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International Frontier Resources Corp
Symbol C : IFR
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Close 2018-08-07 C$ 0.16
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Int'l Frontier releases testing results for TEC-10 well

2018-08-07 12:03 ET - News Release

Mr. Steve Hanson reports

EXTENDED TESTING OF TEC-10 WELL RESULTS IN SIGNIFICANT INCREASE IN OIL PRODUCTION AT TECOLUTLA

International Frontier Resources Corp. has released the results of the extended testing operation of the TEC-10 well drilled by its joint venture, Tonalli Energia, at the Tecolutla onshore oil and gas block in Mexico.

On Aug. 6, 2018, Tonalli completed an 18-day flow test of the primary zone interval with the following results:

  • Daily oil production of the TEC-10 well increased throughout the extended production test from the initial low-flow rates observed on July 23, 2018, to more than 175 barrels of oil per day at the end of the production test on Aug. 6, 2018.
  • Over the last 72 hours of the extended well test, the TEC-10 well produced an average of 154 bopd and 300 barrels per day of total fluid (51 per cent crude oil by volume).
  • During the last 24 hours of the extended well test, the TEC-10 well produced 178 barrels of crude oil and 305 barrels of total fluid (58 per cent crude oil by volume).
  • During the 18-day test period, the TEC-10 well maintained a consistent daily flow rate of 285 to 315 barrels of formation fluid while flowing through a restricted 12/64th-inch surface choke.
  • Flowing wellhead pressure increased from 260 pounds per square inch on July 23, 2018, to more than 900 psi at the end of the testing period on Aug. 6, 2018.
  • The initial bottom-hole pressure data indicate that the TEC-10 well production capacity is significantly higher than the restricted flow rates observed during the extended testing operation.

"IFR is encouraged by the economic results obtained over the extended production test, including the increase in oil production and the high deliverability of the TEC-10 well," stated Steve Hanson, president and chief executive officer of International Frontier Resources. "The results from TEC-10 are a significant improvement from the initial figures released and show great promise for development of the field."

The data obtained during the extended well test are consistent with Tonalli's technical model, where the existing vertical wells have only partially depleted the El Abra reservoir at this interval depth in the southwestern portion of the Tecolutla block.

A graphical depiction of the test results since perforation can be accessed visiting International Frontier Resources' website.

Perforation and stimulation operations of the TEC-10 well commenced in late June, 2018, targeting multiple zones over 138 metres of gross El Abra reef. Initial results of the TEC-10 flow tests from the lower intervals and the upper zone target (interval C) were released on July 23, 2018.

The TEC-10 well has been shut in to record pressure data that will provide additional information to be used for the full development of the asset. The period of building up pressure is expected to last between two to three weeks. Tonalli is continuing to work with service providers in Mexico to allow for the TEC-10 well to resume production testing operations after the shut-in period.

Tonalli intends to recommence the well testing operations in order to monitor the performance of the TEC-10 well before permanent production and water disposal facilities are installed. Tonalli's technical team will continue to evaluate the test data to determine the optimum production rate for the TEC-10 well to maximize hydrocarbon recovery.

TEC-11 horizontal well planning under way

Tonalli is planning to commence construction of the surface pad site for the first horizontal well within the next few weeks and expects drilling operations to commence in late Q4 2018, subject to final regulatory approvals. The TEC-11 horizontal well will be drilled in the northern extension of the Tecolutla block (targeting a portion of the El Abra reservoir that has not been accessed due to surface topography).

This new well will be drilled from the existing TEC-2 surface location, and utilize the knowledge obtained during the drilling and completion of the TEC-10 directional well. Tonalli expects that the reprocessed 3-D seismic data and application of horizontal drilling will mitigate the risk of encountering localized geological features that limit well performance. The TEC-11 horizontal well is designed to maximize the contact of the horizontal leg of the wellbore with the upper portion of the prolific El Abra reservoir.

Please see the TEC-11 drilling map by visiting International Frontier Resources' website.

Through its joint venture, International Frontier Resources was one of the first foreign companies to participate in Mexico's historic reform of the oil and gas sector. The Tecolutla block was awarded to Tonalli as part of the first round and third call of Mexico's oil and natural gas mature fields bid round (the first in almost 80 years).

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, International Frontier Resources 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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