Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Frontier news in pipeline
Penny punters favourite Frontera Resources (FRR) has issued a bullish trading update in which it states it is well on track to deliver gas sales in the second quarter of 2012.
Founded in 1997, the oil and gas explorer is focused on Georgia where it is channelling its efforts on the highly prolific and underdeveloped Kura Basin. It has P3 reserves of 174 million barrels of oil but the potential resource is in excess of 2 billion barrels.
Following a fund raising last year, the intention is to increase its current production of 220 bopd to nearer 3,000 bopd in 12 months and 5,000 bopd in two years, which would generate monthly revenue of $15 million. The AIM counter intends to operate a self funding portfolio but is also on the lookout for strategic partners - particularly for its Shale Gas and Basin Edge Play Units.
Within its 100 per cent owned Mtsare Khevi field it has drilled 20 new wells to date, with all encountering oil and gas reservoirs. But more recently it completed three wells to total depths of 400 meters, all are currently being evaluated but the intention is to continue to produce oil and gas reservoirs. Frontera will also drill a further five new wells in the next year.
Frontera plans to install a gas sales infrastructure and has completed the engineering design work, which will involve building a 8km pipeline connecting its shut-in gas reserves to a local sales point (sales will be invoiced in US dollars). To help finance its activities Frontera has agreed a loan deal for up to $3.1 million with investment fund Yorkville.
Shares in Frontera are extremely well traded, but are down 8 per cent to 1.27p today on profit taking following a recent rally from 1.2p. They are speculative but could reward investors with a risk appetite.
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