11:54 AM EDT, 08/12/2024 (MT Newswires) -- Gran Tierra Energy ( GTE ) on Monday said it has made its fifth consecutive oil discovery with the Charapa-B6 well on the Charapa Block in Ecuador.

The discovery is the company's third in 2024 and is located just west of the recently discovered Arawana-J1 and Bocachico Norte-J1 wells on the Chanangue Block.

The Charapa-B6 exploration well has produced at stabilized rates over 53 hours at 2,118 barrels of oil per day.

The Charapa-B6 well is the first in the Charapa Block since the successful Charapa-B5 well was drilled in 2022, which has produced over 280,000 barrels of oil.

Gran Tierra's shares were last seen up $0.53 to $11.31 on the Toronto Stock Exchange.

Price: 11.31, Change: +0.53, Percent Change: +4.92