Gran Tierra Energy Inc on Monday hailed another oil discovery in Ecuador, its third this year.

The oil and gas exploration and production company focused on the acquisition and development of energy assets in South America said the latest find was at 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,’ the company said in a statement.

The company said it was 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 Chief Executive Officer Gary Guidry.

Gran Tierra said it has run production casing, cemented and perforated the Hollin oil zone and has begun production testing at the Charapa B6 oil discovery.

This is the first exploration well drilled in the Charapa block since the successful Charapa B5 well was drilled in 2022, it added.

Shares in Gran Tierra Energy rose 0.6% to $7.88 in London on Monday.

Copyright 2024 Alliance News Ltd. All Rights Reserved.