Canaccord comment on sp run upGran Tierra Energy* (GTE : TSX : $8.50)
Net Change: 0.22, % Change: 2.66%, Volume: 1,192,094
Singing the high notes on...Gran Tierra touched new highs on Friday. For 2011, the company's drilling program consists of 11 wells in Colombia, four in Peru, between two and six in Brazil and potential for drilling in Argentina (dependent on ongoing sidetrack at Valle Morado Field). Getting down to the details: Peru - Represents a major-value catalyst for Gran Tierra. First well (Block 128) targeting billion-barrel potential Iquitos Arch expected to spud mid-December with results mid-to-late January; second well to be drilled (Block 122) immediately after completion of first well. Cauca Basin - Very large landholder, represents longer-term focus; only four wells drilled historically across the entire basin; postseismic, Gran Tierra expects to begin drilling in 2012. Argentina - "Perhaps Gran Tierra's most undervalued asset". Gran Tierra holds 1.3 million acres of land in the Noroeste Basin; sidetrack of Valle Morado Field well ongoing; 800 bbl/d production. 2011 capex budget in excess of $223 million 2010 budget; expected to be presented to board later in December.