August 3, 2010 / 11:30 AM / 7 years ago

UPDATE 1-Gran Tierra sees higher net oil pay at Colombian well

* Total oil column height in Moqueta-2 well increases

* Says no indication of oil-water contact

Aug 3 (Reuters) - Canadian oil and gas explorer and producer Gran Tierra Energy Inc GTE.TO said potential net oil pay and total oil column height increased at its Moqueta-2 well in Colombia.

Total net oil pay in the Moqueta-2 well in the Chaza block was 44 feet, compared with 26 feet found in the Moqueta-1 well, the company said in a statement.

The results from Moqueta-2 well have shown the oil column height to be 100 feet, which is 61 feet deeper than the Moqueta-1 well, the company said.

It added there was no indication of oil-water contact.

The company said two additional zones, the U Sandstone and the Middle Caballos Sandstone, now appear to be oil bearing.

“Next steps include testing these new zones that appear to be oil bearing, and continuing to delineate the discovery with a third well to assess its size and productive capacity, with long term testing via a pipeline to our existing facilities scheduled for the first quarter of 2011,” Chief Executive Dana Coffield said. Shares of the Calgary, Alberta-based company, which operates in Argentina, Colombia and Peru, closed at C$5.77 Friday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal)

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