Frontera Resources finished completion of drilling operations at the T-#45 well at the Taribani Field Unit within Block 12, Georgia.
The T-#45 well is the second of an initial three well program that has commenced the company's planned development of Zone 9. The well was drilled to a depth of approximately 2,400 meters and encountered Zone 9 oil bearing reservoirs at approximately 2,300 meters.
In addition, the well drilled through additional potential pay zones below Zone 9. Analysis of geologic core and log data is currently in process in anticipation of a frac-pac completion. Due to service provider delays associated with mobilization and delivery of equipment to Georgia, application of frac-pac completions to the T-#45 and Dino #2 wells has been delayed and a final optimized schedule to complete these wells is currently being arranged with the service provider.
Frontera intends to provide a further update of operations at the Taribani Field Unit reporting the final schedule.
Drilling operations at the Taribani Field will now continue with the commencement of operations at the Taribani South #1 location as soon as rig mobilization is completed.
"During the fourth quarter of 2007, we have completed the Dino #2 and T-#45 wells as part of our planned drilling program at the Taribani Field this year," said Frontera President and CEO Steve C. Nicandros. "We are now looking forward to commencing the Taribani South #1 well. This important well will be drilled with particular anticipation, as it will be the first ever to be drilled on the crest of the large Taribani Field structure, some 900 feet up-dip from the lowest known oil in the field.
"Although our final frac-pac completion schedule has been unavoidably delayed due to a congested service company environment, operations at our Taribani Field Unit remain on a critical path to realize the significant potential value that our historical investments in this large undeveloped field have identified."
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 located 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.
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