Gran Tierra Energy will receive a 70% working interest in blocks REC-T-129, 142, 155 and 224 in the onshore Reconcavo Basin, Brazil, under an agreement with Alvorada Petroleo.
Gran Tierra will pay $22.6m and fulfil commitments including drilling part of two wells in 2011 for the farm-in.
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The firm will become the operator of blocks REC-T-129, 142, 155 and 224 and will pay for the drilling and exploration well of blocks REC-T-129 and 142 as well as its working interest share of the 3D seismic programme currently being conducted on the four blocks.
The basin contains 129 oil and gas fields and has produced over 1.5 billion barrels of oil to date.
Gran Tierra plans to drill additional wells to further delineate the discovery and potentially increase production and reserves from the field.
In addition to the current oil discovery on block REC-155 Gran Tierra has identified a new oil resource play and intends to investigate the opportunity with Alvorada Petroleo.
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By GlobalData
