71 Feet of Net Oil Pay Discovered in Secondary
Targets in the Maastrichtian and Campanian
Testing of Primary Targets in the Santonian
has Commenced
CALGARY,
AB, June 13, 2023 /CNW/ - Frontera Energy
Corporation (TSX: FEC) ("Frontera") announced today that the
joint venture (the "Joint Venture") with CGX Energy Inc.
(TSXV: OYL) ("CGX") has successfully reached total depth
(TD) of 20,450' on the Wei-1BP1 (Wei-1 bypass exploration and
appraisal well or the "Well"). The original Wei-1 wellbore
reached a depth of 19,142'. A bypass well (Wei-1BP1) was drilled
from 18,757' to total depth (TD) and penetrated the primary
Santonian targets of the Well in the western complex in the
northern portion of the Corentyne block.
Prior to the bypass, the Well encountered an aggregate of
approximately 71 feet of net oil pay in the secondary target
reservoirs in the Maastrichtian and Campanian.
Following the bypass, data collected from LWD (Logging While
Drilling) and cuttings indicate multiple hydrocarbon shows in the
primary target reservoirs in the Santonian interval. Results from
the well are encouraging: data acquisition is ongoing
via wireline logging, MDT's and side wall core sampling. An
update on Well results will be provided when the acquisition and
evaluation has been finalized.
Results from the Well are consistent with pre-drill
expectations. The Well has confirmed the Company's geologic and
geophysical assessment of the block.
As operations continue, the Joint Venture has revised its total
Wei-1BP1 cost estimates to approximately $190-$195 million
to complete the logging runs, finish well operations, and release
the rig. The additional costs are primarily due to the lost
sampling tool and the drilling of the bypass well.
The Well was drilled by the Joint Venture. CGX holds a 32.00%
participating interest with Frontera holding the remaining 68.00%
participating interest in the Corentyne block, offshore
Guyana.
About Frontera
Frontera Energy Corporation is a Canadian public company
involved in the exploration, development, production,
transportation, storage and sale of oil and natural gas in
South America, including related
investments in both upstream and midstream facilities. The Company
has a diversified portfolio of assets with interests in 31
exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in
Colombia. Frontera is committed to
conducting business safely and in a socially, environmentally, and
ethically responsible manner.
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Advisories
Cautionary Note Concerning Forward-Looking
Statements:
This news release contains forward-looking statements. All
statements, other than statements of historical fact, that address
activities, events, or developments that Frontera believes, expects
or anticipates will or may occur in the future (including, without
limitation, statements regarding hydrocarbon shows in the Santonian
interval, exploration and development plans and objectives with
regards to the Well and the addition of resources towards
exploration and potential commercial development are
forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of Frontera based on
information currently available to it. Forward-looking statements
are subject to a number of risks and uncertainties that may cause
actual results to differ materially from those discussed in the
forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on, the
Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other
things: the need to obtain any required regulatory approvals; the
ability of the Joint Venture to successfully explore and develop
offshore blocks, and to fund exploration and development and the
impact thereof of unforeseen costs and expenses; changes in equity
and debt markets; perceptions of the prospects and the prospects of
the oil and gas industry in the countries where the Company
operates or has investments; and the other risks disclosed under
the heading "Risk Factors" and elsewhere in the Company's annual
information form dated March 1, 2023
or the most recent management, discussion and analysis, under the
heading "Risk and Uncertainties" filed on SEDAR at www.sedar.com.
Any forward-looking statement speaks only as of the date on which
it is made and, except as may be required by applicable securities
laws, Frontera disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although Frontera believes
that the assumptions inherent in the cautionary and forward-looking
statements applicable to it are reasonable, forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the
inherent uncertainty therein.
Oil and Gas Information Advisories:
This news release includes terms and phrases such as "net oil
pay" and "hydrocarbon shows". Such terms and phrases should
not be interpreted to mean there is any level of certainty in
regards to the volume of oil, natural gas or condensates present
therein, or that such volumes may be produced profitably or in
commercial quantities
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SOURCE Frontera Energy Corporation