Frontera Energy Corporation Announces Operational Update; Provides Production Guidance for the First Quarter 2018
January 22, 2018 at 10:38 pm IST
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Frontera Energy Corporation announced that it achieved exit rate production, after royalties and internal consumption, of 71,015 boe/d as of December 31, 2017, which was within the company's exit guidance range of 70,000 to 75,000 boe/d. Exit rate production included 8,240 bbl/d from Block 192 in Peru, above previous range expectations of 6,000 to 8,000 bbl/d. Company-wide average production in the fourth quarter, after royalties and internal consumption, was an estimated 64,445 boe/d, down from 71,068 boe/d in the third quarter of 2017 as a result of the downtime experienced in Peru during the quarter.
The company expects to deliver average first quarter 2018 production of 70,000 boe/d to 72,000 boe/d, after royalties and internal consumption, assuming normal operating conditions. The company expects to have at least nine active rigs operating throughout the first quarter of 2018 with six active in the Quifa, Cajua and Jaspe heavy oil areas, and three active on the light oil-focused Guatiquia block. Frontera anticipates drilling, or to commence drilling, between 40 and 50 wells during the first quarter, of which 40 to 45 will be development-focused and five will be exploration-focused. The exploration effort will be focused on the Alligator 2x well on the Guatiquia block, the Acorazado well on the Llanos 25 block, both in Colombia, and the Delphin well on the Z1 block offshore Peru. Well site preparation for the Llanos 25 well is underway with drilling expected to begin in April.
Frontera Energy Corporation is a Canada-based oil and gas company. The Company is involved in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 27 exploration and production blocks in Colombia, Ecuador, and Guyana, and pipeline and port facilities in Colombia. The Companyâs segments include Colombia, Ecuador, Guyana, Midstream Colombia, and Canada & Others. Colombia includes all upstream business activities of exploration and production in Colombia. Ecuador includes all upstream business activities of exploration and production in Ecuador. Guyana includes exploration and infrastructure. Midstream Colombia includes the Companyâs investments in pipelines, storage, port, and other facilities relating to the distribution and exportation of crude oil products in Colombia.