Fremont Petroleum Corporation Limited (ASX: FPL), an Oil and Gas Exploration and Production company, based in Colorado USA announced, the flow back updates on J.W.Powell #23-25 well.
The company advised that it is continuously progressing on the J.W. Powell #23-25 well. The flow-back program of the company is designed, in such a manner that it would recover, approximately 30% of the hydraulic stimulation fluids, that was injected as a part of the fracking process, into the Niobrara Formation.
The report said that from the well bore, around 24 % of the frack fluids were unloaded. About 15% of the frack fluid got unloaded naturally. As a result, the well was placed on a pump to unload the remaining frack fluid this week.
Around AEST 11:00 pm, during the flow back operations, there was a presence of natural gas which is a motivating sign for the company at this stage.
On 14 December 2018, J.W.Powell #23-25 well came into the picture where the well got spudded during the weekend, on 16 December 2018, 5:00 pm Colorado time, the well got safely spudded.
On 9 January 2019, Fremont Petroleum Corporation announced, that they were proceeding towards the plan, safely as well as on the budget. Around 2:30 am on 29 December 2018, the intermediate section of the well was drilled through the Pierre formation, and reached a depth of 4,896 feet.
On 16 January 2019, the company announced, that the drilling of the J.W. Powell #23-25 well, had come across oil and gas hydrocarbons. The drilling resulted in the well reaching a depth of 6,072 ft. The total thickness of the Niobrara Formation was recorded as 537 feet. While drilling down the Niobrara Formation, there was evidence of oil and gas hydrocarbon, along with several gas-kicks. The side-wall cores indicated that the Niobrara Formation was covered in crude oil.
The oil and gas were also evident during the deeper Codell and Greenhorn Formations. The newly drilled section of Pathfinder Field led to the discovery of an active hydrocarbon system.
On 31 January 2019, the company announced its quarterly results, which reflected that the company had produced 8,003 barrels of oil during the quarter. However, due to weaker WTI oil prices, the period reported revenue of A$279,676. However, as compared to CY2017, the net revenue from the oil sales was up by 88% to A$81,908. By the end of the period, the company had cash at bank of $1,330,490.
On 7 February 2019, the company advised that it was about to complete the operations on J.W. Powell #23-25 well in its 100% owned 21,500-acre Pathfinder Field (Colorado).
On 14 February 2019, the company advised that the process of fracking, as well as the completion of operations, was successfully performed on the J.W. Powell #23-25 well. It also updated that the company had started the flow back of Frack fluids, it will further update on it, once the flow back procedure comes to an end, which was estimated by the end of February 2019.
However, the flow back of Frack fluids is still work in progress.
In the previous six months, the stock has generated a negative return of 22.22%. However, in the previous three months, the stock has made a decent return of 40%. By the end of the trading session, on 5 March 2019, the share price was noted as A$0.006, down by 14.286% as compared to its previous trading day’s closing price. The company has a market capitalization of A$8.63 million and approximately A$ 1.23 billion outstanding shares.
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