Ann: Pathfinder Field Operations Update, page-2

Pathfinder Field Operations Update
Fremont Petroleum Corporation Ltd (ASX: FPL) (“Fremont” or “the Company” provides this update on
operations at the 100%-owned 21,500 acre Pathfinder Field in Colorado.
JW Powell #23-25 Well Spuds this Weekend
The Company advises that the JW Powell #23-25 well will spud this weekend with the drill rig mobilisation
underway.
The JW Powell #23-25 well is a vertical well targeting production from a multi-stage fracture stimulation in
the B and C Benches of the Niobrara Formation (See Figure 1).
Drilling will occur throughout the Christmas and New Year period with the well targeting a total depth of
~6,000 feet. Completion operations will commence immediately following drilling. As advised, the Company
has secured the services of a leading, globally recognised oilfield services company to fracture stimulate and
complete this well. The JW Powell well is expected to be drilled and completed before the end of January.
Amerigo Vespucci #1 Update
Fremont’s Engineers have now temporarily shut-in the Amerigo Vespucci #1 well to allow for pressure build
up and for oil liberation into the well-bore. Oil and gas from the Pierre Formation, a secondary target on this
well, produces from natural fractures within this formation.
As reported on 3 December, drill cuttings had abundant mineral fluorescence and thus strong evidence of
gas and oil in the Pierre Formation. The hole also intersected several sections where extensive natural
fractures were evident.
Flow testing and reporting of results will occur next month. If this test delivers commercial quantities of oil
and gas, the well will be put into production. If not, it will then be drilled to its primary objective, the Niobrara
Formation which is a further ~1,200 feet to total depth. This will occur after the JW Powell well is completed.
Fremont Executive Director Timothy B Hart commented:
“We took the decision to test the Pierre Formation of the Vespucci based on the hydrocarbon shows
encountered, and the fact that every Pierre Formation well we have drilled to date has flowed gas but not
necessarily oil. Building our inventory of gas wells is fairly critical at this time given we are in the late stages
of negotiating a very material gas offtake agreement. We therefore believe it is prudent to assess solid shows
for all hydrocarbons encountered with gas becoming much more relevant to us given this pending
agreement.
“We look forward to updating shareholders on progress on the Vespucci and Powell wells.”