LONDON (Alliance News) - Frontera Resources Corp on Monday said its four-well drilling programme in Georgia will start imminently and said the results of that campaign will be "instrumental" in designing the follow-up drilling programme.
The oil and gas company said preparation and mobilization operations have been completed related to a four-well frack campaign that will commence this month.
That campaign is under the South Kakheti gas complex's Oil Window initiative in Georgia, and the four-well campaign will be "instrumental" in moving towards large-scale exploitation of the oil within the central portion of the complex, the company said.
Independent evaluations of the central area of the complex suggests there could be 788 million barrels of oil in place.
Frontera said petrophysical, geophysical and production-related analysis of the central area have resulted in a new technical understanding of the reservoir parameters and said the reservoirs are similar to those that have been recently developed within the US.
"Results from the upcoming four-well campaign will be instrumental in the final design of a larger planned program that is currently underway," said the company.
Frontera has designed a 175 well plan for the central portion of the complex that will employ multi-zone vertical well completions to target 690 million of the 788 million barrel estimate.
"As work progresses at the South Kakheti gas complex, our technical work continues to bring us closer to realizing the significant value that our extensive historical investments have identified within this important asset," said Steve Nicandros, chairman and chief executive of the company.
Frontera shares were quoted at 0.50 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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