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In a statement, Frontera said it drilled Acorazado-1 to a total depth of 15,470ft (4,715m) and recorded hydrocarbon shows in a Mirador reservoir section with 356ft of gross thickness.
"Wireline logging operations combined with a limited pressure and sampling program have confirmed the presence of hydrocarbons in several potentially productive zones," the Toronto-listed firm said. "Total hydrocarbon column and potential net pay is still under evaluation."
The well was drilled ahead of schedule and under budget, costing around US$40mn, it said, adding that a forward strategy would be determined following a testing program.
Meanwhile Frontera said it would abandon its Delfin Sur-1 exploration well in Peru's offshore Z-1 block after an unfruitful US$14mn drilling program.
"The well was drilled to a total measured depth of 7,228ft 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 company said.