Home
>
Operations
>
Peru >
Research Note: Stock-Eye
News Articles
Research Note: Religare Capital Markets
Annual & Interim Reports 2011
Investor Presentation
2010 Reserve Reports
Share Price
Latest Regulatory News
Gran Tierra Update on Peru Block 95’
CHOPS Expert Resume & Qualifications
Global holds one Licence Contract with Perupetro S.A. ( "Perupetro"), the national oil company of Peru - the Block 95 Area Licence Contract.
The Block 95 Area Licence Contract covers approximately 1,275,000 acres in the Maranon Basin of Northeastern Peru.
Farm-out Agreement with Gran Tierra Energy, Inc..
In late 2010, Global entered into a farm-out agreement with Gran Tierra Energy, Inc. (NYSE Amex: “GTE”, TSX: “GTE”), with Global retaining 40% interest in the Contract through its wholly-owned subsidiary Harken del Peru Limitada. Under the terms of the agreement, GTE will become the operator of the Contract, subject to and following approval from the Peruvian authorities, and will assume 100% of the costs of an exploration well up to a maximum of $15 million. GTE also assumed its share of the past costs incurred by the Company on the Contract for $2m. Expectations for drilling the well before the end of 2011 once final environmental sub-permits are received and force majeure is lifted.
Block 95 Update.
In May 2011, Gran Tierra Energy Inc (Gran Tierra Energy) announced its first quarter 2011 financial and operating results which included the following highlight on the Block 95 Area License Contract in Peru:
PERU
Block 95, Marañon Basin
“A drilling site location has been identified for the first exploration well on Block 95,
with civil construction expected to begin in the third quarter of 2011. Drilling is expected to begin in second quarter of 2012. An oil field has already been discovered on Block 95, with the discovery well drilled in 1974 flowing 807 BOPD naturally without pumps. The new exploration well will further delineate this field and will explore deeper reservoir horizons not penetrated by the discovery well.”
The below article released by Gran Tierra Energy appeared on 12 May 2011 in the ‘Management Today’ newspaper:
In Block 95, Gran Tierra Energy expects to receive permission to perform exploratory drilling in Block 95, according to COO, Shane O'Leary. "The block covers 526.091 hectares in the Marañon basin and the 2P and 3P, reserves associated with the license, are estimated at 21 million barrels (Mb) and 63.9 Mb, respectively. We need the permit of deforestation to just start the work. "That's one of the main issues of the timetable that is still pending," said O’Leary. The company has already identified the first exploratory well location and expects to begin civil works in the third quarter with drilling in the second quarter of 2012. (Management Today p. 13)
Colombia Contracts / Agreements Held:
Peru Contracts / Agreements Held:
