Fifth Consecutive Ecuador Oil Discovery from the Charapa-B6 Well

CALGARY, Alberta, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced an operational update. Production amounts are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Per barrel (“bbl”) and bbl of oil per day (“BOPD”) amounts are based on WI sales before royalties.

Message to Shareholders

“We are pleased to announce that Gran Tierra has successfully made another oil discovery with the Charapa-B6 well on the Charapa Block in Ecuador. This significant find is located just west of the recently discovered Arawana-J1 and Bocachico Norte-J1 wells on the Chanangue Block, further underscoring the potential of this highly prospective region. The Charapa-B6 well marks our third oil discovery in 2024, and remarkably, our fifth in Ecuador since we resumed our exploration campaign after the disruptions caused by the pandemic.

This series of discoveries is a testament to the dedication and expertise of our team, and it reaffirms the value of our strategic focus on high impact near field exploration in Ecuador. This discovery is not only a reflection of the successful implementation of our exploration strategy but also a strong indicator of the promising future that lies ahead for Gran Tierra in both Ecuador and Colombia. As we continue to explore and develop our assets in the Putumayo and Oriente basins, we expect to leverage our learnings from these exploration wells on both sides of the border”, commented Gary Guidry, President and Chief Executive Officer of Gran Tierra.

Charapa B6 Oil Discovery:

Gran Tierra has run production casing, cemented and perforated the Hollin oil zone and has begun production testing.

The Hollin oil zone was perforated over 50 ft of reservoir with 45 ft of reservoir pay based on log evaluation. A jet pump was run and the well has produced at stabilized rates over 53 hours at 2,118 BOPD, 28.2-degree API gravity oil, a 2.2% water cut, and a gas-oil ratio (“GOR”) of 21 standard cubic feet per stock tank barrel (“scf/stb”).

This is the first exploration well drilled in the Charapa Block since the successful Charapa B5 well was drilled in 2022. We continue to build confidence and solidify our understanding of both the Charapa and Chanangue Blocks with each successful exploration well drilled. To date, the Charapa-B5 well has produced over 280 thousand bbls of oil (“Mbbl”).

The rig has been moved to drill the Charapa-B7 exploration well which was spud on August 9, 2024.

Five Consecutive Ecuador Oil Discoveries:

Gran Tierra has successfully drilled five exploration wells in Ecuador, each leading to an oil discovery. Impressively, three of these five wells are drawing medium to light hydrocarbons from distinct geological zones, highlighting the exceptional potential of the Oriente and Putumayo basins and the significant exploration opportunities that remain within both the Charapa and Chanangue Blocks.

• Average initial 30-day production per well.
• Average initial 90-day production per well.
• Percentage of basic sediment and water in the initial 30-day production.

About Gran Tierra Energy Inc.

Presentation of Oil and Gas Information

References in this press release to IP30, IP90 and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of the Company. The Company cautions that such results should be considered to be preliminary.