Feb 28, 2008
International Frontier Resources Corporation ("IFR" TSX-V) provides the following update on operations.
North Sea - UKCS
Bowmore Prospects - Blocks 15/23c, 15/24a, 15/29a & 15/28a Quad 15
In Q4, 2007 a 3-D survey was shot on portions of blocks 15/28a and 15/23c. To date approximately 450 square kilometres of 3-D has been acquired on the blocks.
Subject to rig availability a well is planned for late 2008, the well will test the Alpha Jurassic Galley prospect that offsets the 15/24a-4 discovery well that tested 11 MMCF/D and 3024 barrels of condensate per day. A well is also planned for in block 15/23c, the well will test a Palaeocene prospect. The Quad 15 blocks were acquired in last year's 24th licensing round. The consortium bid 3-D seismic, two firm wells and two contingent wells.
The Bowmore acreage is a direct offset to the Bugle 15/23d-13z discovery announced by Oilexco on February 26, 2008. The operator "confirmed commerciality of the Bugle discovery". The Company has identified Galley and Dirk prospects on its acreage.
The company's wholly owned U.K. subsidiary, Britcana Energy Ltd ("Britcana") holds a 10% interest in the blocks. Equity in the blocks is held by Nippon Oil Exploration and Production U.K. Limited (30%-operator), Hunt Petroleum U.K. Ltd. (30%) and Stratic Energy (U.K.) Limited (30%).
Block 15/18a - Maria Prospect
As reported on February 25, 2008 the 15/18a-12 well encountered oil and gas in the Lower Forties Formation. By drilling the well the Company has earned an 8.33% interest in block 15/18a which includes previously drilled fallow discoveries. Under the terms of the farmin agreement the 15/18a well was to be drilled as a "finder well". A finder well is a well that provides reservoir parameters and is not engineered to be a producer. The objectives of the 15/18a well were to establish a common oil-water contact (determined), sand quality (32%-35% porosity) hydrocarbon column thickness (45 feet oil pay and 15 feet gas pay) and fluid composition (preliminary 37 degree API).
Results of the 15/18a-12 well are being integrated into new G&G models incorporating the Forties sand accumulation encountered in 15/18a well, and also on other Palaeocene prospect leads identified on block. Equity in block 15/18a is held by Petro-Canada UK Limited (operator -- 25%), ENI UK Limited (50%), Gulf Shores UK Petroleum Ltd. (8.33%), Monoil UK Limited (8.33%) and Britcana Energy Ltd. (IFR-UK subsidiary 8.33%).
25th Licensing Round
The U.K. authorities recently announced the 25th licensing round with bids due in May, 2008. In Q4, 2007 Britcana and partners retained Exploration Geosciences Ltd ("EGL"), a U.K. based G&G consultancy, to evaluate 25th round acreage. EGL have access to large 2-D and 3-D seismic data bases and prospect generation has been ongoing for the last year. Open acreage exists near Britcana's acreage.
Partners in the bidding group are, Lundin Britain Limited (operator -- 50%), Norwegian Energy Company AS (25%), Britcana Energy Ltd. (IFR U.K. subsidiary 15%) and Silverstone Energy Ltd. (10%). The agreement states that should any party elect to not participate in a bid then the participating parties have the right to increase on a pro-rata basis.
Central Mackenzie Valley, NWT
As previously reported the Company is participating for a 15% interest in the Husky et al Dahadinni B-20 well (formerly Haywood) and in the Husky et al Keele-River L-52 well (formerly Cloverleaf), both of which are located on EL-423.
The Dahadinni B-20, which is currently drilling, is targeting a total depth of 2580 meters; the exploration well will evaluate prospects in the Devonian and Silurian. The Keele River L-52 well is scheduled to spud in the first week of March, 2008. The L-52 exploration well has a projected total depth of 830 meters and it will evaluate an oil prospect. Husky Oil Operations Limited is the operator of the B-20 and L-52 wells and EL-423.
The Company holds interests ranging from 8.22% to 25% in four exploration licenses (1 million gross acres) and 42.11% in five freehold sub-surface parcels encompassing approximately 55,000 gross acres.
In Colville Hills, which is located approximately 150 miles north of this winters drilling program, a 2-D seismic is being shot on EL-432. The cost for data acquisition is approximately $10 million. In Q3, 2007 a $12 million 2-D seismic program was completed on EL-429 and EL-445. The data is currently being interpreted with a view to identifying drilling locations for Q1, 2009. IFR holds a 25% interest in three Colville licenses (568,000 gross acres). The licenses are operated by B.G. International Limited (75%).
At December 31, 2007 the Company had 59.5 million shares outstanding and working capital of approximately $26.3 million. The Company announced it has extended the expiry date on 6.2 million warrants exercisable at $1.60 to May 22, 2008.
For additional information on the Company visit www.internationalfrontier.com or contact;
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
You can return to the main News Releases page, or press the Back button on your browser.