Stock Market News
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.
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.
Related share prices |
---|
Frontera Resources Corporation (DI) (FRR) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price