Project Profile
Location: 70km northeast of Salvador
Area: 5,786 acres (gross), 4,051 acres (net)
Gran Tierra Energy will become the operator of Blocks REC-T-129, -142, -155 and -224 and has committed to pay 100% of the costs to drill an exploration well on each of Blocks REC-T-129 and -142 and its working interest share of the 130 km2 3D seismic program currently being conducted on the four blocks. These blocks were awarded to Alvorada through Brazil\'s 9th ANP bid round.
Blocks REC-T-129, -142, -155 and -224 are located approximately 70 km Northeast of Salvador, Brazil in the prolific Recóncavo Basin. This basin covers an area of approximately 10,000 km2, contains 129 oil and gas fields, and has produced over 1.5 billion barrels of oil to date. Production from this basin is characterized by light oil ranging between 35° and 40° API.
Earlier in 2012, a 38° API oil discovery was made on Block REC-155. The current gross production from the discovery is approximately 500 barrels of oil per day from the Sergi formation. In addition to the current oil discovery on Block REC-155, Gran Tierra Energy has identified a new oil resource play that would potentially employ multi-staged frac horizontal well technology and intends to investigate this opportunity with Alvorada Petróleo.
Operators:
Gran Tierra Energy: Operator with 70% interest
Alvorada Petroleo: 30% interest