Gran Tierra Energy Inc said on Thursday oil bearing zones at its Moqueta-2 well in Colombia are more productive than the first well, but said production from the Putumayo Basin in southern Colombia has been reduced due to a pipeline disruption.
The Canadian oil exploration and production company said repairs are expected to take about two weeks, during which net production is seen between 5,000 and 7,000 barrels of oil per day (bopd).
Gran Tierra, which is the operator of the Chaza Block in Colombia, said the oil column is also thicker at Moqueta-2. Well flows were up to 1,077 (bopd) from two zones of the well without pumps, the company said, adding that no oil-water contacts were found.
Long-term oil testing and early production is expected in the first quarter of 2011, the Calgary, Alberta-based company said in a statement.
Moqueta-3 is expected to be spud in mid-September, while Moqueta-4 is likely to be spud in early December, the company said.
Shares of the company, which also operates in Argentina and Peru, closed at C$6.40 Wednesday on the Toronto Stock Exchange. They have gained 21 percent in the last three months. (Bhaswati Mukhopadhyay / Reuters)