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Frontera Energy has reported financial and operational results for the first quarter ended March 31, 2023. Frontera's first quarter results were in-line with its 2023 capital and production guidance. The Company delivered average daily production of 41,586 boe/d, generated $91.9 million of operating EBITDA, and invested $131.5 million in capital expenditures.
Preliminary analysis of the logging-while-drilling and wireline log data available at Neon-2 has confirmed that, as at Neon-1, the Paleocene sandstone primary target zones are present and oil bearing at this location.
Karoon reports that the Neon-2 control well reached a final total depth of 2,357 metres MD on 7 March 2023. The well was spudded to the northeast of the Echidna-1 discovery well. Neon-2 encountered net oil pay of 105 metres and reservoir quality similar or better than Echidna-1 and Neon-1, and with a similar pressure regime.
Karoon reports that the Neon-1 (officially 9-NEO-1-SPS) control well, which spudded on 23 January 2023, reached a final total depth of 2,382 metres...
Based on the encouraging preliminary results from the Neon-1 control well, Karoon has decided to proceed with drilling the Neon-2 control well at the Neon discovery in the Santos Basin, offshore Brazil.