Frontera Resources Corporation, an independent oil and gas exploration and production company, announced an update of its operations at the Taribani Field Unit within Block 12, Georgia.
Plans have now been finalized and are underway for the continuation of Zone 9 development operations at the Taribani Field. After a period of delay beginning in late December due to changes in service provider schedules, application of frac pac completions on the Dino #2 and T-#45 wells is now scheduled to take place in April. A workover rig is currently rigging-up at the Dino #2 location and will commence preparatory operations later this month. Simultaneously, specialized fracing equipment is being mobilized from various locations in Europe. Preliminary results from these completions are expected during the month of May.
In addition, drilling operations at the Taribani South #1 location are expected to commence in April. In December, plans called for drilling operations to commence as soon as rig mobilization was completed. However, operations were delayed after it became necessary to terminate and replace the drilling contractor. As a result, plans have been made to mobilize the Lapidoth Ideco Super 7-11/II drilling rig to the Taribani South #1 location once it has completed drilling operations at the Lloyd #1 well, which is located approximately fifty kilometers to the northeast in the Basin Edge Play Unit "C" Prospect. The Taribani South #1 well is designed to be completed in Zone 9 at a depth of approximately 2,200 meters and will also test Zones 14 and 15 at depths of approximately 2,400 meters and 2,500 meters, respectively. Situated approximately 150 meters up-dip to the Dino #2 and T-#45 wells and approximately 300 meters up-dip to the lowest known oil in Zone 9, this well will be the first to be drilled near the crest of the Taribani Field structure and is expected to further delineate the size of the field.
Steve C. Nicandros, Chairman and Chief Executive Officer, commented, "During the first quarter of 2008, amidst a very challenging environment for engaging oilfield services internationally, we have been able to successfully negotiate the resumption of our development program at the Taribani Field, and we are pleased that work is once again proceeding as planned. The Dino #2 and T-#45 completions, together with the drilling of the Taribani South #1 well, represent important milestones for our work at the Taribani Field and will set the stage for ongoing development operations at Zone 9 and future development of Zones 14 and 15."
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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