Fremont Completed Fracking Operation at JW Powell Well

Fremont Completed Fracking Operation at JW Powell Well

Fremont Petroleum Corporation Limited (ASX: FPL) operates as an energy production company. The company explores and develops natural gas and crude oil. Fremont Petroleum Corporation serves customers in the United States and Australia. The company is led by Mr Timothy B. Hart, who is the MD & CEO of the company. The company has a registered office in Sydney, Australia. The company came into existence in the Year 2006. 

The company today on 14 February 2019, announced that the fracking and completion operations had been successfully performed on the JW Powell #23-25 well located in the fully-owned 21,500-acre Pathfinder Field, Colorado. Flow back of fracking fluids have now started, and the company will update shareholders when the flow-back ends, which is likely within the next 14 days.

The Managing Director & CEO of the company Fremont Timothy B. Hart said that the company is pleased that fracking operations were performed safely and exactly as per the plans of the company. The logs look excellent, and the company is working diligently on the flow back operations and bringing this well into production.

The JW Powell #23-25 well was successfully drilled to a total vertical depth of 6,072 feet (1,851 metres) and is targeting production from a multi-stage fracture stimulation in the B and C Benches of the Niobrara Formation.

The company recently in its announcement as of 31 January 2019, has provided cash flow update for the period ending 31 December 2018. The company reported a cash outflow from operating activities of $1.73 million approximately for the quarter ended 31 December 2018; however, the operating outflow for the year to date stood at $2.470 million approximately. The cash outflow from investing stood at $0.037 million for the quarter end and the year to date outflow from investing was at $0.119 million approximately for the year to date. The cash inflow from financing activities was at $2.27 million approximately for the quarter ended 31 December 2019, whereas it was reported at $3.40 million inflow for the year to date period. The cash and cash equivalents at the end of the quarter stood at ~$1.33 million as compared to $0.797 approximately in the previous quarter with the effect on movement in exchange rates on cash held standing at $0.026 million for the quarter ended 31 December 2018.

The company has provided an estimation of the cash outflow for the next quarter which includes exploration and evaluation expenditure to be $0.75 million, with staff costs and administration corporate costs at $0.120 million and $0.150 million respectively. Moreover, the estimation for the production costs remained at $0.045 million approximately.

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On the price-performance front, the stock of Fremont Petroleum Corporation Limited last traded at $0.007 with a market capitalisation of $8.63 million. The stock has generated a YTD return of 16.67% and posted a negative return of 12.50% over the last six months. It has a 52-week high price of $0.013 and 52-week low price of $0.005 with an average trading volume of ~3.008 million.


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