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Fremont Petroleum Corporation Limited (ASX:FPL) operates as an energy production company. The companyâs primary focus area is the 2nd oldest oilfields in the United States of America, located in Fremont County, Colorado. With the aid of emerging technology, the field is the lowest cost production fields in the United States of America. From the year 2012, the company has started to emphasize upon the drilling programs at major U.S. sites, and hence found success in some of the vast oil & gas basins in the Colorado, Kentucky, Mississippi, Louisiana and Dimmitt County, Texas.Â
As per the latest ASX release, the company has provided an update regarding its 100% owned 21,500 acres Pathfinder field In Colorado. The firm has stated that the JW Powell well will be excavated this weekend with the drill rig mobilization underway. This well is basically a vertical well, that will target the production from a multistage fracture stimulation. The excavation activities will take place and continue throughout the Christmas & the New Year period with a target depth of around 6,000 feet at the well. All the required completion operations will commence as soon as the drilling of the well gets completed. For these operations, the company has decided to take the help of a competent & globally recognized oil & gas services related company, & thus will engage them to reap the benefits of their services before the month of January in the next year. The well is anticipated to be dug and completed before the end of January.
Apart from this, the companyâs engineers have now temporarily abandoned their operations at the Amerigo Vespucci #1 well, so as the pressure is allowed to build up and the oil is liberated into the well-bore. The resources from the Pierre formations are produced from the natural fractures which are found within these formations. As was earlier reported these drill cuttings have ample amount of mineral fluorescence and thus strong evidence of gas and oil in the Pierre Formation. The flow testing and the reporting of results will take place in the next month. If the test delivers encouraging results, then the commercial production will be commenced at these wells.
The companyâs Managing Director, Mr. Timothy B. Hart said that the building of the inventories of oil & gas wells is very significant at this point as the company is at a very critical stage of inking a significantly important gas offtake agreement.
Meanwhile, the share price of the company has fallen by 33.33 percent in the past six months as on 10 December 2018. FPLâs shares traded at $0.006, trading flat & with a market capitalization of circa $7.4 Million as on 14 December 2018 (AEST 03:18 PM).
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