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).

Interim financial and operational report for the half year ended 31 December, 2018.

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.

Fremont Petroleum Corporation Ltd (ASX: FPL) (“Fremont” or “the Company”) advises that flow back operations are progressing on the J.W.Powell #23-25 well.

The flow-back program is designed to recover ~30% of the hydraulic stimulation fluids that were injected into the Niobrara Formation as a part of the fracking process. Typically at the 30% mark, a productive reservoir will start to produce oil and gas, and the water cut diminishes over time.

Fremont Petroleum Corporation Ltd is pleased to advise that fracking and completion operations have been successfully performed on the JW Powell #23-25 well located in the 100%-owned 21,500-acre Pathfinder Field, Colorado.