Frontera Resources Share News (FRR)

(Sharecast News) - Oil and gas exploration and production company Frontera Resources Corporation announced the mobilisation of a workover rig to the T-16 well, situated inside the 80 square kilometre Taribani field area in onshore Block 12 in Georgia, on Monday.The AIM-traded firm said it had successfully completed a technical study of Taribani wells drilled by a previous operator, and had selected the T-16, T-24 and T-31 wells for workover operations.It said its intention was to clean those wells and check their integrity for future sidetracking and drilling operations, in order to drill and complete the wells in the Eldari B reservoir.As it had previously announced, zones 19, 21, 23 and 24 of the Eldari B interval were penetrated during the drilling of the Niko-1 well, the first well drilled by the company into the Eldari B formation.Testing of the interval confirmed the presence of oil and gas-bearing Miocene aged marine sandstones with good reservoir properties.T-39 was the second well drilled by the company into Zone 19 of the Eldari B reservoir."As previously announced, the Company's CPR produced by Netherland, Sewell & Associates estimates 51.3 million barrels of recoverable oil from Zones 19, 21, 23 and 24 of the Eldari B formation, situated between 3000m and 3400m interval, supporting management's view of the significant potential of the Eldari B formation," the Frontera board said in its statement."The Gareji formation, situated below the Eldari B reservoir in the Taribani field, is further estimated to contain 3.2 trillion Cubic Feet of recoverable gas according to the CPR estimates."