The Dino #2 well is the first of at least three wells to be drilled in succession within the Taribani field. The well is designed to evaluate multiple horizons within the field, with a primary objective of a final horizontal completion into horizon 15 at a total depth of approximately 2,700 meters.
Frontera anticipates that each of the three planned wells will take approximately 40 days to reach total depth. Once total depth is reached in each case, the company anticipates testing each well for a period of 90 to 100 days.
The planned three well program is designed to reenter existing wells in the Taribani Field and focus on establishing commercial production from undeveloped oil bearing horizons that have been identified by historical drilling in the field. Frontera believes that targeted horizons can be effectively developed and produced with the use of conventional horizontal drilling and completion techniques that it has tailored for use in the field.
Once drilling operations at the Dino #2 well are complete, the TPIC F-200 rig will move to commence drilling operations at well #23 in the Taribani Field. This well will have a primary objective of a horizontal completion into horizon 9 at a total depth of approximately 2,200 meters.
The Niko #1 well is planned to be the third reentry in Frontera's initial three well drilling program. This well is also designed to evaluate multiple horizons within the field, with a primary objective of a final horizontal completion into horizon 19 at a total depth of approximately 2,900 meters.
Located in eastern Georgia within Frontera's license area known as Block 12, the Taribani Field is a large, undeveloped oil field covering an area of approximately 80 km. sq. with productive horizons situated in Miocene and Pliocene age reservoirs. These reservoirs are situated at depths of between 2,200 meters and 3,500 meters. The independent consulting firm of Netherland, Sewell & Associates has assigned 118 million barrels of P3 reserves from four of twelve identified horizons within the field.
Steve C. Nicandros, Frontera's Chairman and Chief Executive Officer, commented:
"Now that the next phase of our planned drilling operations at Taribani Field has commenced, we look forward to seeing the collective results of our initial three well drilling program. Based on the results of the Dino#2, T-#23 and Niko #1 wells, we will be able to make a determination on the viability of commercial development of four of the twelve identified horizons in the field. Integrating the results of each of these wells into our current understanding of this large field will provide us with the basis for designing what we hope will be a successful commercial development plan."
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