11th Oct 2007 07:00
Frontera Resources Corporation11 October 2007 FRONTERA RESOURCES CORPORATION Houston, Texas, U.S.A. - 11 October, 2007 OPERATIONS UPDATE, TARIBANI FIELD UNIT Frontera Resources Corporation (London Stock Exchange, AIM Market - Symbol:FRR), an independent oil and gas exploration and production company, todayannounced the continuation of development drilling operations at the TaribaniField Unit within Block 12, Georgia. The Taribani #45 (T-45) well commenced onWednesday, October 10th and is expected to take approximately 50 days to reach atotal depth of 2,400 meters. Steve C. Nicandros, President and Chief Executive Officer, commented: "The commencement of drilling operations at the T-45 well is the latestmilestone achieved in our continuation of a Zone 9 development program for theTaribani Field Unit. Our progress to date at both the Dino #2 and T-45 wellsrepresents steady progress toward our goal of realizing the significant valuethat our historical investments in this large undeveloped field have identified." The Taribani Field is a large, undeveloped oil field covering an area ofapproximately 80 square kilometers with productive horizons situated in Mioceneand Pliocene age reservoirs. These reservoirs are located at depths between2,200 meters and 3,500 meters. The independent consulting firm of Netherland,Sewell & Associates has assigned 118 million barrels of P3 reserves from Zones9, 14, 15 and 19 within the field. Additionally, Netherland, Sewell &Associates has assigned as much as 36 million barrels of unrisked resourcepotential associated with five deeper horizons in the field. The T-45 is the second of three wells scheduled for workover or drilling in 2007as part of the Company's Zone 9 development program, a 36-month, 20-well programtargeting approximately 17 percent of the estimated reserves attributed to Zones9, 14, 15 and 19 within the field. The first well - the Dino #2 - wasre-completed in Zone 9 during September 2007 and will receive a frac-paccompletion once the T-45 well is drilled and has been completed in the samemanner. A third well - the Taribani South #1 - is scheduled to commencedrilling in the fourth quarter of this year, and eight new wells are planned for2008. Enquiries: Frontera Resources CorporationLiz WilliamsonVice President, Investor Relations and Corporate Communications(713) [email protected] Brunswick Group LLPPatrick Handley / Mark Antelme+44 207 4045959 Notes to editors: 1. Frontera Resources Corporation is an independent Houston, Texas, U.S.A.-basedinternational oil and gas exploration and production company whose strategy isto identify opportunities and operate in emerging markets around the world.Frontera has operated in Georgia since 1997 where it holds a 100 percent workinginterest in a production sharing agreement with the government of Georgia. Thisgives Frontera the exclusive right to explore for, develop and produce oil andgas from a 5,060 square kilometer area in eastern Georgia known as Block 12. Formore information, please visit www.fronteraresources.com. 2. The reserve information herein was determined by the independent consultingfirm of Netherland, Sewell & Associates in accordance with the petroleumresource definitions adopted by the Society of Petroleum Engineers (SPE), WorldPetroleum Council (WPC) and the American Association of Petroleum Geologists(AAPG) in 2000. 3. This release contains certain forward-looking statements, including, withoutlimitation, expectations, beliefs, plans and objectives regarding the potentialtransactions, potential drilling schedule and ventures discussed in thisrelease, as well as reserves, future drilling, development and production. Amongthe important factors that could cause actual results to differ materially fromthose indicated by such forward-looking statements are future exploration anddevelopment results, availability and performance of needed equipment andpersonnel, seismic data, fluctuations in oil and gas prices, weather conditions,general economic conditions and the political situation in Georgia andneighboring countries. There is no assurance that Frontera's expectations willbe realized, and actual results may differ materially from those expressed inthe forward-looking statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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