Exploration Success in Ecuador and Strategic Planning – Gran Tierra Energy Inc.
On November 26, 2024, Gran Tierra Energy Inc. shared some exciting news. The company made its seventh oil discovery in Ecuador, solidifying the great potential of the Arawana / Zabaleta field area. This latest discovery, known as the Zabaleta-K1 well, is a significant milestone for Gran Tierra.
In addition to this achievement in Ecuador, Gran Tierra has also entered into a strategic partnership with Logan Energy Corp. The partnership involves Logan acquiring 50% ownership and operatorship of part of Gran Tierra’s Simonette Montney assets for approximately C$52 million. Even after the transaction, Gran Tierra will retain a 50% working interest in the Assets.
Gary Guidry, the President, and CEO of Gran Tierra, expressed his excitement about these developments. He noted that the Zabaleta-K1 well’s success further enhances the company’s understanding of the field area and supports its growth plans in South America. This discovery is a vital part of Gran Tierra’s long-term strategy for value creation.
The Zabaleta-K1 well is a significant milestone for Gran Tierra. It is the fourth exploration well drilled in the Chanangue Block and the seventh successful oil discovery in Ecuador. This test not only validates the Basal Tena geological model but also demonstrates the vast potential of the Arawana / Zabaleta field area. With the Zabaleta-K1 well being over 4 kilometers away from the Arawana-J1 well, this discovery highlights the magnitude of Gran Tierra’s success in Ecuador.
