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Frontera tests raise expectations

Wed, 26th Oct 2011 12:26

Shares in Georgia-focused oil and gas group Frontera Resources surged higher on Wednesday after tests on the Mtsare Khevi #32 well showed the potential to double its rate of production. Testing operations on zone I of the well - situated on the Mtsare Khevi Field within its Shallow Fields Production Unit, Block 12 - indicated that it could flow gas at a rate of 57,000 cubic metres a day, more than twice the original estimate.Over the next week, testing operations will continue on Zone II and subsequently progress up hole to Zone III in order to determine total gas deliverability from the well. Chairman and chief executive officer Steve Nicandros said: "Ongoing testing operations at the well 32 continue to confirm the importance of our most recent achievement at the Mtsare Khevi field. "Based on analysis of the results observed to date, we are excited by what this well continues to reveal about the ultimate gas potential of the field and the overall surrounding area." The share price rose 12.58% to 1.7p by 12:55.NR