Frontera Energy Corp. announces positive drilling results in Colombia

TORONTO -- Frontera Energy Corporation has announced positive drilling results from the Acorazado-1 well located on the 100% owned and operated Llanos 25 block onshore Colombia. As a result, the well is being cased in preparation for testing.

The Acorazado-1 exploration well reached a total MD of 15,470 ft into the target formation where we recorded hydrocarbon shows in a Mirador Reservoir section with 356 ft of gross thickness. The well was drilled ahead of schedule and under budget. The pre-drill cost estimate to drill the well was $35-50 million. We will now run and cement a liner in preparation for testing, bringing the well cost to date to $40 million, excluding future testing costs.

Wireline logging operations combined with a limited pressure and sampling program have confirmed the presence of hydrocarbons in several potentially productive zones. Total hydrocarbon column and potential net pay is still under evaluation. However, the Company is encouraged by the results to date and will case the well and initiate a testing program. The testing program, depending upon results, is expected to take several weeks.

On the Z-1 block offshore Peru the Delfin Sur-1 exploration well, (49% working interest, Frontera is the technical operator), completed drilling on August 12, 2018. The well was drilled to a total measured depth of 7,228 ft in the Heath Formation, on time and on budget and evaluated the Zorritos Formation, where hydrocarbon shows were encountered but not in sufficient quantities to justify further evaluation. The well is being plugged and abandoned. Future activity on the block is under evaluation. Frontera's net capital cost of the well was approximately $14 million.