PetroFrontier Corp. provides operational update on the "OzAlpha-1" well
CALGARY, April 28, 2014 /CNW/ - (TSX-V: PFC) - PetroFrontier ("PetroFrontier") is pleased to announce that the OzAlpha-1 well located in Exploration Permit 104 in the Northern Territory, Australia has been successfully drilled and cased by Statoil Australia Theta B.V. (the "Operator"). All of the planned open hole well evaluation activities have been completed and are now being analyzed. A total of 196 metres of core were recovered in a continuous coring process, which penetrated the Lower Arthur Creek and Thorntonia formations.
The 2014 Work Plan includes the drilling of up to five wells and the completion and testing of up to three wells. The decision by the Operator to case the well is encouraging; however, it is too early to tell if this well will be selected for completion and testing, as that decision has to consider the ongoing evaluation work and the results of future wells, not yet drilled.
The vertical exploration well design and continuous coring process, developed by PetroFrontier in early 2013 as a means of more cost effectively exploring the South Georgina Basin, has been successfully demonstrated by the Operator, as the well was drilled without incident, on schedule and within budget. "We are truly pleased with how the Operator was able to take the new well design, and execute the program without incident," said Earl Scott, President and Chief Executive Officer of PetroFrontier.
The Operator has moved the rig to the former Owen-3H location to abandon that well in accordance with Australian regulations. Subsequent to that work, the rig will be moved to the second well location of the five well program, OzBeta-1, located in Exploration Permit 127. Readers are encouraged to review the current investor presentation online to see both the well locations and seismic cross sections.
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 where, subsequent to its Amended Farmin Agreement with Statoil Australia Theta B.V., it holds an average net carried 17% working interest in approximately 13.5 million gross acres. PetroFrontier's head office is based in Calgary, Alberta and its common shares are listed on the TSX Venture Exchange under the symbol "PFC".
