New issue announcement,application for quotation of additional securities and agreement
Archives for March 2019
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Fremont Petroleum Corporation Ltd (ASX: FPL) (“Fremont” or “the Company”) advises that it has completed a two-tranche Placement (“the Placement”) through the issue of 395,171,998 new fully paid ordinary shares to sophisticated and professional investors at $0.013 per share to raise AUD$5.1 million before costs. Bell Potter Securities Limited acted as lead Manager to the Placement.
Fremont Petroleum Corporation Ltd (ASX: FPL) (“Fremont” or “the Company”) is pleased to report the JW Powell #23-25 well tested at an initial production rate (IP)of 220 barrels of oil equivalent per day (BOE) from the Niobrara Formation shale. The well recorded a peak gas flow rate of 2.1 MMcf/day but this was choked back to allow for oil production (See Figure 1).
Fremont Petroleum Corporation Ltd (ASX: FPL) (“Fremont” or “the Company”) is very pleased to report that the J.W.Powell #23-25 well is starting to produce strong oil and gas volumes from the Niobrara Formation.
Crude oil is now flowing into the temporary tanks on location which generates revenue immediately, and the well is producing a 15-foot gas flare (see figure 1) in these very early stages.