Frontera Resources updates Taribani Field

Storm fears send oil prices higherFrontera Resources Corporation, an independent oil and gas exploration and production company, provides an update of its operations at the Taribani Field Unit within Block 12, Georgia.

The Taribani Field is a large, undeveloped oil field covering an area of approximately 80 square kilometres with productive horizons situated in Miocene and Pliocene age reservoirs, which are located at depths between 2,200 meters and 3,500 meters.

The company said that after the completion of fracing operations at the Dino #2 development well during the last week of April and the T-#45 well during the last week of May, both wells have undergone extensive, long-term production testing as part of a larger field-wide effort to enhance production by applying artificially induced fractures to objective Zone 9 reservoirs at a depth of approximately 2,300 meters.

Steve C. Nicandros, Chairman and Chief Executive Officer, said our ongoing work at the Taribani Field Unit continues to meet our expectations, and we are very pleased that we have continued to confirm our ability to sustainably produce oil without associated sediment or water production from our recent completions as this represents an important achievement in our work to develop Zone 9.

In addition, our focus will now turn to drilling of the Taribani South #1 well that represents an important continuation of drilling at a very strategic and technically attractive location within the Taribani Field. From our ongoing and planned work, our goal is to exit the year with daily production rates of 500-1,000 bbls per day from the Taribani Field Unit, concluded Mr. Nicandros.

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