-- Operations at the Dino #2 well, the first of an extensive Zone 9 development program at the Taribani Field Unit, have commenced and are in progress.
-- Final preparations have been made for the drilling of the second of three planned Zone 9 development wells this year at Taribani Field (T-#45). This well will spud in September after completion of work at the Dino #2 well.
-- Mobilization of drilling rig to Lloyd #1 location at the Basin Edge Play Unit "C" Prospect is substantially complete and preparations are underway to commence drilling operations shortly.
Steve C. Nicandros, President and Chief Executive Officer, commented:
"During the month of August, we passed several important milestones in our work programs at the Taribani Field Unit and the Basin Edge Play Unit. Operations commenced at the Dino #2 well within the Taribani Field Unit and are progressing according to plan. Moreover, important new reservoir engineering simulations were also completed and provided further validation of our historical analysis related to anticipated production performance from our planned completion designs for the Zone 9 development wells.
"At our Basin Edge Play Unit, despite minor transportation delays related to shipping a second drilling rig to Georgia, the rig is now on location and will commence drilling operations shortly. In recent weeks, we have also continued to receive encouraging results from ongoing AVO analysis of our 3D seismic survey over the 'C' Prospect. As a result, we are technically well prepared and extremely excited to be commencing drilling operations on this giant prospect."
Taribani Field Unit
Operations designed to re-complete the Dino #2 well in Zone 9 are now underway. Once this reservoir is isolated and perforated in the Dino #2 well, it will be put on controlled production test until the end of October when specialized equipment will be mobilized to apply frac-pac completions to this well and the next well to be drilled, Taribani #45. Frac-pac completions are designed to enhance well flow-rates and ensures sustainability of production.
When operations are completed at the Dino #2 well in September, the ARAR Dynamic #1 rig will immediately move a short distance within the field to commence drilling the next Zone 9 development well at the Taribani #45 location. Construction of this location was completed in July and drilling will take approximately fifty days to reach total depth and complete in Zone 9. A third well, the Taribani South #1, is also scheduled to commence in the fourth quarter of this year. Eight new wells are planned for 2008 as part of the ongoing Zone 9 development plan.
The re-entry of the Dino #2 well and drilling of the Taribani #45 and Taribani South #1 wells are part of the Zone 9 development program, a 36-month, 20-well program representing approximately 17 percent of the reserves attributed to Zones 9, 14, 15 and 19 within the field. During the month of August, Frontera completed new internal reservoir simulation analysis designed to try to better understand potential production performance of Zone 9 at the Dino #2 well and subsequent Zone 9 completions. This work provided further validation that previously modeled pre-frac and post-frac production rates of Zone 9 continue to be supported by the extensive analysis of core samples taken during last year's operations at the Dino #2 well. Frac-pac applications are expected to enhance pre-frac production rates by a factor of two to three times the pre-frac rate.
The Taribani Field is a large, undeveloped oil field covering an area of approximately 80 square kilometers with productive horizons situated in Miocene and Pliocene age reservoirs. These reservoirs are situated at depths 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 Zones 9, 14, 15 and 19 within the field. Additionally, Netherland, Sewell & Associates has assigned as much as 36 million barrels of unrisked resource potential associated with five deeper horizons in the field.
Basin Edge Play Unit
Activities in anticipation of the commencement of drilling operations at the Basin Edge Play Unit "C" Prospect have continued to progress well. The Lapidoth Ideco Super 7-11/II drilling rig is now substantially on location and preparations are underway to shortly commence drilling operations. The mobilization of this rig, comprising some 90+ truck loads of equipment from the Georgian Black Sea port of Poti, will see the final remaining truckloads arrive on location within the next day.
Designed to evaluate multiple horizons, this well will target completion in primary reservoir objectives at a total depth of approximately 2,700 meters. The Lloyd #1 well is expected to take approximately 50 days to reach total depth.
Ongoing analysis of 3D seismic data related to the "C" Prospect continues to confirm that the prospect has a structural height of approximately 1,000 meters and, most significantly, the primary target Cretaceous reservoirs have been identified on the basis of seismic attributes at depths that could occur from 2,000 meters to 3,700 meters. Further analysis utilizing amplitude with offset technology (AVO) in the processing of the 3D seismic data also continues to suggest the possible presence of hydrocarbons within structural closure.
Frontera's objectives within the Basin Edge Play Unit remain focused on accessing the resource potential that is estimated by the independent consulting firm of Netherland, Sewell and Associates to be in excess of one billion barrels of recoverable oil for the "B" and "C" Prospects. Of this total, prior to the acquisition of new seismic data, the "C" prospect was estimated to contain as much as 500 million barrels of recoverable oil. The Basin Edge "B" and "C" Prospects are situated along the northern border of Block 12 and represent one of the newest and potentially most prolific exploration plays in the Upper Kura Basin. Frontera's primary reservoir targets are located in the Cretaceous age carbonate rocks, with secondary reservoir targets in the Jurassic, Miocene and Pliocene age clastic rocks.
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