Statoil moving forward ----2013-14 Timeline--
US$ 50.0 MM Fully-Carried 2013/2014 Capital Program
• Assumed operatorship on September 1, 2013
• 304 km AMY Seismic program to be interpreted late Q4
• Currently mobilizing a technical team of 15-20 including a 4-6
person drilling group from Houston, TX to Adelaide
• Drilling program of 4-6 exploration wells completed by end of 2014
o Definitive timelines pending finalization of rig contracts
o Vertical wells to be fully logged and cored
o Perforate, fracturing and flow testing possible on 2 or more
o Wells to be located on 3 of the four active permits
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Investment case
• Farmin agreement with Statoil Australia provides a full carry of up to $175 MM of exploration and
development funding
• Statoil assumes operatorship September 1, 2013; drilling activity to ramp up in 2014
• Proven expertise in Statoil as it continues to drive profitable growth across the globe with continued
exploration success
A Major Coup! Winning Statoil to join and to renew as a JV partner
• Statoil to fully carry US$50.0 MM 2013/2014 capital exploration program; optionality for fully funded capital
programs over next 3 years
• Eliminates the need for PetroFrontier to raise additional financing; $9.6 MM current working cash position
Fully funded exploration program through to 2016
• High value resource base remains in place; Unconventional ~26.4 BBbl, Conventional ~1.2 BBbl
(Ryder Scott, Nov 2010)
• PetroFrontier retains 20% working interest in massive tracts of under explored permits in Australia;
12.2 MM net acres
• Statoil Farmin Agreement values land at $17.93/acre or $218.75 MM
Big resource numbers; Unparalleled frontier land base
• Average 10 day trading price of $0.21/share; full carry farmin implies a value of $0.67/share
Attractive valuations; currently trading at a huge discount
• Cost reduction program reduces cash burn; positions PetroFrontier to pursue new growth opportunities
• Currently evaluating domestic and international opportunities
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