LONDON (Alliance News) - Frontera Resources Corp on Monday said six new wells have been prepared at its its South Kakheti gas complex in Georgia and will shortly receive stimulation completions in November.
The oil and gas exploration and production company said the preparation of the wells comes follows extensive workover operations throughout October and the procurement of necessary materials.
Frontera said the upcoming campaign in Georgia is expected to "significantly contribute" towards its current objective of achieving overall year-end pilot production rates of 2,200 barrels of oil equivalent per day. This would result in monthly revenue of around USD3.0 million at current commodity prices.
Frontera said during the year, its ongoing work programmes have resulted in it achieving important new technical milestones in stimulation operations, with application of a demonstrated stimulation methodology having consequently led to improved overall hydrocarbon recovery.
The company noted it was continuing to evolve completion designs in order to maximise production rates and cumulative volumes.
"Our November program represents another important step in the continuation of our evolving well stimulation work. Our work at the Udabno#2 well is particularly important, as we plan to undertake a testing program that is designed to evaluate an extensive gas-bearing interval of approximately 2,000 meters in gross thickness," said Chairman and Chief Executive Steve Nicandros.
Shares in Frontera were trading up 35% at 0.12 pence on Monday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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