Frontera Resources Corporation Update on Ud-2 well (3438R)
21 September 2017 - 4:00PM
UK Regulatory
TIDMFRR
RNS Number : 3438R
Frontera Resources Corporation
21 September 2017
21 September 2017
Frontera Resources Corporation
("Frontera Resources" or the "Company")
Update on Ud-2 well
Frontera Resources Corporation (AIM: FRR), the European focused
oil and gas exploration and production company, is pleased to
provide an update on progress of its workover operations at Ud-2
well, situated inside the 950 km(2) Mtsare Khevi Gas Complex area,
located in onshore Block 12 in Georgia.
The workover operation at Ud-2 well is progressing as planned.
The packer has been successfully retrieved and the well has been
cleaned to the depth of 3327m. All three target gas bearing
intervals are now accessible for testing. After running the casing
scraper to ensure the wellbore is clean and replacing mud with
water, a bridge plug will be set at 3326m and a pressure test will
follow. The Company expects the workover operation to be completed
as planned by the end of September, and will provide a further
update in due course.
Well testing operations will commence in October. The service
company, which has been contracted to perforate gas-bearing
intervals in the Ud-2 well, will mobilise on site in the first week
of October.
Refurbishment of the separation equipment is completed. The
final technical design of the 18km gas pipeline connecting Ud-2
well with the Mtare Khevi gas processing facility (this facility is
connected to Georgia's natural gas distribution grid) will be
completed by October 1.
Zaza Mamulaishvili, President and Chief Executive Officer,
commented:
"We are pleased that workover operations are progressing as
anticipated. Three gas-bearing intervals of Oligocene-aged, Lower
Miocene-aged and Middle Miocene-aged rocks will be tested, starting
in early October.
"Based on the Netherland, Sewell & Associates resource
estimate, the Gareji (Middle Miocene-aged) and the Maykop
(Oligocene and Lower Miocene-aged) reservoirs of the Mtsare Khevi
Gas Complex are estimated to contain 8.3 Trillion Cubic Feet (TCF)
of Gas in Place (OGIP) with 5.8 TCF considered recoverable.
"If the well completes successfully, we will start working on
connecting it to Georgia's gas distribution grid and hope that the
Company could start monetising the gas as soon as the end of the
year. I look forward to keeping shareholders updated on our
progress."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Zaza Mamulaishvili (713) 585-3216
info@fronteraresources.com
Cairn Financial Advisers LLP +44 (0) 20 7213 0880
Jo Turner / Liam Murray
WH Ireland Limited +44 (0) 207 220 1666
James Joyce / Alex Bond
Yellow Jersey +44 (0) 203 735 8825
Tim Thompson
Harriet Jackson
Henry Wilkinson
Notes to Editors:
About Frontera Resources Corporation
Frontera Resources Corporation is an independent Houston, Texas,
U.S.A.-based 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).
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 in Georgia 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. Bopd - means Barrels of
Oil Per Day. PPG - means pounds-per-gallon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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