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Frontera Resources makes significant encounters at Taribani Complex
Europe-focussed independent oil and gas exploration and production company Frontera Resources Corporation announced on Tuesday that T-45 - the first well of current three-well drilling program at its Taribani Complex of Block 12 in Georgia - has now been drilled to a target depth of 2700m in the Eldari Formation.
The AIM-traded firm confirmed that during drilling, it observed multiple oil and associated gas shows.
Those included oil stained cuttings observed from 2460m to 2475m in zone 13, with a formation gas kick encountered at 2535m in zone 14.
"This associated gas influx reduced the heavy drilling mud weight from 2.0 SG to 1.85 SG, indicating a highly charged hydrocarbon formation," the company's board explained.
Another formation-associated gas was detected at surface while drilling through an observed clean sandstone interval from 2565m to 2575m in zone 14, and "significant" oil and associated gas shows were recorded between 2630m and 2650m in zone 15.
A major associated gas kick was said to have occurred at 2633m, resulting in a reduction of mud weight from 2.02 SG to 1.85 SG.
Hydrocarbons flow back operations were initiated and a surface fluid flow rate of 383 bbls per day was recorded, with heavy drilling mud in the wellbore, and a calculated 7,500 psi bottom hole pressure, the board reported.
Elevated background gas with "significant" connection gas peaks was also encountered while continuing to drill through zone 15 to a depth of 2650m.
Intermittent oil shows with associated gas continued from 2650m to 2654m, with "significant" oil and associated gas shows recorded from 2685m to 2695m in zone 15.
Within that interval, Frontera said a major associated gas kick occurred at 2692m, with a calculated 7,800 psi bottom hole pressure.
Its board did caution that, without further wireline logging and analysis, the positive initial indications could not be considered conclusive.
Frontera said it was progressing with the full data acquisition programme, and would report to the market in due course.
"These have already been hugely exciting drilling operations for the company," said Frontera Resources president and CEO Zaza Mamulaishvili.
"Very encouraging early indications of a highly charged hydrocarbon formation mark an exciting opportunity to develop zones 14 and 15 of the Eldari Formation together with zone 9, which has been successfully tested for deliverability of long-term sustainable production.
"We look forward to updating the market as we continue making progress with the operations."