19 Apr 2018 09:22
19 April 2018
Frontera Resources Corporation
("Frontera Resources" or "the Company")
Dino-2 update - Completion of Drilling Operations
Frontera Resources Corporation (AIM: FRR), the European focused oil and gas exploration and production company, is pleased to announce the successful completion of the drilling operations at the Dino-2 well, the second well of the three-well drilling campaign at the Company's Taribani complex, situated within the Block 12 license in Georgia.
As previously announced by the Company, the well has been sidetracked from existing wellbore and drilled to a vertical depth of 2700m into the Eldari formation.
Drilling and wireline logging data confirmed the presence of 78.8 m of combined pay interval of target Zones 9, 14 and 15.
Cement bond logging indicated a consistent bond across all zones of interest which allows for effective containment of the fracturing stimulation. The current bottom hole pressures at Dino-2 are calculated between 6,800 and 7,200 psi.
The Company confirms that it has observed a number of oil and gas shows during drilling operations.
Drilling highlights include the following:
· Formation gas flow, mud weight reduction and oil at surface while drilling through 2445-2460m (Zone 12)
· Formation gas flow and oil over shakers while drilling through 2520-2540m (Zone 13)
· Increased connection gas and formation gas recorded during drilling past 2570-2600m (Zone 14)
· Elevated background and connection gas during Zone 15 drilling operations
· After setting casing and prior to pumping cement, circulation from the bottom of the well caused oil flows at surface and increased gas presence in the drilling mud resulting in a mud weight reduction from 1.88 SG to 1.20 SG.
Rig down started immediately and the drilling rig will be moved to the T-39 well location for commencing the well sidetracking/drilling operations.
Once drilling rig is released from the Dino-2 well location, wireline and pressure pumping equipment will be mobilised to the site for perforation and mechanical stimulation of the target zones with further well testing.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Frontera Resources | (713) 585- 3216 |
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Zaza Mamulaishvili |
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info@fronteraresources.com |
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Cairn Financial Advisers LLP | +44 (0) 20 7213 0880 |
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Jo Turner / Liam Murray
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WH Ireland Limited | +44 (0) 20 3411 1880 |
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James Joyce / Alex Bond
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Yellow Jersey | +44 (0) 203 735 8825 |
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Tim Thompson |
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Harriet Jackson |
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Henry Wilkinson |
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Notes to Editors:
About Frontera Resources Corporation
Frontera Resources Corporation is an independent, international oil and gas exploration and production company whose strategy is to identify opportunities and operate in emerging markets in Eastern Europe around the Black Sea. Frontera Resources Corporation shares are traded on the London Stock Exchange, AIM Market - Symbol: FRR. For more information, please visit www.fronteraresources.com .
1. Information on Resource Estimates: The independent contingent and prospective resources estimates contained in this announcement were determined by the independent consulting firm of Netherland, Sewell & Associates (NSA) in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System (PRMS) adopted by the Society of Petroleum Engineers (SPE). Dustin Aro, Frontera's Vice President, Well Completion and Stimulation, is the qualified person who reviewed and approved the technical information contained in this announcement on behalf of Frontera Resources. Mr. Aro has extensive experience in the oil and gas industry and holds a Bachelor of Science in Engineering and a Bachelor of Science in Business Administration from Michigan Technological University.
2. This release may contain certain forward-looking statements, including, without limitation, expectations, beliefs, plans and objectives regarding the transactions, work programs and other matters discussed in this release. Exploration for oil is a speculative business that involves a high degree of risk. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: risks inherent in oil and gas production operations; availability and performance of needed equipment and personnel; the Company's ability to raise capital to fund its exploration and development programs; seismic data; evaluation of logs, cores and other data from wells drilled; inherent uncertainty in estimation of oil and gas resources; fluctuations in oil and gas prices; weather conditions; general economic conditions; the political situation and relations with neighboring countries; and other factors listed in Frontera's financial reports, which are available at www.fronteraresources.com. There is no assurance that Frontera's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.
3. Glossary of Terms: BCF - means Billion Cubic Feet of gas. TCF - means Trillion Cubic Feet of gas. Mcf - means Thousand Cubic Feet of gas. OOIP - means Original Oil in Place. OGIP - means Gas in Place. Bopd - means Barrels of Oil Per Day. PPG - means pounds-per-gallon. PSI - means pounds per square inch. SG - means Specific Gravity.