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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Fremont Petroleum Corporation Ltd    FPL   AU000000FPL7

FREMONT PETROLEUM CORPORATION LTD

(FPL)
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Fremont Petroleum : Vespucci Well Stimulation Operations Completed

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08/14/2019 | 10:27am EDT

Fremont Petroleum Corporation Ltd (ASX: FPL) ('Fremont' or 'the Company') is pleased to advise that stimulation operations on the Amerigo Vespucci #1 well have now been completed and the stimulation equipment and crews have demobilised.

In total, five frac stages were completed over differing depths between 5,100 feet to 5,500 feet in the Niobrara formation.

The Company is now preparing the well for flow-back operations which are scheduled to commence this week.

The flow-back procedure has been designed to take approximately 21 days in which time the Company expects to retrieve 30% of the stimulation fluids that were injected into the formation during the stimulation operation. At this time the Company expects to be in a position to obtain an initial production rate for the Amerigo Vespucci #1 well.

Material operational updates will continue to be provided as they occur.

Contact:

Guy Goudy

Tel: +1 720 454 8037

ABOUT FREMONT PETROLEUM CORPORATION LTD

Fremont Petroleum Corporation (FPC) is an Oil & Gas production and development company founded in 2006 and headquartered in Florence Colorado USA with its Australian office in Sydney, Australia. The company has operations in Colorado and Kentucky. The primary focus is the development of the second oldest oilfield in the US in Fremont County. The Florence Oil field which hosts FPC's 19,417-acre Pathfinder project was discovered in 1881. Standard Oil & Continental Oil (Conoco) were producers. With new technology, the Florence Oil field is one of the most economic fields in the US, and is much larger and more prolific than originally understood. FPC is listed on the Australian Securities Exchange (ASX: FPL).

DISCLAIMER

This announcement contains or may contain 'forward looking statements' within the meaning of Section 27A of the Securities Act of1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward looking statements.' Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as 'expects', 'will,' 'anticipates,' 'estimates,' 'believes,' or statements indicating certain actions 'may,' 'could,' or 'might' occur. Oil production rates fluctuate over time due to reservoir pressures, depletion or down time for maintenance. The Company does not represent that quoted production rates will continue indefinitely.

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (AUD)
Sales 2019 -
EBIT 2019 -
Net income 2019 -
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
Capi. / Sales2019 -
Capi. / Sales2020 -
Capitalization 11,7 M
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Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 0,02  AUD
Last Close Price 0,01  AUD
Spread / Highest target 214%
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Spread / Lowest Target 214%
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Managers
NameTitle
Timothy Brian Hart Chief Executive Officer, Director & MD
Guy Thomas Goudy Executive Chairman
Lonny L. Haugen Chief Financial Officer
Stuart J. Middleton Independent Non-Executive Director
Andrew William Blow Independent Non-Executive Director
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