Frontera Resources Corporation: Update on Ud-2 Well

Frontera Resources Corporation (AIM: FRR), the European focused oil and gas exploration and production company, is pleased to provide an update on progress of its workover operations at Ud-2 well, situated inside the 950 km2 Mtsare Khevi Gas Complex area, located in onshore Block 12 in Georgia.

The workover operation at Ud-2 well is progressing as planned. The packer has been successfully retrieved and the well has been cleaned to the depth of 3327m. All three target gas bearing intervals are now accessible for testing. After running the casing scraper to ensure the wellbore is clean and replacing mud with water, a bridge plug will be set at 3326m and a pressure test will follow. The Company expects the workover operation to be completed as planned by the end of September, and will provide a further update in due course.

Well testing operations will commence in October. The service company, which has been contracted to perforate gas-bearing intervals in the Ud-2 well, will mobilise on site in the first week of October.

Refurbishment of the separation equipment is completed. The final technical design of the 18km gas pipeline connecting Ud-2 well with the Mtare Khevi gas processing facility (this facility is connected to Georgia's natural gas distribution grid) will be completed by October 1.

Zaza Mamulaishvili, President and Chief Executive Officer, commented:

"We are pleased that workover operations are progressing as anticipated. Three gas-bearing intervals of Oligocene-aged, Lower Miocene-aged and Middle Miocene-aged rocks will be tested, starting in early October. 

"Based on the Netherland, Sewell & Associates resource estimate, the Gareji (Middle Miocene-aged) and the Maykop (Oligocene and Lower Miocene-aged) reservoirs of the Mtsare Khevi Gas Complex are estimated to contain 8.3 Trillion Cubic Feet (TCF) of Gas in Place (OGIP) with 5.8 TCF considered recoverable. 

 "If the well completes successfully, we will start working on connecting it to Georgia's gas distribution grid and hope that the Company could start monetising the gas as soon as the end of the year.  I look forward to keeping shareholders updated on our progress." 

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