11:28 AM EDT, 05/28/2024 (MT Newswires) -- Gran Tierra Energy ( GTE ) on Tuesday released test results from its Arawana-J1 discovery, saying they mark a "milestone" for the company's Ecuador operations.

The well has produced at stabilized rates over 48 hours at 1,174 barrels of oil per day (b/d), 20-degree API gravity oil, less than 1% water cut and a gas-oil ratio (GOR) of 258 standard cubic feet per stock tank barrel (scf/stb).

Over the past 12 hours, the well has produced at stabilized rates of 1,348 b/d of 20-degree API gravity oil, less than 1% water cut and a GOR of 239 scf/stb.

"These results not only highlight the potential of the Arawana field area but continue to demonstrate the success of our exploration program in our core southern Colombia (Rose discovery) and northern Ecuador (Bocachico and Charapa Norte discoveries)," chief executive Gary Guidry noted.

The company also provided an exploration update on its operations in Ecuador. Upon completion of drilling the Arawana-J1 well, the drilling was moved on the same well pad and commenced drilling the Bocachico Norte-J1 exploration well.

The Bocachico-J1 well had initial 90-day production rates in the Basal Tena of greater than 1,100 b/d and continues to produce at approximately 850 b/d, 20-degree API oil and less than 1% water cut.

Upon completion of the Bocachico Norte-J1 exploration well, the rig will be moved to the Charapa Block to drill three exploration wells, and finally back to the Chanangue Block to target two Zabaleta exploration wells to test the Basal Tena up dip from Arawana-J1.

Gran Tierra's share price at last look were up $0.885 to $12.615 on the Toronto Stock Exchange.

Price: 12.55, Change: +0.82, Percent Change: +6.99