Mr. Steve Hanson reports
IFR PROVIDES TECOLUTLA PRODUCTION UPDATE NEW HORIZONTAL SET TO DRILL
International Frontier Resources Corp. has provided an update on the results for extended production testing operations of the first vertical well (TEC-10) drilled by its joint venture, Tonalli Energia, at the Tecolutla onshore oil and gas block in Mexico.
At Tecolutla, Tonalli started its second test period of the TEC-10 producing well on Sept. 20, 2018, as part of its approved evaluation plan. Perforation and stimulation of the TEC-10 well commenced in late June, 2018, targeting multiple zones in the El Abra reef.
As of Oct. 31, 2018, TEC-10 has produced for 42 consecutive days from 2.5 metres of perforation with the following results:
As of Oct. 31, 2018, the well flowed for the last 24 hours at an estimated rate averaging 181 barrels of crude oil and 320 barrels of total fluid (57 per cent crude oil by volume) at 741 psi (pound-force per square inch) flowing pressure.
In October, 2018, the well produced an average of approximately 181 barrels of crude oil per day and 312 barrels of total fluid per day (58 per cent crude oil by volume) at an average 873 psi wellhead flowing pressure.
Cumulative tested production from Sept. 20, 2018, up to, and including, Oct. 31, 2018, was 160 barrels of crude oil per day and 302 barrels of total fluid per day (52 per cent crude oil by volume) at an average 813 psi flowing pressure.
"The flow data and high deliverability of liquids at TEC-10 continues to increase our confidence in the potential of this block," commented Steve Hanson, president and chief executive officer of International Frontier Resources. "All Tecolutla oil sales have benefited from a strong commodity price in Mexico and will provide ongoing cash flow for the field's development."
International Frontier Resources continues to be encouraged by the performance of the TEC-10 well and by the prospects for the upcoming first horizontal well (TEC-11), which is scheduled to commence on Nov. 12, 2018. TEC-11 is the first horizontal well of a potential multiwell drilling program for the Tecolutla block. The data gathered from TEC-10, including permeability, porosity and pressure data, indicate that the reef at Tecolutla is capable of high deliverability.
Through its joint venture with Grupo IDESA, 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 gas mature fields bid round.
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. International Frontier Resources also has projects in Canada and the United States, including the Northwest Territories and Montana.
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