Frontera Says Political Events in Georgia Not Affecting Operations
Frontera Resources says that drilling operations at the Lloyd #1 well are continuing at its Basin Edge Play Unit, Block 12, Georgia. Designed to evaluate multiple horizons in Frontera's Basin Edge "C" Prospect, this well targets primary reservoir objectives at a total depth of approximately 2,700 meters. At this time, the company expects the well to reach total depth in early December due to a variety of operational delays and contingencies not uncommon with exploratory drilling operations in frontier areas. Frontera intends to report third quarter results and provide an update for all of its operations on November 15, 2007.
Steve C. Nicandros, President and Chief Executive Officer, commented:
"Frontera's operations in Georgia have not been affected by the recent political events in Georgia and it has been business as usual for our company. To this end, despite the operational delays, work at the Lloyd #1 well is progressing as planned to target the multiple objectives and associated enormous potential of the Basin Edge 'C' Prospect."
Frontera's objectives within the Basin Edge Play Unit are 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 suggesting an even larger structure, 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 what the company believes is 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 Miocene and Pliocene age clastic rocks as well as Jurassic carbonates.
- Frontera Signs Upstream Cooperation MOU with UkrGasVydobuvannya (Feb 09)
- Frontera Resources Upgrades South Kakheti Gas Complex Resource Potential (Dec 23)
- Frontera Increases Georgia Gas Resource Estimate More Than Tenfold (Oct 08)