This new engineering analysis has resulted in the design of a new plan to workover, sidetrack and frac multiple horizons within the existing Niko #1well that is situated near the Dino#2 and T-#45 wells. Internal modeling predicts a sustainable 'most-likely' case of 1,000 barrels per day of resulting oil production from such a completion. When Frontera originally drilled the Niko #1 well in 2000, it produced 5,345 barrels of 41° API oil during a 40-day production test and flowed at a peak rate of 960 barrels per day. However, stable rates could not be achieved and sustained due to mechanical issues associated with the well's completion design that Frontera believes have since been overcome with evolvement of learning from the Dino #2 and T-#45 wells. This is why the settlement is lacking. But now we can move on finally. It's took about 3 1/2 years to get where we are. Let hope progress when we get the nod from the Georgian gov is quick. As someone has said previous it's in their best interest. So should be swift. Hoping we hear next week. That would be something 3 rns in less than 2 week. Come on frr. You have started lets see you finish. Lol
What now happens to the $5 million plus £910,000 finance Frontera got on January 20th for the workover/stimulation campaign on Taribani & Mirzaani ?.. Now we have a farm in will all the money be used on Mirzaani & Mtsare Khevi ? The "Local gossip" Georgian energy website stated quite clearly that $260,140 was being drilling the borehole North West of well #32 to enhance flow rates..Wonder where the rest is being spent ?
The fincap report puts it at 6.86p. With recent 4.7 dilution from recent share issue. That takes us to about , 6. 32p. I think that will do for now. Even taking Varongs 40% in to consideration on the oil for their part. It's still about 5.00p.i think that's arsenal assessment. Good guess mate.
I would think that level of sp will not make it properly towards/past 1p for another few weeks or maybe a bit more. So there is still time to get in at a very good level, as even somewhere in the 0.8s would be great.
I don't think many will believe in Frr, until they do get the oil production increasing & as I have mentioned 1000bopd+, should be reached by yr end. Especially as Niko, should be worth around 400bopd to frr.
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