06:47:25 EDT Mon 20 May 2019
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International Frontier Resources Corp
Symbol C : IFR
Shares Issued 145,252,385
Close 2018-05-04 C$ 0.26
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Int'l Frontier JV reaches total depth at TEC-10 well

2018-05-07 09:44 ET - News Release

Mr. Steve Hanson reports

IFR JOINT VENTURE REACHES TOTAL DEPTH IN TEC-10 DRILLING, PROVIDES UPDATE

International Frontier Resources Corp.'s joint venture Tonalli Energia has successfully and safely reached total depth at its first evaluation well, TEC-10, on its onshore Tecolutla block, in partnership with Mexican petrochemical leader Grupo IDESA.

The TEC-10 directional evaluation well was drilled to the target depth of 2,453 metres (total vertical depth (TVD) and 2,490 m measured depth). Production casing has been successfully installed and the drilling rig was released on Friday, May 4, 2018.

TEC-10 highlights include:

  • The TEC-10 well encountered the top of the El Abra reef at 2,315 m TVD and drilled 138 m of gross reef thickness.
  • Wireline logs indicate 57 metres of the penetrated El Abra reef have above 3-per-cent porosity with an average porosity of 5.7 per cent.
  • There are multiple prospective intervals including a primary target interval in the upper El Abra with 13 m of net reservoir with a porosity range of 6 to 18 per cent (average 10.7-per-cent porosity). Tonalli is encouraged by the high porosity identified in the TEC-10 wireline logs. Furthermore, a visual inspection of the core taken from within this primary target interval has visible porosity and oil staining.
  • Three intervals in the lower El Abra had indications of oil while drilling and porosity values indicated on wireline logs of between 3 and 6 per cent. The lowest identified interval is at 2,408 m TVD which is 70 m below the lowest produced interval at Tecolutla. It is encouraging to encounter oil indications deeper than originally expected in the El Abra reef. Continuing completion operations are expected to determine the presence and deliverability of hydrocarbons at these deeper depths.
  • Commencement of completion and production testing of the TEC-10 well is expected in mid-May and will determine production rates and recovered fluid properties.

"The successful drilling of the TEC-10 well is a major milestone combining the efforts of our Mexican and Canadian team members, service contractors and partners," said Steve Hanson, president and chief executive officer of International Frontier and director of Tonalli Energia.

Continuing analysis of wireline, imaging logs and core analysis will be utilized to verify the above interpretations, characterize the El Abra reservoir, refine the 3-D seismic model and identify the further potential of the Tecolutla block. The company will provide an update on the results of the production tests when they become available.

The Tecolutla field is located within the Tampico-Misantla basin, which has multiple reservoirs with diverse play types and access to existing infrastructure, market, service sector providers and an established supply chain.

The company was one of the first foreign companies to participate in the historic reform of Mexico's oil and gas sector when Tonalli was granted the right to operate, develop and produce hydrocarbons at Tecolutla through a licensing contract with the Mexican government.

About International Frontier Resources Corp.

International Frontier Resources is a Canadian publicly traded company with a demonstrated record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera SAPI de CV, and strategic joint ventures, it is advancing the development of petroleum and natural gas assets in Mexico. The company also has projects in Canada and the United States, including the Northwest Territories and Montana.

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