Oil & Gas – Brazil – Gran Tierra concludes farm-in agreement for Reconcavo basin
Canada’s Gran Tierra Energy (TSX: GTE) has finalized an agreement with Brazilian oil firm Alvorada Petroleo to acquire a 70% stake in four blocks in Brazil’s Reconcavo basin.
Gran Tierra will pay US$22.6mn for the new areas, the company said in a statement.
The blocks, REC-T-129, REC-T-142, REC-T-155 and REC-T-224, are located 70km northeast of Salvador in the northeastern state of Bahia.
Gran Tierra agreed to pay 100% of the costs to drill an exploratory well on blocks REC-T-129 and REC-T-142.
“Gran Tierra Energy continues to evaluate additional exploration and production opportunities in Brazil, with the intention of expanding our presence in Brazil’s growing oil and gas sector,” company CEO Dana Coffield said in the statement.
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