LONDON (Alliance News) - Frontera Resources Corp said Thursday it is preparing to plug and abandon its Ud-2 well in Georgia, as cementing around the well casing is "of very poor quality".
Frontera shares were trading down 9.7% at 0.31 pence each.
The company added that it is considering the option of "sidetracking" from the existing wellbore of Ud-2 well.
Regarding the company's T-39 well, also located in Georgia, Frontera said it recorded total net pay of 132 metres, after having been sidetracked from the existing wellbore and drilled to a depth of 3056 metres.
The well started to flow light sweet crude oil together with wet gas and, under natural flow, achieved 529 barrels of oil a day and 600,000 standard cubic feet a day of gas.
