our thrilling discoveries. Now we have additionally deliberate a really energetic capital program within the Suroriente block together with drilling 5-7 wells, investing in a gas-to-power mission, and important facility funding to extend fluid dealing with attributable to elevated manufacturing and water injection,” he stated.
“After the fulfilment of commitments in 2025, we anticipate 2026 and past to be centered on exploiting our in depth asset base, together with [the] anticipated improvement of our current discoveries, drilling on our in depth Canadian landholdings and optimizing our property below waterflood,” he concluded.
In December 2024, Gran Tierra accomplished its three way partnership transaction with Logan Vitality.
The 2 firms entered into a purchase order and sale settlement whereby Logan acquired a 50 p.c working curiosity and operatorship in a portion of Gran Tierra’s Simonette Montney property for about $36.25 million (CAD 52 million) in money, topic to customary changes. Gran Tierra will retain the remaining 50 p.c working curiosity within the property.
The transaction is anticipated to offer “a growth-focused platform to advance Gran Tierra’s Montney improvement and is aligned with the corporate’s company technique of long-term worth creation,” it stated in an earlier assertion.
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