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0.7¢ fremont petroleum corporation limited

Ann: Pathfinder Horizontal Well Delivers Strong Oil & Gas Flows, page-3

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sharks37

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13/06/18

12:14

Post #: 33677860
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Originally posted by bevter ↑

Where's the knockers? LOL. Running out of dribble?
" Pathfinder Horizontal Well Delivers Strong Oil & Gas Flows From Niobrara Formation
• Well recorded IP flow rate of 1.6 million cubic feet of gas per day and 50 barrels of oil after work-over
• Gas flow rate encouraging – Kinder Morgan engaged on connection to Colorado Interstate Gas Pipeline
• Flow testing to commence on other gas wells in Pathfinder field to determine cumulative flow rate
• Pathfinder oil flow rate will make a solid contribution to Fremont’s monthly oil production
Fremont Petroleum Corporation Ltd (ASX: FPL) (‘Fremont’ ‘the Company’) reports very strong gas flow rates and oil production
from the Pathfinder CZ 11-12 horizontal well after a work-over was completed. It is the only well in the 100%-owned 16,798-acre
Pathfinder Field Colorado producing from the deeper, more contiguous Niobrara Formation.
An initial flow rate of 1.6 million cubic feet of gas per day and 50 barrels of oil was recorded (see Figures 1 &2). The flow rates are
encouraging given it is five years since the well was drilled. Oil production is likely to stabilise at a lower rate and make and
meaningful contribution to monthly production. To optimise well performance, an oil and gas separator suitable for higher
volumes of gas is being installed.
Given the high gas flow rate, Fremont has engaged with Colorado Interstate Gas (CIG) pipeline owner Kinder Morgan about
connecting the Pathfinder Field into production. A connection point is located 10 miles from the field and is available for tie in.
Fremont is now assessing gas gathering infrastructure, processing, pipeline and interconnect specifications.
As discussions with local industry regarding gas sales continue, connecting into the Kinder Morgan system is another avenue
Fremont is considering to develop a long-term and gas sales channel for the Pathfinder Field.
Production from the deeper Niobrara Formation illustrate that the Pathfinder Field is vastly underexplored and underdeveloped
and flow testing on other gas wells in the field will now be undertaken so a cumulative flow rate can be calculated. Significant
value can be unlocked from deepening some Pierre wells and drilling new wells into the Niobrara Formation (see Figure 3).
As reported, Independent engineering firm Gustavson Associates completed an analysis of the Niobrara Formation at the
Pathfinder Field which concluded that with a 90% probability, the Niobrara alone contains up to ~220 BCF (Billion Cubic Feet of
gas), a P90 Contingent Resource.
President and CEO of Fremont Timothy B. Hart said: “The performance of the Pathfinder horizontal well after a successful and
safe work-over is very pleasing. It strengthens current oil production and revenue, and it is a very significant step in developing
the Pathfinder Field as a large and valuable gas producing asset.
“Production from the Niobrara Formation is a game-changer for Fremont in terms of value creation, and we expect to shortly
report on some key developments that support this. We now have several channels to monetise the gas from the field including
connecting to Kinder Morgan’s pipeline or selling to local industry.”
Work-overs in Colorado and Kentucky are ongoing which will further grow production and revenue. Progress will be reported
once work-overs have been completed and IP rates established.

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What a hypocrite you are bevter. You ask where are the knockers but as soon as someone posts a contrarian view about FPL you abuse them and completely discount their view "because they don't hold".

As for this announcement, it contains more gas than the pathfinder well. They have no sales for the gas ("discussions with local industry continue") and how long and at what cost will it take to lay a 10 mile pipeline to the connection point assuming they sign a deal with KM? As for the oil the IP is 50 bopd, but what will the ongoing flow rate be?

As usual they are very short on hw much money they are making for shareholders today and very long on the "channels to monetise" their oil and gas. In the meantime the only monetising that continues on is the sale of new dilutive equity...

Cheers, Sharks

FPL Price at posting: 0.9¢ Sentiment: None Disclosure: Not Held
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