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We think this is a fantastic result for everyone involved, especially our shareholders, this is an enormous amount of money to be spent on exploration and indicates just how massive the potential for this area could be. Statoil is a global oil & gas company listed on the New York Stock Exchange and the Oslo Bors with a market capitalization of approx US$75 Billion. We believe they presently have business operations in 41 countries/territories and now you can add Australia. As we understand it, this is the first investment of Statoil into Australia, and needless to say, adds huge global credibility to the Southern Georgina Basin as well as significant capital and technical capability.
We are very excited to announce this farm-in agreement whereby up to US$230.0 million will be spent on our unconventional properties, of which Statoil will contribute up to US$210.0 million. Statoil is a highly regarded international exploration company, actively involved in major unconventional plays and brings exceptional financial resources and technical capabilities to our new relationship. We believe that partnering with a global leader like Statoil validates the potential of our assets and the exploration work we have completed to date.
These exploration activities are in line with our objective to access shale plays at an early stage, at low cost and to develop them into potentially high value assets. We are looking forward to exploring them together with PetroFrontier, a small but highly competent company.
CALGARY, June 25, 2012 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that it has successfully completed the drilling of its second horizontal well ("MacIntyre-2H") in the Southern Georgina Basin, Northern Territory, Australia. MacIntyre-2H is located in the northeastern part of EP 127, approximately 60 km from the Baldwin-2Hst1 well, which PetroFrontier successfully drilled in late 2011.
MacIntyre-2H reached a total measured depth of 1,916 metres and stayed within the primary target zone, the Lower Arthur Creek "Hot Shale" Formation, for approximately 1,080 metres, recording positive hydrocarbon indications along the entire length of the horizontal section. A multistage open-hole completion string will now be placed in the well before the drilling rig moves on to drill PetroFrontier's third horizontal well, Owen-3. Thereafter, a fracture stimulation program is expected to be carried out at each of Baldwin-2Hst1, MacIntyre-2H and Owen-3H.
Although the drilling results from MacIntyre-2H are encouraging, this well remains a high-risk exploration venture. Readers are cautioned that no reserves have been proven by this well.
technically, everything looks wrong ......
Ha ha. love it.
Couldn't agree more. I topped up with a couple of mil. about a month ago at 1.4. They are currently progressing the second frac and I think the third will be completed within a couple of weeks. Then flow tests. Because of flow testing in reverse order it is touch and go if our hole gets a go before the wet. However good results from the first 2 would be a major boost/de-risk for us.
CALGARY, Oct. 12, 2012 /CNW/ - (TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to provide an operational update regarding its current well completion operations in the Southern Georgina Basin, Northern Territory, Australia.
Owen-3H
A successful hydraulic stimulation was performed on the Owen-3H well over ten open-hole stages. PetroFrontier is very encouraged by the low fluid injection pressures and high injection rates evident during the stimulation. Log data and core samples have been obtained and appear positive, confirming the existence of oil in the Lower Arthur Creek and Thorntonia Carbonate Formations.
PetroFrontier is now preparing to conduct an extended flow-test of the Owen-3H well prior to the wet season. PetroFrontier and its joint venture partner (Statoil Australia Oil & Gas AS) are encouraged by these early stage results and look forward to flow-testing this well. This data will be used to guide the 2013 capital program as it supports the potential for oil recovery in PetroFrontier's unconventional acreage.
MacIntyre-2H
A successful hydraulic stimulation was performed on the MacIntyre-2H well over nine open-hole stages. However, after recovering approximately one-third of the hydraulic stimulation fluid, traces of biogenic hydrogen sulfide gas, produced from naturally occurring organisms in the completion fluid, were detected and the well had to be suspended. PetroFrontier is actively sourcing the specialized equipment to allow flow-testing to resume.
Based on the experience at the MacIntyre-2H well, additional treatment of the completion fluid was performed prior to stimulation operations at the Owen-3H and Baldwin-2Hst1 wells to avoid a reoccurrence of this problem.
Baldwin-2Hst1
During the hydraulic stimulation program of the Baldwin-2Hst1 well, a shallow casing failure occurred and as a result, PetroFrontier was unable to complete the program. As expected, the multiple casing design protected the shallow aquifers. PetroFrontier plans to carry out remedial work to repair this well so that the planned hydraulic stimulation program can be completed.
As a result of these unforeseen operational delays at MacIntyre-2H and Baldwin-2Hst1, test results on these wells are not likely until 2013, depending on regulatory approvals, weather and the availability of required equipment and services.
The operations referred to above are "firsts" in the Northern Territory, Australia and are critically important operations for PetroFrontier. PetroFrontier (in conjunction with its partners, Statoil Australia Oil & Gas AS and Baraka Energy & Resources Limited) intends to continue assessing the most efficient and cost effective way to explore and develop its unconventional resource potential in the Southern Georgina Basin.
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Couldn't agree more. I topped up with a couple of mil. about a month ago ......
Laboratory analysis of the Owen-3 core indicated porosities ranging from 1.6% to 6.7% and low permeability, all as expected. This analysis also indicated that the core fluids contained 90% oil and 10% water. Oil was observed dripping from the core which indicated that it is "movable". Furthermore, no water was apparent on the logs in either the Owen-3 pilot hole or the Owen-3H well.
purchased another parcel at 07's ...
expect a 'please explain' note from the mod squad later today
TSX:PFC said:PetroFrontier Corp. obtains approvals for Amended Farmin Agreement with Statoil
CALGARY, July 19, 2013 /CNW/ - (TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to announce that the Foreign Investment Review Board of Australia ("FIRB") has no objection to, and the TSX Venture Exchange ("TSXV") has conditionally approved, the Amended Farmin Agreement between Statoil Australia Theta B.V., a wholly owned subsidiary of Statoil ASA ("Statoil") and PetroFrontier. Subject to final approval of the TSXV upon filing of final documents, these approvals satisfy the last condition precedent of the Amended Farmin Agreement announced on June 11, 2013.
About Statoil
Statoil is an international technology-oriented energy company focused on upstream oil and gas operations and currently produces 2 million barrels of oil equivalents per day. Statoil has high ambitions for international growth and is active in 35 countries around the world. Statoil's shares are listed on both the Oslo Børs ("STL") and the New York Stock Exchange ("STO"). Statoil has a market capitalization of around US$72 billion and has 23,000 employees worldwide.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas exploration company engaged in the exploration, acquisition and development of both conventional and unconventional petroleum assets in Australia's Southern Georgina Basin. PetroFrontier's common shares are listed on the TSX Venture Exchange under the symbol "PFC". Founded in 2009, PetroFrontier is one of the first companies to undertake exploration in the Southern Georgina Basin in Australia's Northern Territory. PetroFrontier's head office is based in Calgary, Alberta and its operations office is in Adelaide, South Australia.
TSX:PFC said:PetroFrontier Corp. announces seismic program on Southern Georgina Basin, Australia
CALGARY, July 22, 2013 /CNW/ - (TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier") announces that it has begun recording the "AMY" 2D proprietary seismic acquisition program (approximately 385 km in length) on its four exploration permits ("EP"), EP 103, EP 104, EP 127 and EP 128, in the Southern Georgina Basin, Northern Territory, Australia.
This seismic survey, contracted to Terrex Seismic of Australia, will fulfill the Northern Territory government work commitments for permit retention, will delineate the southern and northwest basin margins and help outline prospective hydrocarbon target areas. PetroFrontier and its partners, Statoil Australia Theta B.V., a wholly owned subsidiary of Statoil ASA ("Statoil") and Baraka Energy & Resources Limited, will interpret the data gathered to target conventional hydrocarbons in the Cambrian Thorntonia and other formations and unconventional hydrocarbons in the Lower Cambrian Arthur Creek Formation. The most promising areas will be seismically mapped out and the data will aid in identifying locations for exploration wells to be drilled as part of the 2013/2014 capital exploration program in the Southern Georgina Basin.
TSX:PFC said:PetroFrontier Corp. completes seismic program on Southern Georgina Basin permits, Australia and updates corporate activities
CALGARY, Sept. 6, 2013 /CNW/ - (TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that it has completed the "AMY" 2D proprietary seismic acquisition program consisting of 304 km on its Southern Georgina Basin exploration permits in the Northern Territory, Australia. Interpretation of the data gathered will be the next step in determining drilling locations for conventional and unconventional exploration wells as part of the 2013/2014 capital exploration program in the Southern Georgina Basin to be announced at a later date.
Corporate Updates
Pursuant to the Amended Farmin Agreement announced on June 11, 2013, Statoil Australia Theta B.V. ("Statoil") has assumed operatorship of PetroFrontier's four exploration permits (EP 103, EP 104, EP 127, EP 128) and exploration permit applications (EPA 213 and EPA 252) effective September 1, 2013. Consequently, PetroFrontier has released all staff in its operations office in Adelaide, Australia and that office is now closed.
With working capital of approximately $9.6 million at June 30, 2013, no debt and no ongoing exploration expenses as a result of the recent Amended Farmin Agreement with Statoil, PetroFrontier is now well positioned to pursue new growth opportunities. The Board of Directors and senior management will now focus on evaluating the best strategy going forward for the benefit of all shareholders.
Annual and Special Meeting of Shareholders
PetroFrontier's Annual and Special Meeting of shareholders will be held Thursday September 26, 2013, at the Main Floor Conference Centre, 715 5th Avenue SW, Calgary Alberta, T2P 2X6, at 10:00 a.m. (Calgary time).
About Statoil
Statoil is an international technology-oriented energy company focused on upstream oil and gas operations and currently produces 2 million barrels of oil equivalents per day. Statoil has high ambitions for international growth and is active in 35 countries around the world. Statoil's shares are listed on both the Oslo Børs ("STL") and the New York Stock Exchange ("STO"). Statoil has a market capitalization of around US$72 billion and has 23,000 employees worldwide.
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