Mais uma operadora terrestre na Bahia

Gran Tierra farms into Brazil's Reconcavo basin

 

Sep 21, 2010

Eric Watkins
OGJ Oil Diplomacy Editor

LOS ANGELES, Sept. 21 -- Gran Tierra Energy Inc. will pay $22.6 million to Alvorada Petroleo SA to receive a 70% working interest in Blocks REC-T-129, 142, 155, and 224 in Brazil's onshore Reconcavo basin.

"This farm-in opportunity presents Gran Tierra Energy with a solid entry point into Brazil, with new light oil reserves, production, and exploration upside, including near-term drilling opportunities," said Gran Tierra Pres. and Chief Executive Officer Dana Coffield.

Under the agreement, Gran Tierra will become the operator of the aforementioned four blocks. Gran Tierra has committed to pay all of the costs to drill one exploration well on Block REC-T-129 and another on Block REC-T-142.

Gran Tierra also will pay its working interest share of the 130 sq km 3D seismic program currently being conducted on the four blocks, which were awarded to Alvorada through Brazil's 9th bid round.

Gran Tierra said the four blocks lie 70 km northeast of Salvador, Brazil, in the 10,000 sq km Reconcavo basin, which has produced more than 1.5 billion bbl of 35-40° gravity oil from existing fields.

In May, Eromanga Hydrocarbons Ltd. also finalized a farm-in arrangement with company Alvorada Petroleo SA covering Blocks REC-T-131, 132, 144, and 157 in the Reconcavo basin.

Last October Alvorada Petroleo SA reported that its 1ALV2BA well, drilled on REC-T-155 Block in the Reconcavo basin, showed signs of oil.