- Gran Tierra Energy (NYSE:GTE) enters Ecuador for the first time after it submitted winning bids for three blocks in the country's Intracampos licensing round.
- GTE says the three blocks are located in the Oriente Basin and are ~140K acres in total area, creating a contiguous acreage position extending from its existing assets in the Putumayo Basin in Colombia.
- GTE plans to drill of a total of 14 exploration wells over four years across the blocks; the contracts are a sliding scale, with the company's take ranging from 87.5% at $30/bbl to 40% at $120/bbl.