Check out this tower of fire: Fremont records 5m gas flare
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Fremont Petroleum (ASX:FPL) has recorded a 5m tower of flame at its latest well in Colorado — also known as a gas flare.
The J.W. Powell #23-25 well is producing “strong” volumes of gas but also oil, which the company is keener on, from the Niobrara shale, the company said.
The oil is being stored in temporary tanks which the company expects to be revenue-generating immediately, and the gas is being ‘flared’ or burned off.
The pyromaniacs on the ASX loved this bit of news. Here’s the evidence:
The stock rose 22 per cent to 1.1c on Friday morning.
“These initial production volumes from the Powell #23-25 are building strongly and we now have another solid oil & gas producer on line in the Pathfinder Field,” said managing director and CEO Timothy Hart.
“We look forward to reporting a favourable IP [initial production] rate for oil and gas for the J.W. Powell well very shortly.”
Fremont also has operations in Kentucky and combined with its Niobrara project, which is the company’s main focus, it has delivered a total 2P reserve of 1.5 million barrels of oil and 1.2m cubic feet of gas.
‘Reserves’ refer to oil or gas discoveries that are commercially recoverable using existing technology while a resource is an initial, untested estimate. A 2P means it’s proven and probable, while a 3P includes ‘possible’.