Frontera Announces Discovery In Colombia

(Frontera, 6.Feb.2020) — Frontera Energy Corporation provided an exploration update in relation to prospects in Colombia in the Lower Magdalena Valley, including its exploration joint venture with Parex Resources Inc. involving the VIM-1 block.

Richard Herbert, Chief Executive Officer of Frontera, commented:

“We are excited that the first well with our partner Parex in the Lower Magdalena Valley has been a success. Testing results from the La Belleza-1 well on the VIM-1 block are very encouraging, especially given the limited capacity of the testing equipment on site. The well’s combination of light oil and natural gas complements our overall portfolio mix of light and heavy crudes and our strategic goal to increase the portion of natural gas in our production profile. We recently started the drilling of the Asai-1 exploration well on the Guama block, also in the Lower Magdalena Valley where we are targeting liquids and natural gas. Over the course of 2020 and beyond, Frontera will look to increase its natural gas production in the Lower Magdalena Valley where we have excess gas processing capacity at the La Creciente field. It is encouraging to start 2020 with exploration success, as we are targeting significant high impact exploration activities in Colombia, Ecuador and Guyana this year.”

Lower Magdalena Valley Exploration

The La Belleza-1 exploration well on the VIM-1 block (Frontera 50% WI, Parex 50% WI, operator) was drilled to a total depth of 11,680 feet. A total of 179 feet (155 feet total vertical depth) of potential hydrocarbon bearing reservoir was encountered in the Cienaga De Oro formation and drilling operations were stopped to allow testing of the open hole section. The well was tested under natural flowing conditions and over a 328-hour period, the well produced a total of 32,728 bbls of 43 degree API oil, 147 mmcf of natural gas and 3,996 barrels of water. The average flow rate during the test was 2,395 bbl/d and 10.7 mmcf/d of gas (4,272 boe/d combined) at an average water cut of 12%. The flow rate during the final 24 hours of the test was 2,696 bbl/d and 11.8 mmcf/d of gas (4,766 boe/d combined) at an average watercut of 10%. The initial shut in wellhead pressure recorded at the start of the test was 4,700 psi and the wellhead pressure during the test period remained relatively flat at 3,700 psi with the producing rate during the test limited by the testing facilities on location. Bottom hole flowing pressures during the test remained relatively stable at approximately 6,000 psi indicating an average drawdown of 14%. The initial bottom hole pressure recorded at the start of the test was 7,031 psi and the final extrapolated pressure at the end of the 174 hour buildup was 7,011 psi. The well will be flow tested for one additional week followed by an extended 30 day pressure buildup period which will provide additional information on the final reservoir pressure.

The joint venture partners are evaluating options to drill one or two additional delineation wells in the second half of 2020 from the existing La Belleza well pad. The partners are also evaluating different options for gas commercialization and infrastructure requirements. Production guidance for 2020 does not include any volumes associated with production from the La Belleza well or the VIM-1 block.

Additionally, also in the Lower Magdalena Valley of Colombia, the Company has recently spud the Asai-1 exploration well on the Guama block (Frontera 100% WI, operator), targeting a primary objective oil, natural gas condensate and natural gas structure in the Porquero formation at approximately 12,000 feet. The well is expected to take approximately 75 days to drill with results expected in May 2020.

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