After Successful Exploratory Drilling, Frontera Energy to Begin Further Testing of Acorazado-1 Well in Los Llanos

After announcing positive drilling results, Canadian oil company Frontera Energy Corporation (TSX: FEC) is prepping its Acorazado-1 well for further testing.

Following the completion of “wireline logging operations combined with a limited pressure and sampling program,” the Toronto-based firm said it has confirmed the presence of hydrocarbons in “several potentially productive zones”

Drilling at the fully owned exploration well in the Llanos 25 block reached a depth of 15,470 feet and was completed “ahead of schedule and under budget,” said Frontera in a statement. Frontera Energy’s estimate for the pre-drill cost for drilling the well was between $35 million USD to $50 million USD.

The next step for the well will be to run and cement a liner in preparation for further testing, which will bring the well cost to date to $40 million. The testing process is expected to take “several weeks,” said Frontera.

“The company is encouraged by the results to date and will case the well and initiate a testing program,” added the firm. The testing program, depending upon results, is expected to take several weeks.

Additionally, the Frontera recently completed an unsuccessful exploratory drilling campaign as the technical operator on the Delfin Sur-1 well in the Z-1 block offshore of Peru. “Hydrocarbon shows were encountered but not in sufficient quantities to justify further evaluation,” said Frontera, adding that the well, which had a net capital cost for the company, “is being plugged and abandoned.”