- P90 (90% probability) gas resource up 145% year-on-year (2017: 220 billion ft3) and oil resource up 55% (2017: 35 million bbls of oil).
- Independent report confirms Pathfinder’s geology is analogous to Colorado’s Wattenberg Field Fremont Petroleum.
Fremont Petroleum Corporation Ltd has reported that an independently compiled Resources & Reserve report by Gustavson Associates confirms a significant increase in the P90 (90% probability) Contingent Resource(1C) for the Company’s 100%-owned Pathfinder Field in Colorado.
While the oil and gas resources of the field have increased very materially – P90 gas resource up 145% to 540 billion ft3 (.54 trillion ft3) and the oil resource up 55% to 55 million bbls – a key highlight is Gustavson Associates’ assessment that the Pathfinder Field’s geology is comparable to Colorado’s prolific Wattenberg Field, a field that has produced 2.8 trillion ft3 of gas and could yield a further 5.2 trillion ft3.
Based on comparable well logs in the Pathfinder and Wattenberg Fields, the Niobrara, Codell, and Greenhorn Formations appear to be similar in character in both areas. The report illustrates that the physical properties of the Niobrara Formation are similar between the two areas indicating potentially similar production performance.
The Resources & Reserves have increased due to the size of the Pathfinder Field growing 16% from 16 798 acres to the 19 500 acres; interpretation of new data secured from recent oil production growth; successful flow testing of three gas wells at Pathfinder, and improved oil & gas prices.
President and CEO of Fremont Timothy B. Hart said: “The independent upgrade of Reserves & Resources delivers considerable value to Fremont and confirms that our strategy of growing the size of the Pathfinder field, increasing oil production and proving up our gas resource is the right one.
“The similarities to the Wattenberg Field cannot be underestimated and recent transactions of Wattenberg acreage provide clear third party validation that Pathfinder’s acreage is very valuable. With acreage increasing since the report was published, Pathfinder’s resources and reserves will grow again. The report assists greatly with our gas sales and debt funding negotiations, both of which are advancing very well. More developments will be announced soon.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09082018/fremont-petroleum-limited-significantly-increases-oil-and-gas-resources/