26th Nov 2018 13:24
LONDON (Alliance News) - Frontera Resources Corp on Monday said it mobilized a workover rig to T-16 well, located in Taribani field area, onshore block 12 in Georgia.
The European-focused oil & gas company said it has completed a technical study of Taribani wells, drilled by a previous operator and has selected three wells for workover operations.
Frontera intends to clean these wells and check well integrity for future sidetracking operations to drill and complete the wells in the Eldari B reservoir.
The first well drilled in the Eldari B formation was the Niko-1, testing of which confirmed the presence of oil and gas.
The report provided by oil & gas consulting firm Netherland Sewell & Associates estimates 51.3 million barrels of recoverable oil from Eldari B formation.
Meanwhile, Frontera said the Gareji formation, situated below the Eldari B reservoir, is further estimated to contain 3.2 trillion cubic feet of recoverable gas
The stock was trading 6.4% lower on Monday at 0.365 pence a share.