Energy: Fremont piles on the barrels at Pathfinder oil field
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Fremont Petroleum (ASX:FPL) could have more oil and gas tucked away at its Pathfinder field in Colorado thanks to the successful wells it drilled earlier this year.
Potential oil resources have increased by 12 per cent to 60.6 million barrels while natural gas resources are up by 13 per cent to 609 billion cubic feet, or a total of 182.4 million barrels of oil equivalent (boe), according to a report by independent engineering firm Gustavson Associates.
The report illustrates the significant stacked-pay opportunities at the Pathfinder property with the Codell formation assigned oil and gas resources for the first time.
Oil and gas has now been discovered in four formations at Pathfinder.
Fremont noted that the increase did not include any potential resources from its recent move to acquire a 5990 acre property that adjoins its project.
This is expected to further increase the company’s resources.
“It is pleasing to see that our two successful wells – the Powell and the Vespucci – have made a material difference to both the size and the value of the Pathfinder,” managing director Timothy Hart said.
“Our focus now is to more aggressively monetise the value of the field through the drilling of multiple shallower Pierre wells which are highly prospective for oil, and by commercialising our large gas inventory with binding offtake agreements.”
The Amerigo Vespucci-1 well flowed oil and gas at a combined rate of 273boe per day during initial testing, while the earlier JW Powell well flowed 220boe per day.
More wells are also on the cards with the company saying last month that it had identified nine “high value” targets from a 3D seismic survey at the project and is planning to drill two of these before the end of the year.
Whitebark Energy (ASX:WBE) has kicked off drilling of its Rex-3 oil development well at its Wizard Lake project in Canada. The well will be drilled to a depth of about 1,095m before it is drilled at an angle to achieve a horizontal well of about 1,800m in length in the Rex sands before being fracture stimulated.
Earlier this month, the company said it could increase oil production after completing workover operations to remove debris that was blocking about two thirds of the Rex-1 horizonal section.