COLOMBIA – FRONTERA ENERGY DISCOVERS OIL IN LOWER MAGDALENA VALLEY

February 13, 2020

Toronto-based Frontera Energy reported an oil discovery on the VIM-1 Block located in the Lower Magdalena Basin, northern Colombia.
The La Belleza-1 exploration well on the VIM-1 block (Frontera 50% WI, Parex 50% WI, operator) was drilled to a total depth of 11,680 feet. A total of 179 feet (155 feet total vertical depth) of potential hydrocarbon bearing reservoir was encountered in the Cienaga De Oro formation and drilling operations were stopped to allow testing of the open hole section. The well was tested under natural flowing conditions and over a 328-hour period, the well produced a total of 32,728 bbls of 43 degree API oil, 147 mmcf of natural gas and 3,996 barrels of water. The average flow rate during the test was 2,395 bbl/d and 10.7 mmcf/d of gas (4,272 boe/d combined) at an average water cut of 12%. The flow rate during the final 24 hours of the test was 2,696 bbl/d and 11.8 mmcf/d of gas (4,766 boe/d combined) at an average watercut of 10%. The well will be flow tested for one additional week followed by an extended 30 day pressure buildup period which will provide additional information on the final reservoir pressure.
The joint venture partners are evaluating options to drill one or two additional delineation wells in the second half of 2020 from the existing La Belleza well pad. The partners are also evaluating different options for gas commercialization and infrastructure requirements. Production guidance for 2020 does not include any volumes associated with production from the La Belleza well or the VIM-1 block.
Additionally, also in the Lower Magdalena Valley of Colombia, the Company has recently spud the Asai-1 exploration well on the Guama block (Frontera 100% WI, operator), targeting a primary objective oil, natural gas condensate and natural gas structure in the Porquero formation at approximately 12,000 feet. The well is expected to take approximately 75 days to drill with results expected in May 2020.
(Source: Frontera Energy)