Toronto-based Frontera Energy Corporation (TSX: FEC) made a new light oil discovery today in Colombia in the Los Llanos region.
The find came at the Acorazado-1 exploration well and marked the Canadian oil company’s fourth discovery in 2018, which will help set the stage for its plans to drill 34 more wells during the fourth quarter of the year, according to the firm.
The Acorazado-1 well was drilled to a depth of 15,470 feet with 356 feet of gross thickness in the Mirador formation sandstone reservoir. “Open-hole wireline logging operations identified five separate, potentially hydrocarbon-bearing sections of the Mirador formation,” said the company in a statement.
Richard Herbert, chief executive officer of Frontera, noted that though there are indications of lowered reservoir pressure, the “well has identified a part of the structure which contains resources which have never been previously drilled and developed.”
Frontera Energy, which now has an output of 65,000 barrels of oil equivalent per day in Colombia and Peru and is pushing for production growth in 2019, plans to drill exploration and appraisal wells later this year at its Coralillo-3 and Cocodrilo-1 sits on the Guatiquia block in addition the Jaspe appraisal wells in the Quifa North area.
“Frontera’s strong production profile is well-timed with the upcoming expiration of our oil hedges at the end of October, which will increase our exposure to Brent oil prices by nearly $25 per barrel based on recent prices,” added Herbert.