Ready for action: in Colombia
- Duo prime Chaza for the fast track
- Solana puts Costayaco-1 to the test
- Chaza potential for Gran Tierra
- Duo's delight as Costayaco-1 roars
- Colombia wildcat roars for duo
- Gran Tierra ready for Colombia test
- Gran Tierra spins drillbit in Latin America
- Gran Tierra draws up drilling plans
- Gran Tierra buys Argentine assets
- Gran Tierra wins Colombian E&P play
- Gran Tierra lands north Peru licence
Gran Tierra ties up Azar farm out
Gran Tierra Energy has farmed out 50% of its 80% interest in the Azar Block in Colombia's Putumayo basin to an unnamed company, and will retain a 40% stake and operatorship of the block.
Under the terms of the farmo ut, Gran Tierra's share of costs for its retained 40% interest in work commitments in the first three exploration phases will be carried by the new partner.
Azar covers 209 square kilometres and lies about 20 kilometres east of the recent Juanambu-1 and Costayaco-1 oil discoveries. Gran Tierra operates both finds.
Work commitments at Azar consist of six consecutive phases. The first phase requires a new seismic shoot, which is planned for this year.
The second phase will see the workover of an existing exploration well, Palmera-1, which gave oil shows during drilling and in which oil pay was interpreted from logs after drilling. The well was never tested as it was not deemed commercial at the time it was drilled in 1996.
The third phase requires the drilling of a new exploration well. The subsequent three phases each contain one exploration well commitment per phase.