Fremont to Spud Vespucci #1 Well early October • Vespucci #1...

Fremont to Spud Vespucci #1 Well early October
• Vespucci #1 Well targeting oil and gas production from the Niobrara Shale
• First of a two well back-to-back wells to be drilled this calendar year
Fremont Petroleum Corporation Ltd (ASX: FPL) (“Fremont” or “the Company” is pleased to announce that
the drilling of the Vespucci #1 well is scheduled to commence in early October. The exact date will be
confirmed once rig mobilisation is confirmed. The rig and crew has been secured.
Vespucci #1 will be drilled as a vertical well and is targeting production from a multi stage fracture
stimulation in the B and C Benches of the Niobrara Formation (figure 1).
Fremont engaged Denver-based Petrophysical firm Digital Formation Inc. to conduct an independent review
and analysis of the electronic logging data from the Pathfinder C11-12 well in section 12 of the Pathfinder
property. Section 12 adjoins section 1 where the Vespucci #1 well is located. Digital Formation’s report
concludes that in one square 640-acre section, being section 1, the B and C benches of the Niobrara
Formation contain up to 470,000 barrels of oil equivalent in place (O.O.I.P).
Vespucci #1 well is being drilled as a step-out vertical well and is ~540 metres from the Pathfinder C11-12
well (figure 2). This geology in this area is well known and drilling in the location minimises geologic risk.
Drilling success will confirm the recently completed Gustavson Associates Independent reserves and
resources report that highlighted that the Niobrara Formation at Pathfinder property is analogous (similar)
to Colorado’s Wattenberg Field, as recently reported by the Company.
The majority of newly drilled Niobrara wells in the Denver Julesburg Basin, which hosts the Wattenberg and
Pathfinder Fields, are now being completed in the B&C benches of the Niobrara Formation, which is where
production is targeted within the Vespucci #1 well.
The Pathfinder Field is a stacked-pay field, i.e. one where several hydrocarbon-bearing zones are intersected
before the well reaches target depth of 5,900 feet. Vespucci #1 will also test the Pierre Formation, which sits
above the Niobrara, and has produced more than 16 million barrels of oil (figures 1 & 3).
Fremont will drill two back-to-back wells prior to the end of the year. Vespucci #1 will be followed by the
Powell #1 well with details of this well to be reported in October. The Company looks forward to providing
drilling updates over the next three months and production success with the two wells.