Frontera Resources Corporation Mobilization of Workover Rig to T-16 well (4087I)

TIDMFRR

RNS Number : 4087I

Frontera Resources Corporation

26 November 2018

26 November 2018

Frontera Resources Corporation

("Frontera" or "the Company")

Mobilization of Workover Rig to T-16 well

Frontera Resources Corporation (AIM: FRR), the European-focused oil and gas exploration and production company, is pleased to announce the mobilization of a workover rig to T-16 well, situated inside the 80 square km Taribani field area located in onshore Block 12 in Georgia.

The Company has successfully completed a technical study of Taribani wells drilled by a previous operator and has selected the following wells for workover operations: T-16, T-24 and T-31. The intention is to clean these wells and check well integrity for future sidetracking/drilling operations in order to drill and complete the wells in the Eldari B reservoir.

As previously announced, Zones 19, 21, 23 and 24 of the Eldari B interval were penetrated during the drilling of the Niko-1 well, the first well drilled by the Company into the Eldari B formation. Testing of the interval confirmed the presence of oil and gas bearing Miocene aged marine sandstones with good reservoir properties. T-39 was the second well drilled by the Company into Zone 19 of the Eldari B reservoir.

As previously announced, the Company's CPR produced by Netherland, Sewell & Associates estimates 51.3 million barrels of recoverable oil from Zones 19, 21, 23 and 24 of the Eldari B formation, situated between 3000m and 3400m interval, supporting management's view of the significant potential of the Eldari B formation. The Gareji formation, situated below the Eldari B reservoir in the Taribani field, is further estimated to contain 3.2 Trillion Cubic Feet of recoverable gas according to the CPR estimates.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

 
Frontera Resources               (713) 585- 3216 
Zaza Mamulaishvili 
[e-mail] 
 
  Cairn Financial Advisers LLP   [phone] 
Jo Turner / Liam Murray 
WH Ireland Limited               [phone] 
James Joyce / Chris Viggor 
Yellow Jersey                    [phone] 
Tim Thompson 
Harriet Jackson 
Henry Wilkinson 
 
 

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November 26, 2018 02:00 ET (07:00 GMT)