Frontera frustrated as rig problems halt drilling
Thursday, August 14, 2008
Frontera Resources disappointed investors today with news that it was struggling to get its hands on a rig as it attempts to restart drilling operations at its Basin Edge Play Unit in Block 12, Georgia.
Problems at the site emerged in April when drilling operations at the 'C' prospect encountered difficult conditions which required the well to be redesigned and a new rig brought in. However the company has so far failed to secure a new rig.
The company noted that efforts were ongoing to secure the appropriate equipment with an objective of continuing operations at the 'C' prospect during the fourth quarter of this year.
On a brighter note, Frontera said it was using the extra time to reprocess and analyse the 3D seismic survey related to the 'C' prospect. It said the result of this work would lead to the generation of a depth conversion, which will allow more accurate mapping of the prospect and provide the basis for future drilling operations.
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