now9 Nov 2018 09:20
until recently we have been well aware of financial and political hurdles slowing frontera from realising the potential of block 12.
Given recent advances in Georgia politcally and the reporting of being among the top countries for foreign investment and the clamour of majors noting their intent to be involved in Georgia- added to what we now know about our companies own disclosures from the last meeting these comments from Steve in 2016 show things dont happen over night but that our company have always been on the right track.
September 2016
Ongoing work programs have this year resulted in important new technical milestones that have been achieved in frac operations with application of demonstrated stimulation methodology that has improved overall hydrocarbon recovery. As the Company continues to implement techniques that have been applied in similar zones across North America, it continues to evolve completion designs in order to maximize production rates and cumulative volumes. As announced on September 26, 2016, well preparation, site construction and associated materials procurement are in process for the next six well campaign that is planned to commence in October.
Political challenges in Georgia’s domestic gas market continue to delay related gas-focused investment and production due to the Ministry of Energy’s discouragement of ongoing exploration of domestic natural gas resources in favor of preserving existing gas import monopolies. This continues to maintain a hold on previously announced expectations to achieve daily gas production in excess of 7 million cubic feet per day from existing exploration pilot production operations. As efforts are ongoing to address the Ministry’s opposition to this work, we are hopeful that it will ultimately see the benefit of allowing for a free and competitive market for U.S. and foreign investment in its domestic natural gas sector.
Steve C. Nicandros, Chairman and Chief Executive Officer commented:
“Frontera’s exploration investments since the beginning of this year continue to demonstrate our commitment to the methodical technical progress that our work has achieved to date. Because of the significant oil and gas resources that our historical investments have identified, our focused efforts to evolve stimulation completion designs are now yielding results that have never before been achieved. As we continue our planned work programs through the remainder of this year, we strongly believe that our operations are reaching new milestones that will result in bringing the giant oil and gas resources associated with Block 12 into increased, sustainable production levels.”
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