Frontera: Basin Edge Structure Bigger than Expected
Frontera Resources Corporation, an independent oil and gas exploration and production company, on Tuesday issued an update on its operations in the Basin Edge Play Unit, Block XII, Georgia.
The company said that the results of 80-square-kilometer 3D seismic survey over the "C" prospect confirms larger than previously mapped structure that had been previously estimated to contain as much as 500 million barrels of recoverable oil. Frontera also released the following results of the survey:
--Target Cretaceous reservoir objectives identified at depths from 2,700 meters - 3,700 meters. --Advanced seismic processing technology (AVO) shows potential presence of hydrocarbons within the "C" prospect. --Drilling location selected for Basin Edge-C#1 well with site preparation underway. --Exploration drilling to commence in Q2 2007.
Steve C. Nicandros, Chairman and Chief Executive Officer, commented:
"We are extremely encouraged by the excellent results of our 2D and 3D
geophysical programs over the past year. The "C" prospect has emerged as a
prospect of rare scale and we are very fortunate to have been able to evolve it
in a methodical manner that is technically responsible and commensurate with the
prospect's significant potential. Work is currently underway to drill it as soon
as possible in 2007."
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