Fremont Petroleum Corporation Ltd (ASX: FPL) (‘Fremont’ or ‘the Company’) is pleased to report oil production for May
2018 of 3,811 barrels (net to Fremont). 3,123 barrels were produced from the 100%-owned, 16,798-acre Pathfinder
project in Colorado and 688 barrels from the Kentucky field. Production is up 14% on April (3,336 barrels).
Seventeen work-overs have been completed in Colorado, and due to more work-overs being identified, seven still
remain. Work-overs in Kentucky, which commenced in May, are proceeding to plan and budget. June’s production is likely to increase again based on likely gains from this field work in Colorado and Kentucky. Table 1 illustrates the
current well status. Fremont will again be cash flow positive for May given the higher production and tight cost control. Revenue is typically
received 60 days after delivery to the refineries.
President and CEO of Fremont Timothy B. Hart said: “Production gains extracted in May are pleasing and we expect
more of the same in June. Field work underway in Colorado is yielding some excellent results and we look forward to
shortly reporting on some specific well data that further reflects Pathfinder’s growing value.
FPL Price at posting:
0.9¢ Sentiment: Hold Disclosure: Held
