June 28, 2010 / 12:15 PM / 7 years ago

UPDATE 1-Gran Tierra confirms oil discovery at Columbia well

* Sees early production at new Chaza block well in 2011

* To drill second well and begin seismic survey

* Says OTA pipeline repaired, deliveries to resume

June 28 (Reuters) - Canadian oil and gas explorer and producer Gran Tierra Energy Inc (GTE.TO) confirmed an oil discovery at the Chaza block in the Putumayo Basin in Colombia, and said it expects long-term testing and early production in the first quarter of 2011.

The company said it had finished initial testing of the first exploration well, Moqueta-1, and is preparing to drill a second well and start a 3-dimensional seismic survey to determine the size and productive capacity of the discovery.

Gran Tierra also said the OTA pipeline, which is operated by Colombian state oil company Ecopetrol, has been repaired and deliveries are expected to resume shortly.

Shares of the Calgary, Alberta-based company, which operates in Argentina, Colombia and Peru, closed at C$5.45 Friday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon)

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