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Fremont Petroleum Corporation Ltd

Fremont Petroleum set to reach target well depth in Amerigo Vespucci drilling

The company will again collaborate with Schlumberger on the completion process of Vespucci, including hydraulic stimulation.

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Fremont is an oil and gas company with operations in Colorado and Kentucky

Fremont Petroleum Corporation Ltd (ASX:FPL) is on track to reach target depth in drilling at its Amerigo Vespucci #1 well, within its 100%-owned, 21,500-acre Pathfinder project in Colorado, USA.

The company expects to hit the target of about 6,000 feet within the next 12 days, after which well-logging and coring is planned.

Comprehensive logging, designed to identify the most prolific sections in the well for hydraulic stimulation and oil and gas production, is expected to take five days to complete.

“Exciting and big target”

Fremont managing director Tim Hart said the Amerigo Vespucci operations were on track and his team was executing to plan.

He said: “Vespucci is an exciting and big target for Fremont which again primarily targets the prolific and very valuable Niobrara shale formation.

“We will report meaningful hydrocarbon shows as drilling progresses.”

READ: Fremont Petroleum shares surge on strong oil and gas flows at JW Powell well

Fremont reports the intermediate section of casing in the well has been cemented in and about 1.4 kilometres of drill string is being tripped back into the wellbore.

This will allow drilling of the remaining 1,200 feet of the well’s production section, down to the target depth, to be completed.

The company will provide another update when drilling of the remaining 1,200 feet has sufficiently advanced.

Quick facts: Fremont Petroleum Corporation Ltd

Price: $0.01

Market: ASX
Market Cap: $14.93 m
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