Aug 01, 2006
International Frontier Resources to Participate in Seismic Program
International Frontier Resources Corporation ("IFR" TSX-V) reported today the Company is participating in a 235 kilometer 2-D seismic program currently underway on EL-423, EL-397 and EL-441 located in the Central Mackenzie Valley, NWT. The seismic program is being shot over the Haywood prospect located in EL-423, the North Stewart prospect located in EL-397 and the South Tate prospect located in EL-441. The program is expected to cost in the $12 to $13 million range (IFR $700,000 net). Data acquisition is expected to be completed in September with interpretation and prospect mapping completed in Q4, 2006. The consortium decided to defer 2007 drilling operations until new seismic mapping is completed following which all prospects will be ranked according to their respective risk profiles. By deferring drilling operations for a year, the consortium will gain sufficient lead time to interpret newly acquired seismic data with existing seismic data, and integrate this data into existing Devonian and Cretaceous geological models. In addition longer lead time should translate into more cost efficient drilling and logistical operations.
The Company also reported today that farm-in negotiations are in progress with an independent international oil company on the Company's Ridgewood prospect located in North Sea block 12/17a (IFR-50%) and on the Company's Lytham prospect located in UKCS Seaward Production License P. 1129 (Quad 41/42). The Ridgewood prospect will evaluate an untested Jurassic fault block with pre-drill reserve estimates in the 40 to 110 million barrel range. The Lytham prospect will evaluate a prospect identified on a 235 square kilometer 3-D seismic survey with pre-drill reserve estimates of greater than 300 BCF.
Upon execution of formal agreements, and UK authority approval, operatorship of both prospects will be transferred to the farminee. The farminee has a rig slotted for drilling the Ridgewood and Lytham prospects in Q1- Q2, 2007. The Company will retain a 10% to 15% carried interest in the Ridgewood prospect and will participate for a 5% paying interest to retain a 6.25% interest in the Lytham St. Anne's prospect. The Company plans to participate in three high impact North Sea exploration wells prior to the end of 2007.
For additional information on the Company visit www.internationalfrontier.com or contact;
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