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Canada’s Gran Tierra Energy Announced On Wednesday The Growth Of Its Reserves Estimate For 2018, In Part Due To The Company’s Acordionero Field In The Middle Magdalena Valley Basin In Colombia.
Last year, Gran Tierra Said It Increased Its Proved And Probable Reserves To A Total Of 142 Million Barrels Of Oil Equivalent Per Day, While Increasing The Discounted Net Present Value At 10% To US$ 2.7 Billion, According To An Evaluation By McDaniel & Associates Consultants. Expected Production In 2019 Has Since Grown To Four Times The Level Of The Company’s Inherited Assets, Gran Tierra Said.
The Company Added 19 Million Barrels Of Oil Equivalent In Proved And Probable Reserves. Of This Amount, The Acordionero Oil Field, Gran Tierra’s Largest Asset, Contributed To An Addition Of 13 Million BOE.
“Our Two Most Exciting Achievements Last Year Occurred In The Acordionero Oil Field And In The Conventional Carbonate Resource Play Ayombero-Chuira La Luna, Both In The Middle Magdalena Valley Basin”, Said CEO Gary Guidry In A Statement.
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“In 2018, Acordionero Was The Growth Engine For Gran Tierra In Terms Of Reserves Additions, While Ayombero Provided New Potential Resources And An Inventory Of Potential Future Drilling Opportunities.”
Discoveries And Acquisitions Over The Past Four Years Now Represent About 81% Of The Company’s Total Net Present Value Before Taxes, Discounted At 10% Of Proved And Probable Reserves, The Company Said. Gran Tierra Acquired The Acordionero Asset When It Purchased PetroLatina Energy For US$ 525 Million In 2016.
The Company’s Average Annual Production For 2018 In Colombia Increased By 15% To 36,209 Barrels Of Oil Equivalent Per Day Compared To 2017.
But Guidry Said The Results Of The Reserves Additions Were Below The Company’s Expectations Due To Some Delays.
The Company Faced Drilling And Completion Challenges In The Ayombero-Chuira Field With The Ayombero-2 Well, Delaying The Field Evaluation. Delays In The Expansion Of The Facility, Which Is Expected To Be Completed In The Second Quarter, At Acordionero Also Affected Water Injection.
“For 2019, We Are Excited To Continue Our Development Of The Prolific Acordionero Field And Our Exploration, Appraisal, And Development Of Regional Carbonate And N-Sand Plays”, Said Guidry.
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