LONDON (Alliance News) - Frontera Resources Corp saw its shares rise Wednesday after it said it has started a new drilling campaign on the Mtsare Khevi gas complex in the country of Georgia.
The oil and gas exploration company said construction of its #32a well will start shortly and roughly fifteen days of drilling are expecting during August in order to reach the well's total depth. The well is planned to be drilled to a depth of roughly 400 metres in order to further explore and expand on the site's previously identified gas potential.
Based on Frontera's internal estimates, the site has up to an estimated 1.2 trillion cubic feet of gas in place and up to roughly 700 billion cubic feet of recoverable gas.
The company already has some producing wells at the site, and has been producing since April, delivering gas to Georgia's national grid through its pipeline, which has a planned rate of roughly two million cubic feet per day of gas.
Frontera added that extensive geological studies continue at Mtsere Khevi which is expected to end during the third quarter of this year, with an independent assessment to start in the fourth quarter.
Frontera Resources shares were up 9.1% to 0.900 pence, putting it amongst the top five AIM All-Share risers on Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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