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Frontera encouraged by Georgia well testing results
European focused oil and gas producer Frontera Resources has completed logging the characteristics of an open hole well at a sidetracked portion of its T-39 well in the Taribani field of Georgia.
Frontera's logging data was said to be "encouraging", as it examined resistivity, neutron porosity, sonic, bulk density, and gamma-ray measurements, confirming the pay interval identifications made during the drilling operations.
Combined pay for three zones within T-39 was calculated to be 102.5m with 14.2% porosity, while a 12.4m interval was confirmed in Zone 13, a further developed pay section in addition to the original zones.
Elsewhere, AIM-quoted Frontera received drilling permit from the State Agency of Oil and Gas for drilling operations at the well Niko-1, set to be drilled to a target depth of 2,850m in November, after entering into an agreement with an unrelated and unnamed institutional investor to secure funding for the planned operations.
Zaza Mamulaishvili, president and chief executive of Frontera, said, "With current successful drilling operations and encouraging early well-testing results, as per our previous announcements, it is anticipated that oil production from the Taribani field will increase as we develop the wells, test further zones and move towards production during [the] remainder of 2018. This will assist in building a strong revenue stream for the company."
As of 0830 BST, Frontera shares had grown 6.90% to 0.46p.