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Fremont Petroleum Corporation Limited (ASX:FPL) is an Oil and Gas company, based in Colorado. Today, the company shared updated information about drilling operations at the Amerigo Vespucci #1 well wherein the operations are underway to drill and target the depth of ~6,000 feet.
In the announcement dated 10 May 2019, Fremont mentioned the details of the project, progress attained in the project and expected time to complete the project. The company told that the drilling at Amerigo Vespucci has commenced and ~4,800 feet of drilling has been completed to date.
The program aims to target the depth of ~ 6000 feet and access the production section of the program. The casing of the well is reportedly complete inside the ~4,800 feet and operation for the next ~1,200 feet can start once drill string is tripped back into the wellbore.
This follows the official announcement made on 2 May 2019. In that release, the company declared the details on the drilling program at Amerigo Vespucci #1 well as well as the 3D seismic program at the Pathfinder property in Fremont County, Colorado.
Drilling at the Amerigo Vespucci #1 well has been targeting B and C Benches of the Niobrara Formation for production. The company stated that drill string which is used to transmit fluids and torque will be tripped back inside again.
More interestingly, FPL expects to arrive at the target depth of ~6,000 feet within the next twelve days and as per the companyâs information, the production section of the well would be accessible after reaching this target. After arriving at the production section, comprehensive well logging including coring is planned which is expected to take five days to complete. The logging program is essential with respect to oil and gas production. The program seeks to recognize the most prolific section in the well for hydraulic stimulation resulting in oil and gas extraction.
Tim Hart, Managing Director of FPL, stated that the new project is a big target for Fremont and operations at Amerigo Vespucci are on track with the team working as per the plan. He mentioned that Amerigo Vespucci targets prolific, very valuable Niobrara Shale Formation and expects to report meaningful hydrocarbon shows as drilling progresses.
As per the announcement, next update will be provided when the drilling of the rest ~1,200 feet is sufficiently advanced.
The company is expected to collaborate with Schlumberger Limited to complete the program of Amerigo Vespucci #1 well and assist in the hydraulic stimulation in the well. Schlumberger is the worldâs leading oilfield services company which provides technology for production reservoir, drilling, characterization, production, and processing.
During the March quarter 2018, FPC witnessed net cash outflow of A$1.281 million from the operating activities, majorly due to costs incurred for the exploration & evaluation work. The groupâs net cash position stood at $3.874 million as at 31 March 2019, compared to the opening balance of $1.329 million as in the beginning of the quarter.
FPL last traded at $0.009, down 10%, as at 10 May 2019. Over the past 12-months, the stock has witnessed a positive price change of 25.00% including an attractive upside of 42.86% over the past three months.
Also Read: Fremont Petroleum Completes $5.1m Placement
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