This year's program involves the acquisition of approximately 500 km of 2D seismic across Frontera's Basin Edge Play Unit, Mirzaani Field Area Exploration Unit, and Taribani Field Unit. These units are located within Frontera's onshore exploration and production license in eastern Georgia known as Block XII. The objective of the seismic program is to enhance existing mapped prospects in each unit and establish the basis for selecting drilling locations for Frontera's 2006 anticipated work program.
Global's seismic crew, which includes four vibroseis trucks, was mobilized to eastern Georgia during the months of August and September and is now undertaking acquisition operations commencing with the Basin Edge Play Unit. This unit contains two large mapped exploration prospects with Jurassic, Cretaceous and Tertiary age reservoir objectives. Targeted reservoirs are anticipated to be situated at depths of between 2,000 meters and 2,500 meters. The reservoir engineering firm of Netherland, Sewell and Associates, Inc. has assigned unrisked resource potential in excess of 1 billion barrels of recoverable reserve potential to these two exploration prospects.
Steve C. Nicandros, Frontera's Chairman and Chief Executive Officer, commented:
"We are pleased to have commenced acquisition operations of our planned seismic program in Block 12. The data acquired from this year's geophysical program will serve to provide the focus for next year's drilling program. This program will be designed to access the significant exploration potential we have thus far identified from a portion of our extensive inventory of undeveloped fields and undrilled exploration prospects within Block 12."
Frontera's seismic program remains on schedule this year and within its projected 2005 work program and budget.
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