March 7, 2011 / 4:35 PM / in 7 years

UPDATE 1-Gran Tierra finds no oil, gas at Peru well, shares fall

* Says Kanatari-1 well to be plugged and abandoned

* Moqueta-4 well shows no oil-water contact

* Shares down 10 pct (Adds details)

March 7 (Reuters) - Canada’s Gran Tierra Energy Inc said it will plug and abandon its Kanatari-1 well in Peru as it did not find any hydrocarbons there, sending the oil and gas exploration company’s shares down 10 percent.

“We are disappointed with the lack of hydrocarbon shows in the Kanatari-1 frontier exploration well,” Chief Executive Dana Coffield said.

Gran Tierra, which has assets in Colombia, Argentina and Peru, however, said its Moqueta-4 delineation well in Colombia showed no oil-water contact yet.

There remains potential for additional oil down-dip in Moqueta, the company said.

Shares of the company were down 85 Canadian cents at C$8.31 on Monday morning on the Toronto Stock Exchange. They touched a low of C$8.26 earlier in the morning. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)

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