Frontera Resources Corporation Mobilization of Workover Rig to Ud- 2 well (9092P)
September 06 2017 - 1:00AM
UK Regulatory
TIDMFRR
RNS Number : 9092P
Frontera Resources Corporation
06 September 2017
6 September 2017
Frontera Resources Corporation
("Company")
Mobilization of Workover Rig to Ud- 2 well
Frontera Resources Corporation (AIM: FRR), a European focused
independent oil and gas exploration and production company, is
pleased to announce the mobilization of a workover rig to Ud-2
well, situated inside the 950 square km Mtsare Khevi Gas Complex
area located in onshore Block 12 in Georgia.
Block 12 covers 5,060 square km in the Kura Basin of eastern
Georgia and contains existing significant gas discoveries in the
Miocene-aged Gareji and deeper Oligocene-aged Maykop
reservoirs.
Existing oil and gas export pipelines and domestic gas
distribution infrastructure run through Block 12. A state-owned 230
MW gas power plant is also located in the Block 12 area, with a
second plant of the same capacity expected to be built in 2020.
The Ud-2 well had been drilled by a previous operator with
significant gas shows recorded while drilling in the Gareji and
Maykop reservoirs between 2450m and 5289m, with drilling mud
weights of 17,5 ppg and 17,9 ppg respectively. As previously
announced, based on the Netherland, Sewell & Associates
resource estimate, the Gareji and the Maykop reservoirs of the
Mtsare-Khevi Gas Complex are estimated to contain 8.3 TCF of Gas in
Place (OGIP) with 6.15 TCF considered to be recoverable.
The workover rig will execute operations to clean the well,
retrieve the packer and set the bridge plug at 3340m, following
which three gas-bearing intervals located between 2620m and 3320m
will become accessible for perforation and extended testing. Of
these intervals, two are in the Gareji and one is in the Maykop
formation.
Workover operations are expected to be completed by the end of
September, followed by well testing to commence in October.
The Company intends, within approximately 6 weeks after
completion of well testing, to connect the Ud-2 well with the
Mtsare Khevi gas processing facility which is situated18 km from
the well location and is directly linked with the national gas
distribution infrastructure. This will allow swift commencement of
sales of gas produced from this well.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Frontera Resources Corporation
Zaza Mamulaishvili
(713) 585-3216
info@fronteraresources.com
Nominated Adviser:
Cairn Financial Advisers LLP
Jo Turner / Liam Murray
+44 (0) 20 7213 0880
Broker:
WH Ireland Limited
James Joyce / Alex Bond
+44 (0) 207 220 1666
Financial PR:
Abchurch
Tim Thompson
+44 (0) 20 7398 7700
fronterainfo@abchurch-group.com
Notes to Editors:
About Frontera Resources Corporation
Frontera Resources Corporation is an independent Houston, Texas,
U.S.A.-based international oil and gas exploration and production
company whose strategy is to identify opportunities and operate in
emerging markets in Eastern Europe around the Black Sea. Frontera
Resources Corporation shares are traded on the London Stock
Exchange, AIM Market - Symbol: FRR. For more information, please
visit www.fronteraresources.com.
1. Information on Resource Estimates: The independent contingent
and prospective resources estimates contained in this announcement
were determined by the independent consulting firm of Netherland,
Sewell & Associates (NSA) in accordance with the definitions
and guidelines set forth in the 2007 Petroleum Resources Management
System (PRMS) adopted by the Society of Petroleum Engineers (SPE).
Internal resources estimates were determined by the Company. Gerard
Bono, Frontera's Vice President and Chief Reservoir Engineer, who
is a member of the SPE, is the qualified person who reviewed and
approved both independent and internal estimates in this
announcement.
2. This release may contain certain forward-looking statements,
including, without limitation, expectations, beliefs, plans and
objectives regarding the transactions, work programs and other
matters discussed in this release. Exploration for oil is a
speculative business that involves a high degree of risk. Among the
important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are: risks inherent in oil and gas production operations;
availability and performance of needed equipment and personnel; the
Company's ability to raise capital to fund its exploration and
development programs; seismic data; evaluation of logs, cores and
other data from wells drilled; inherent uncertainty in estimation
of oil and gas resources; fluctuations in oil and gas prices;
weather conditions; general economic conditions; the political
situation in Georgia and relations with neighboring countries; and
other factors listed in Frontera's financial reports, which are
available at www.fronteraresources.com. There is no assurance that
Frontera's expectations will be realized, and actual results may
differ materially from those expressed in the forward-looking
statements.
3. Glossary of Terms: BCF - means Billion Cubic Feet of gas. TCF
- means Trillion Cubic Feet of gas. Mcf - means Thousand Cubic Feet
of gas. OOIP - means Original Oil in Place. Bopd - means Barrels of
Oil Per Day. PPG - means pounds-per-gallon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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