Since Frontera Resources issued the most recent Operations Update of November 27, 2007 for drilling operations at the "C" Prospect, ongoing analysis has revealed that the Lloyd #1 well has encountered multiple potential reservoirs as well as multiple hydrocarbon shows throughout the Tertiary age section of the well. In addition, geologic core samples have been observed to contain oil and vertical fractures.
Within this Tertiary age section, drilling has also revealed the unexpected discovery of the presence of important additional lower-Tertiary age geologic formations within the "C" Prospect. These formations, which consist of Oligocene and Eocene age rocks, are known to contain prolific reservoirs in fields that are situated on-trend to the west and south of the "C" Prospect within the upper Kura Basin.
After drilling to a measured depth of approximately 3,000 meters to obtain important geologic information regarding the "C" Prospect's down-dip flank, a new up-dip drilling trajectory was commenced from 1,600 meters within the Lloyd #1 well-bore. This was done in order to more optimally encounter the well's Cretaceous age geologic formation targets and also appraise the Tertiary age geologic formations in an up-dip position to where oil and gas shows were encountered low on the structure. Based on the geologic results observed to date, the new trajectory is expected to re-encounter Tertiary age formations approximately 130 meters to 170 meters up-dip from where oil and gas shows have already been observed and core samples exhibiting live-oil and vertical fractures have been taken in middle-Miocene age sandstones.
The well is now expected to encounter the top of the primary objective Cretaceous formations at a true vertical depth of approximately 2,700 meters, a depth that is 400 meters up-dip on the "C" structure from where it otherwise was expected to be encountered in the well's former trajectory. On the basis of data gathered from drilling operations, plans are to continue drilling the well to a maximum depth of as much as 3,700 meters.
Frontera's Basin Edge Play Unit is located along the northern border of Block 12 and represents what the company believes is one of the newest and potentially most prolific exploration plays in the Upper Kura Basin. Netherland, Sewell and Associates estimate total unrisked resource potential to be in excess of one billion barrels of recoverable oil within the unit's two major prospects ("B" and "C"). Of this total, prior to the acquisition of new seismic data suggesting an even larger structure, the "C" Prospect was estimated to contain as much as 300 million barrels of recoverable oil from primary reservoir targets and as much as 250 million barrels from secondary reservoir objectives. Frontera's primary reservoir targets are located in the Cretaceous age carbonate rocks, with secondary reservoir targets in the Tertiary age clastic rocks as well as Jurassic carbonates.
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