Company Profile
PetroFrontier is an international oil and gas corporation engaged in the exploration, acquisition and development of both conventional and unconventional world-class onshore petroleum and natural gas assets in Australia’s South Georgina Basin. PetroFrontier has a net 85.5% operated working interest in 13.6 milliongross acres (54,850 km2) of land in the region
Conventional and Unconventional Resources
|
Un-risked Undiscovered Original
Oil in Place Expressed in Millions of Barrels |
Un-risked Prospective (Recoverable) Oil Resources Expressed in Millions of Barrels
| ||||
|---|---|---|---|---|---|---|
PFC’s Gross Lands
|
Low (P90)
|
Best (P50)
|
High (P10)
|
Low (P90)
|
Best (P50)
|
High (P10)
|
Thorntonia
|
3,548
|
6,278
|
10,700
|
556
|
1,026
|
1,838
|
Steamboat Sand
|
238
|
526
|
975
|
25
|
58
|
121
|
Hagen
|
155
|
273
|
460
|
16
|
31
|
58
|
Dolomitic Shoal
|
7
|
12
|
19
|
1
|
1
|
2
|
EP 103 & 104 Shale
|
137,229
|
192,190
|
257,899
|
8,879
|
18,883
|
27,799
|
EP 127 & 128 Shale
|
54,758
|
76,649
|
102,908
|
4,850
|
7,535
|
11,093
|
Total
|
195,935
|
275,928
|
372,961
|
14,326
|
27,534
|
40,911
|
According to Management, PetroFrontier's lands in the Southern Georgina Basin have similar geological features to the unconventional Bakken and conventional carbonate ramp plays in North Dakota and Southeast Saskatchewan, Canada’s Williston Basin. According to an April 2008 U.S. Geological Survey report, the Bakken oil shale formation has an estimated 3.65 billion barrels of recoverable light oil reserves. Comparably, according to the independent resource-evaluation firm, Ryder Scott Company Consultants Ltd. (Ryder Scott), PetroFrontier’s gross lands contain prospective (recoverable) un-risked, undiscovered resources totalling 11.3 billion barrels of oil. Of this amount, 8.9 billion barrels of oil come from the unconventional Arthur Creek Hot Shale.
PetroFrontier is headquartered in Calgary, Alberta and employs a highly experienced management team and board of directors with expertise in international oil and natural gas exploration and development. Conducting all of their operations in Australia, PetroFrontier also has an office in Adelaide, Australia and utilizes local expertise by employing local management, staff and consultants to assist in the development and implementation of the Corporation’s exploration projects. PetroFrontier believes that maintaining strong community, government and industry partnerships in Australia through sound corporate citizenship will be a key element of their overall success.
PetroFrontier Corp. Provides an Operational Update from the Southern Georgina Basin, Australia
BeantwoordenVerwijderenMon, Nov 21, 2011 4:26 PM EST
Symbol Price Change
PFC.V 1.02 +0.00
CALGARY , Nov. 21, 2011 /CNW/ - (TSX-V: PFC.V - News) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that the "MacIntyre-2" inclined pilot hole has been drilled to a measured depth ("MD") of 930 metres.
MacIntyre-2 was drilled as a high angle pilot hole through the Basal Arthur Creek "Hot Shale" formation and into the Thorntonian carbonate formation. Elevated hydrocarbon shows were recorded throughout the entire Basal Arthur Creek "Hot Shale" formation with sustained and peak levels generally two to three times greater than those seen in the vertical pilot hole at Baldwin-2Hst1.
The logging results for MacIntyre-2 are very positive showing approximately 22 metres of true vertical depth ("TVD") pay with porosities varying between 5 - 11%. Studies completed by two independent petrophysical companies indicate that the Basal Arthur Creek "Hot Shale" zone in MacIntyre-2 may be oil bearing, although natural gas is present as well.
A drill stem test ("DST") was conducted in the high angle pilot hole over a 35 metre interval. Although a significant flow was not expected and did not occur as the formation is an unconventional oil shale, positive results were received as both the shut in pressures and the flow pressures increased throughout the test.
Due to increasing rains and a continued heavy rain forecast in the Northern Territory, the drilling rig is being demobilized and the horizontal portion of MacIntyre-2 will be completed in early 2012 after the rainy season.
PetroFrontier continues to maintain its strategy of completing and frac'ing MacIntyre-2, followed immediately by the frac'ing of Baldwin-2, in order to minimize capital expenditures. This will now occur in early 2012.
PetroFrontier is in the process of completing the Ross Infill 2D seismic survey over the northern portion of EP 103 and expects it to be completed on time and within budget. The crew is currently recording the final line of the survey adjacent to the Sandover Highway as it leaves the area. The 378 km survey was required to delineate drilling targets in the area. Additional seismic acquisition is also planned in EP 104 and EP 128 after the wet season in 2012.
Paul Bennett , Chief Executive Officer and President, commented:
"We had strong hydrocarbon indications while drilling through the Basal Arthur Creek "Hot Shale" in MacIntyre-2. There was evidence of oil and effervescing gas (up to C5) in the samples. Definitive results will be confirmed once we frac and flow MacIntyre-2H and Baldwin-2Hst1. We are extremely encouraged by our results to date and by the fact that we now have two wells over 60 km apart that have shown very encouraging hydrocarbon indications in the Basal Arthur Creek "Hot Shale. These results are an extremely positive sign and have the potential to add significant value for our shareholders. These two wells take us closer to confirming our original belief that PetroFrontier is about to unlock a significant unconventional resource in the Basal Arthur Creek "Hot Shale". We look forward to announcing further results once both wells have been frac'd in early 2012."
MacIntyre-2 is located in the northeastern corner of EP 127 in the Southern Georgina Basin, Northern Territory, Australia approximately 60 km northwest of PetroFrontier's first location, Baldwin-2Hst1.
PetroFrontier Corp. releases third quarter 2011 financial and operating results
BeantwoordenVerwijderenTue, Nov 29, 2011 2
CALGARY, Nov. 29, 2011 /CNW/ - (TSX-V: PFC.V - News) - PetroFrontier Corp. ("PetroFrontier") today released its financial and operating results for the third quarter of 2011. A copy of PetroFrontier's unaudited condensed consolidated financial statements and related management's discussion and analysis ("MD&A") can be accessed either at www.sedar.com or on PetroFrontier's website.
Third Quarter 2011 Highlights
On August 3, 2011, PetroFrontier began drilling its first exploratory well, "Baldwin-2Hst1". This well is located in the southwestern part of EP 103 in the Southern Georgina Basin. PetroFrontier has a 100% working interest in EP 103 and is the operator.
On September 9, 2011, PetroFrontier announced the closing of the sale of its non-core Canadian petroleum and natural gas properties in Saskatchewan and Alberta for a cash purchase price of approximately $6.8 million. This sale represents the sale of the Canadian properties owned by Texalta Petroleum Ltd. when PetroFrontier acquired it on May 31, 2011.
During the three and nine months ended September 30, 2011, capital expenditures incurred totaled $10.0 million and $15.0 million respectively and related primarily to seismic acquisition and drilling in the Southern Georgina Basin.
With current working capital of $34.9 million and no debt as at September 30, 2011, PetroFrontier is fully funded to continue with the execution of the exploration program and for general operations well into 2012.
Subsequent Events
On October 11, 2011, the horizontal section of Baldwin-2Hst1 reached a total measured depth of 1,948 metres and drilling remained within the main target zone in the lower Arthur Creek "Hot Shale". Positive hydrocarbon indications were recorded along the entire length of the horizontal section with elevated gas readings and evidence of heavier hydrocarbons present. A Packers Plus string was then placed in the horizontal section of this well and the well is now ready for frac'ing early in 2012.
On October 28, 2011, PetroFrontier began drilling its second exploratory well, MacIntyre-2. MacIntyre-2 is located in the northeastern corner of EP 127 in the Southern Georgina Basin approximately 60 km northwest of Baldwin-2Hst1. PetroFrontier has a 75% working interest in EP 127 and is the operator.
On November 21, 2011, MacInctyre-2 had reached a vertical measured depth of 930 metres. Elevated hydrocarbon shows were recorded throughout the Arthur Creek "Hot Shale" formation with sustained and peak levels generally two to three times greater than those seen in the vertical pilot hole at Baldwin-2Hst1. PetroFrontier is very encouraged by the significant oil and gas shows in its first two wells located 60 km apart in the Southern Georgina basin.
Due to the imminent onset of the wet season in the Northern Territory, the drilling rig at MacIntyre-2 has been demobilized and the drilling of the horizontal portion of the well has been deferred until early 2012. Further to that, PetroFrontier will continue with the frac and completion of Baldwin-2Hst1 once MacIntyre-2Hz has been completed.
PetroFrontier's strategy is to mobilize the frac'ing equipment when the drilling of the horizontal leg of MacIntyre-2 is near completion. MacIntyre-2 would then be frac'ed, followed by Baldwin-2Hst1.
On November 10, 2011, the Shareholder Rights Plan (the "Rights Plan") previously adopted by the Board of Directors was approved by PetroFrontier's shareholders at its Annual and Special Meeting.
Additional Information
PetroFrontier has recently updated its Investor Presentation with results from the recent drilling activity in the Georgina Basin and it is available for viewing on its website at www.petrofrontier.com.
Nog maar kort geleden stond de koers van PFC op ca 4,40, nu tijdelijk in de ramsh voor ca 1 CAD.
BeantwoordenVerwijderenAls de in USA-Bakken een bedrijf een gelijke hoeveelheid land in bezit had, dan kostte dit bedrijf waarschijnlijk een paar miljard.
We praten hier over een potentieel van ca 11 miljard BOE (shale + gewoon).
PFC lijkt dus bijzonder veel op TAG Oil.
http://www.petrofrontier.com/en/pfc-2011-01-14-ryderscottreport.pdf
Stockhouse forum:
BeantwoordenVerwijderenI am in
oilandgas1112
12/7/2011 11:58:31 AM | | 138 reads | Post #30437008
Just bought 60k at average price of 1.06
We should find strong support at $1 I think then we have the testing in april.
I think it is time for people to load up the truck. Tax loss season is almost done. So down pressure are almost over.
Don't forget we have 11.5 million net acres of equivalent Bakken look like. This is massive. If we can crack the code (big chance as the permeability and porosity and TOC are equivalent or better than in the bakken. We can look at easily 20 billion barrel reco according to my computation.
In australia fiscal term are great so expect a value of $20 per barrel. So we have more than 50% to be the next exxon. I think this is a lifetime opportunity.
On top of that we have packer plus technology used (which is considered to be the better techno) with the schlumberger team making the fracc recipe. Oh my goodness
We have enough money for completing those 2 testing plus at least another well.
Last drilling had been a success technically with everything looks promising
Plus insiders buying at north $2 as heritage
Plus rumor of a farmout
Plus no debt and our market cap is only $65 millions. I have never seen such a cheap share price considering the tremendous potential with a moderate risk.
You should hurry up to buy now this sale will not last......
Best
Julien
RYDER SCOTT COMPANY PETROLEUM CONSULTANTS
BeantwoordenVerwijderenIt should be noted that the resource prospects identified within AEC’s lands have very sparse seismic control and poor well control.
Very few wells have been drilled within the entire Southern Georgina Basin within Australia’s NT. Within AEC’s four EPs, a total of only twenty nine exploration wells have been drilled, most of the wells were drilled by mining and oil exploration companies and a few were Government stratigraphic test wells.
It should be clearly understood that the resource plays evaluated herein are high risk exploration plays.
No commercial hydrocarbons have been discovered to date on any of AEC’s prospects. There is no
certainty that any portion of the undiscovered resources will be discovered and that, if discovered, it may not be economically viable or technically feasible to produce any of the resources.
*************************
Dit wordt zoeken naar een speld in een hooiberg waarvan het maar de vraag is of er iets in zit.
Ze moeten nog alles bewijzen. De eerste twee boringen hebben tot nu toe in ieder geval niets opgeleverd.
Tweetie,
BeantwoordenVerwijderenzoeken naar een speld in de hooiberg....??
Dat is totaal niet aan de orde, het mooie van shale-olie/gas is dat je overal olie/gas zult vinden, waar je ook boort. Of het commercieel is, moet inderdaad nog bewezen worden en dat weten we pas na het fracken.
Het is 100% zeker dat er o.a. in de Hotshale-zone heel veel olie en gas zit (meer dan 5%), of denk je dat RyderScott alle schattingen uit de duim gezogen heeft?
De eerste 2 boringen zijn nog niet gefrackt, maar hebben wel olie en gas aangetoond.
Bij de Bakken had men in het begin helemaal niet door dat er heel veel winbare olie en gas aanwezig was, ondanks talloze boringen, Bakken-olie en gas spuit nu eenmaal niet uit de grond.
Voor personen met twijfel verwijs ik naar de laatste presentatie:
http://www.petrofrontier.com/en/presentations/pfc-_investor_presentation_november_2011.pdf
Unconventional “Hot Shale” Thickness Map
BeantwoordenVerwijderenUnconventional Source Rock
• Thickness of source rocks >40 meters
• 13 old wells contain
prospective oil rich shale
• Oil Resource 26.4 BBbl
• Reservoir rocks interbedded in oil rich shale
• Biggest play risk is technical and economic (engineering)
--------------------------------------
anders gezegd: er zit overal olie en gas, maar de eventuele problemen zijn technisch (fracken) en economisch (wat wordt de productie per dag).
JANUARY 03, 2011
BeantwoordenVerwijderenAustralia has shale oil field with an estimated 5 to 11 billion barrels of recoverable oil that seems to duplicate Bakken oilfield in the USA
An encouraging development was recently announced by Baraka Petroleum Limited (“BKP”) concerning shale oil potential in two permits in the Southern Georgina Basin in which they have an interest (EP127 and EP 128 covering approximately 30,000 km2). The estimates prepared independently by US based Ryder Scott for these permits ranged from 5 to 11 billion barrels in prospective recoverable resources at the “low” to “high” estimate levels respectively. The Georgina basin is in the middle of Australia. the field also has about 80 trillion cubic feet of natural gas.
The Georgina Basin, which covers most of the central-eastern part of the Northern Territory, is one of the most prospective undeveloped onshore petroleum provinces in the Northern Territory and Queensland.
The basin is one of several large intracratonic basins found in central Australia that are filled mainly with Paleozoic and Precambrian sediments (about 1,000-5,000 metres thick). Intracratonic basins are worldwide in occurrence and are normally found within continental interiors and away from plate boundaries. Other well-known intracratonic basins are the highly productive Williston Basin (located in North Dakota, Montana and Saskatchewan) and the Parana Basin in South America. Both the Williston and the Georgina Basin areas contain massive source rocks. The Cambrian strata of the Arthur Creek (Georgina Basin) is considered to be similar to the Mississippian succession (Brakken Shale) of Western Canada & North Dakota that has produced more than ten tcf of gas and one billion bbls of oil.
The operator east of ATP-582 (Central Petroleum) stated in a press release on December 12th that the Central Petroleum has previously announced in-house estimates of shale gas and shale oil potential in some of its application areas in the Southern Georgina Basin as being up to approximately 80 TCFG UGIIP and up to 650 MMbblsUOIIP. (SPE “high” estimate undiscovered gas and oil initially in place respectively.)
Lead A has possible estimated resources of approximately 432,000,000 barrels of oil.
Lead B has possible estimated resources of approximately 414,000,000 barrels of oil.
Lead C has possible estimated resources of approximately 112,000,000 barrels of oil.
Lead D has possible estimated resources of approximately 67,000,000 barrels of oil.
If the four wells are successful, the operator (Baraka Petroleum Limited) plans to carry out a $44.8 million 20-well exploration drilling program.
http://nextbigfuture.com/2011/01/australia-has-shale-oil-field-with.html
ASX Announcement
BeantwoordenVerwijderen17th January 2012
Georgina Basin Drilling and Progress Update
Baraka Energy & Resources Ltd (ASX:BKP, RBD:GR)(“Baraka” or “ the company”), advises that
its Joint Venture partner Petrofrontier Corp (TSX:PFC) has recently released a new Investors
Presentation which in Baraka’s opinion is very informative. Baraka shareholders and
potential investors may access the report via the following website which indicates a
possible completion of Baraka’s horizontal leg and fraccing in March/April of 2012.
http://www.barakaenergy.com.au/pdfs/2012-01-17-
090904PetroFrontier_Investor_Presentation_January_2012.pdf
In addition, Petrofrontier has announced they have appointed Macquarie Capital Markets
Canada Ltd (the major capital raising participants on their IPO) to seek a potential farm in
partner as a result of enquiries from third parties. This will require Petrofrontier to accept a
lesser participation percentage in the overall basin acreage and potential earnings.
Baraka’s Board anticipated the possible expenditures that may be called upon to meet
commitments on completion and fraccing costs on MacIntyre-2H, as well as further Seismic,
beyond the free carried costs of up to a minimum 500 metres horizontally drilling into the
Arthur Creek “Hot Shale”, and raised the necessary capital in 2011.
As a result of discussions, the Baraka board advised Petrofrontier, that Baraka would not
need to participate in any reduced percentage in the joint venture by virtue of any incoming
party, and could meet any and all cost commitments when required to retain its full 25%
participating interest in the joint venture.
Baraka, together with New York Securities Pty Ltd(Previously trading as Zurich Securities Pty
Ltd), have recently returned from Indonesia where meetings have been held with numerous
coal concession holders, further discussions could result in conditional agreements which
still require substantial due diligence.
We will continue to keep our shareholders informed of progress on all of these issues and
believe we will have a very positive year in 2012.
END
PetroFrontier Corp.
BeantwoordenVerwijderenTSX Venture Listed – PFC
Common Shares Outstanding
63.9 MM (basic)
70.0 MM (diluted)
Working Capital (Oct 31, 2011) $35.75 MM
Debt Nil
Management and Director Ownership
10.2% (basic)
14.8% (diluted)
Institutional Ownership 62.9%
=================================================================================
Uitgaande van ca 65 miljoen uitstaande aandelen en een huidige koers van ca 2 CAD
is de beurawaarde ca 130 miljoen.
PetroFrontier Corp. announces award of additional permits and update on operations and joint venture process
BeantwoordenVerwijderenPress Release: PetroFrontier Corp. – 1 hour 14 minutes ago
Symbol Price Change
PFC.V 1.90 -0.08
PetroFrontier Acreage (CNW Group/PetroFrontier Corp.)
CALGARY , March 5, 2012 /CNW/ - (TSX-V: PFC.V - News) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that it has been awarded two exploration permit applications ("EPAs") in the western part of the Southern Georgina Basin , Northern Territory, Australia totaling 3,800 km2 (939,000 acres). EPA 213 (1,527 km2) and EPA 252 (2,273 km2) have been conditionally awarded to PetroFrontier and are dependent on the negotiation of surface access agreements with the Aboriginal stakeholders in the area. These two EPAs are 100% owned by PetroFrontier. These additional EPAs bring the total gross acreage controlled by PetroFrontier to approximately 14.5 million acres.
Operational Update
On January 24, 2012 , PetroFrontier announced that it had contracted Rig 918 from Ensign Australia Pty . Limited, a subsidiary of Ensign International Energy Services . Rig 918 will be used to finish the MacIntyre 2H horizontal well and then drill a high angle pilot well at Owen 3. The party currently using Rig 918 has advised PetroFrontier that Rig 918 will not be released from its current drilling location in the Cooper Basin until mid-April 2012. Once Rig 918 is released, PetroFrontier anticipates that an additional week will be required to mobilize it from the Cooper Basin to the Southern Georgina Basin . However, if current rain persists in the Cooper Basin or in the Southern Georgina Basin, the arrival of Rig 918 could be further delayed.
PetroFrontier believes it has sufficient capital at this time to drill both MacIntrye 2H and Owen 3, and to complete hydraulic fracture stimulations at both MacIntrye 2H, as well as the suspended Baldwin 2H well.
Joint Venture Process
On January 16, 2012 , PetroFrontier announced that it had retained Macquarie Capital Markets Canada Ltd. as its exclusive adviser to assist it in seeking a suitable joint venture partner to participate with it in the exploration and development of its extensive unconventional and conventional exploration acreage in Australia 's Southern Georgina basin. An electronic data room has been opened and has been populated with all the relevant technical and commercial material. Interest from industry has been considerable and the deadline of March 29, 2012 for submitting proposals will likely be extended.
GEORGINA BASIN
BeantwoordenVerwijderenBaraka, with its Canadian Joint Venture Partner, has a carried undivided 25% working interest up to completion of a minimum of 500 meters of horizontal drilling into the Basel Arthur Creek Shale on either EP 127 or EP 128. This zone commences at a depth of approximately 770 meters vertical depth on EP 127. Baraka also retains an undivided 75% working interest in approximately 75kms² around the Elkedra-7 well on EP 127, where previous drilling has indicated oil shows.
The Georgina basin is a region of proven oil potential and represents one of the few remaining virtually unexplored, hydrocarbon, and onshore sedimentary basins in the world. “The southern Georgina Basin, onshore Australia, hosts high quality source beds and potential conventional and unconventional reservoir rocks. We believe that this basin is one of the most prospective onshore basins in Australia with potential for both very large conventional and unconventional oil and gas deposits. The Basin covers more than 100,000 square kilometers (24.7 million acres) in the NT and western part of Queensland. Baraka’s two Exploration Permits are situated over what is believed to be a prospective part of the basin” (Source: Ryder Scott). It is a sparsely explored green field area which makes up part of the Centralian Superbasin, comprising the Amadeus, Georgina and Wiso sub-basins. During the Cambrian era, the Central Australian plate was on the subtropical waters on the fringes of the Rodinia supercontinent. In this period, the organic-rich Arthur Creek black marine shales were deposited, particularly in the Dulcie and Toko troughs. Similar Cambrian marine shales are the source rocks in the extremely productive fields of East Siberia, Oman and the Tarim Basin in China. Above the Arthur Creek shales are the Thorntonia and Hagen Formations, both of which have been shown by previous drilling to show good reservoir properties and anhydrite seals. The Georgina Basin therefore has all the attributes of a productive hydrocarbon province. This prospectivity has been enhanced by oil shows in a number of wells, and gas flows to surface in the Ethabuka-1 and the Discovery Creek water bore.
Previous test wells drilled in the Georgina Basin have demonstrated oil shows and good quality source rocks, seals and reservoirs with target horizons ranging from 300 metres to 1000 metres. A total of twenty nine wells had been drilled, with the most recent eight wells being drilled in 1991, all of which had oil shows but were abandoned. However, advancements in drilling technologies, namely the use of horizontal and multi stage fraccing technology has made basins such as South Georgina a valuable exploration prospect.
PLANNED EXPLORATION PROGRAM
The next anticipated drilling program, Operated by Baraka’s experienced Canadian Joint Venture Partner, will incorporate the latest Horizontal and multi-stage fraccing technology. This highly successful method is widely used in North America to unlock unconventional reservoirs in oil shale zones in formations such as the Bakken formation. Baraka’s management believes this is the first time such Technology is being utilized on Oil Shale in Australia. The use of Horizontal and Multi-Stage Fraccing stimulation technology enhances the possibility of a discovery by opening up hundreds of metres of potential pay zone. This gives Baraka and its JV partner every chance of achieving a successful drilling campaign.
Baraka (BKP.AX) is nog te koop voor ca 0,014 AUD.
VerwijderenPetroFrontier Corp. announces successful drilling of its second horizontal well in Southern Georgina Basin, Australia
BeantwoordenVerwijderenPress Release: PetroFrontier Corp. – 1 hour 38 minutes ago
Symbol Price Change
PFC.V 0.70 -0.06
CALGARY , June 25, 2012 /CNW/ - (PFC.V) - 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.
Update - Statoil Farm-in
Pursuant to the recently announced joint venture /Farm-In Agreement with Statoil Australia Oil & Gas AS, a wholly owned subsidiary of Statoil ASA of Norway ("Statoil"), Statoil and PetroFrontier will each contribute US$25.0 million to PetroFrontier's current 2012 - 2013 Phase 1 exploration program. PetroFrontier is being credited with exploration expenditures already incurred in 2012. Upon completion of Phase 1, Statoil may elect to commit to Phase 2 or withdraw completely whereupon Statoil will have earned no working interest in the lands.
Upon committing to Phase 2, Statoil must pay US$25.0 million to PetroFrontier and commit to spend 80% of the next US$100.0 million in the Phase 2 program. Only at that time, will Statoil have earned a 25% interest in PetroFrontier's acreage. In summary, to complete Phase 2, Statoil must spend US$50.0 million and commit to spend an additional US$80.0 million to earn an initial 25% interest in the lands.
During Phase 2, which is scheduled to occur during calendar years 2014 and 2015, PetroFrontier's US$20.0 million exploration contribution will be funded out of the US$25 million paid to it by Statoil. Furthermore, if Statoil elects to proceed with Phase 3 which is expected to occur during calendar 2016 and beyond, PetroFrontier will not be required to contribute any additional funds until Statoil has spent the next US$80.0 million. Since PetroFrontier's net exploration costs to the end of Phase 3 will only be US$20.0 million (during which time Statoil's commitment will be US$210.0 million), PetroFrontier will not require additional equity funding to meet its obligations under the Farm-In Agreement to the end of Phase 3.
Statoil's involvement validates PetroFrontier's understanding of the exploration potential of the Southern Georgina Basin and will allow PetroFrontier to more rapidly explore and develop its exceptionally large acreage position of over 14 million acres. Statoil brings exceptional technical capabilities, being currently heavily involved in North American unconventional resource plays, such as the Bakken, Marcellus and Eagle Ford.
"With success, the full value of this Farm-In Agreement will be captured and we are committed, in partnership with PetroFrontier, to realizing the potential of the Southern Georgina Basin. We look forward to the possibilities", said Vidar Skjaeveland, Statoil's Vice President, New Ventures.
PetroFrontier Corp. commences drilling of third horizontal well (Owen-3) in Southern Georgina Basin, Australia
BeantwoordenVerwijderenPress Release: PetroFrontier Corp. – 21 minutes ago
Symbol Price Change
PFC.V 0.77 0.00
CALGARY , July 9, 2012 /CNW/ - (PFC.V) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce the spudding of its third horizontal well, "Owen-3", in the Southern Georgina Basin, Northern Territory, Australia . Owen-3 is located in the eastern part of Exploration Permit ("EP") 104 where PetroFrontier currently holds a 100% operated working interest and is included in the recently announced joint venture area with Statoil Australia Oil and Gas AS ("Statoil"). Statoil is crediting PetroFrontier with exploration expenditures already incurred in 2012 and will contribute 50% of the costs associated with this project.
Owen-3 will test the unconventional potential of the primary target zone, the Lower Arthur Creek "Hot Shale", in the Toko Synclinal area. Owen-3 will be drilled as a high angle pilot hole to an estimated depth of 1,280 metres, through the Lower Arthur Creek "Hot Shale" Formation and into the Thorntonian carbonate Formation. PetroFrontier will core the Lower Arthur Creek "Hot Shale" Formation and then log the well. The core will provide valuable technical information to enhance PetroFrontier's understanding of the lithology of this formation, which will aid in optimizing the frac design and reservoir modeling. Owen-3 will be plugged back a short distance and then deviated horizontally for approximately 1,000 metres into the primary target zone. Drilling of Owen-3 is expected to take four to five weeks.
Fracture Stimulation Update
Following the drilling of Owen-3H, PetroFrontier intends to conduct a ten-stage fracture stimulation program at each of its three wells in the following order: MacIntyre-2H, Baldwin-2Hst1 and Owen-3H. In order to maximize operational efficiencies, the wells will then be flow tested in the reverse order. The Lower Arthur Creek "Hot Shale" Formation is an unconventional play requiring the use of advanced horizontal drilling and completion techniques in order to properly test for economic flow rates. PetroFrontier will provide market updates on the frac operations as results materialize and definitive results will be confirmed once PetroFrontier can flow test all of these wells, which is expected to occur over the next few months and prior to the onset of the local Australian wet season.
Het grote voordeel van PetroFrontier is dat PFC dankzij de overeenkomsten met Statoil geen nieuwe aandelen hoeft uit te geven en bovendien beschikt Statoil over de beste knowhow inzake horizontaal boren (dankzij de overname van Brigham).
BeantwoordenVerwijderenDe nieuwste presentatie:
http://www.petrofrontier.com/en/presentations/pfc_investor_presentation_august_20121.pdf?PHPSESSID=eonh1frmtbuvtg5d0l0osc1je4
• Core exploration focus offers shareholders exposure to
Verwijderenmaterial upside in the under explored Southern Georgina
Basin, Northern Territory
• Unconventional prospects 26.4 BBbl
(1)
• Conventional Carbonate ramp prospects 1.1 BBbl
(1)
• Strategic joint venture with Statoil Australia ideally
positions PetroFrontier to execute its exploration strategy
• Validates exploration work done to date and adds global
credibility
• Massive, contiguous land base and operatorship in the
most prospective areas of the basin
• 87% average W.I. in 14.1 MM gross acres (57,060 km2
)
• Geologically analogous to North American unconventional
shale plays (Eagle Ford and Horn River)
• Rich Cambrian age source rocks - world class (>5% TOC)
• First to utilize proven North American HZ drilling and
multistage frac technology
• 2012 capital program budgeted at approx. $30.0 MM
• Includes drilling of 3 HZ wells
• A multistage frac program begins August 2012
• Oil and gas takeaway options available
• Rail, road, pipeline, possible industrial contracts
PetroFrontier Corp. provides operational update and comments on Central Petroleum Ltd - Total SA farmin agreement
BeantwoordenVerwijderenPress Release: PetroFrontier Corp. – Fri, Nov 9, 2012 9:00 AM EST
Symbol Price Change
PFC.V 0.285 -0.05
CALGARY , Nov. 9, 2012 /CNW/ - (PFC.V) - PetroFrontier Corp. ("PetroFrontier") is very pleased to provide the following operational updates.
Operational Update
Owen-3H
At PetroFrontier's third horizontal well, Owen-3H (located in EP104, Northern Territory, Australia ), a high capacity jet pump has been installed, along with the necessary surface tankage and piping to conduct the cleanup and production testing on this well. Like the MacIntyre-2H well, Owen-3H encountered nuisance levels of hydrogen sulphide in the initial flow back of the stimulation fluid. PetroFrontier was able to accelerate the purchase and assembly of the hydrogen sulphide resistant testing equipment planned for MacIntyre-2H and has installed it at the Owen-3H well. This testing has now commenced and is anticipated to take up to 6 weeks depending on weather, equipment reliability and the nature of the recovered fluids.
MacIntyre-2H
As previously reported, the MacIntyre-2H well encountered nuisance levels of hydrogen sulphide while in the initial phases of post stimulation cleanup and flow back and the well was subsequently suspended. Engineering and procurement work on a hydrogen sulphide scavenging system was completed ahead of schedule and the required equipment has been assembled for use at the Owen-3H well. Following completion of the cleanup and production testing of the Owen-3H well, this equipment will be moved to the MacIntyre-2H well to perform its cleanup and production test, the timing of which is now earlier than previously announced. PetroFrontier intends to conduct field operations continuously barring weather interruptions, equipment availability and government approvals.
PetroFrontier Comments on the Recent Farmin by Total SA in Georgina Basin Lands Owned by Central Petroleum Ltd.
On November 6, 2012 Central Petroleum Ltd ("Central") (CTP.AX) announced that the French supermajor Total SA ("Total") had agreed to a multi-staged farmin on four of Central's application permits in the Georgina basin onshore Northern Territory and Queensland, Australia. The farmin lands cover application area EP(A) 132 in the Northern Territory as well as application areas ATP(A)s 909, 911, and 912 in northwestern Queensland and is subject to approvals from Queensland state and Northern Territory regulators and Australia's Foreign Investment Review Board. These farmin lands are adjacent to PetroFrontier's lands in the Northern Territory.
Central reported: "The exploration will start with an investment by the joint venture of US$60 million for stage one, and, at Total's election, US$130 million for stages two and three. Should Total continue and fulfill its funding obligations for stages 2 and 3 Total will earn in increments to a total of 68 percent in the permits. Total is required to fund 80 percent of exploration and appraisal costs over four years to which Total has committed the first US$48 million of expenditure for stage one after which Central will fund the next US$12 million."
PetroFrontier is very pleased to see another major global energy company commencing exploration in the Southern Georgina Basin. This farmin arrangement has confirmed again the play potential that PetroFrontier has identified and is currently developing in the Southern Georgina Basin.
PetroFrontier Corp. Initiates a Strategic Review Process and Provides an Update on its Owen-3H Well
BeantwoordenVerwijderenPress Release: PetroFrontier Corp. – Tue, Dec 4, 2012 7:08 PM EST
Symbol Price Change
PFC.V 0.14 0.03
CALGARY , Dec. 4, 2012 /CNW/ - (PFC.V) - PetroFrontier Corp. ("PetroFrontier" or the "Corporation") announces that its Board of Directors has commenced a strategic review process to identify, examine and consider strategic alternatives for the Corporation. Such strategic alternatives could include a recapitalization of the Corporation, a merger or other business combination of the Corporation with another entity or the sale of the Corporation as a whole.
On June 20, 2012 , the Corporation announced that it had entered into both a farm-in agreement with Statoil Australia Oil & Gas AS ("Statoil") and an underwriting agreement with a large investment bank for the purchase on a "bought deal" basis of 15,000,000 subscription receipts at a price of $1.00 per subscription receipt.
On July 11, 2012 , the Corporation announced that it had received a notice from the investment bank terminating the "bought deal" financing. Despite raising some funds in September 2012 , the Corporation still has a need for additional financing to fulfill its ongoing obligations.
Given the challenging state of the capital markets and the Corporation's recent operational results, the Board of Directors decided to initiate this process.
Owen-3H Update
After 20 days of testing, the Owen-3H well flowed back fluids approximately equal to the amount injected during stimulation and 90% of the amount lost during drilling. However, no hydrocarbons were recovered. As a result the test was stopped and the well shut in pending a further review of the data obtained.
During the hydraulic stimulation of this well, PetroFrontier utilized an advanced chemical tracer application to allow subsequent flow differentiation from each of the ten ports. The analysis of these tracer samples is ongoing and once they have been fully evaluated, a remedial work over program may be developed and risk assessed for implementation.
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.
The crew and equipment used to flow test Owen-3H is now contracted to another operator and has demobilized from the Southern Georgina Basin. PetroFrontier has made every effort to source alternative equipment from other Australian service companies to allow operations to continue during the wet season but none is currently available until Q1/Q2 of 2013.
The Board of Directors and senior management are frustrated with the recent operational results and would prefer to have achieved proof of concept at this early stage of exploration. However, PetroFrontier and Statoil remain positive about the prospectivity of PetroFrontier's massive exploration acreage, which is supported by the favourable Owen-3 core analysis and the recent Total/Central Petroleum farm-in announcement.
The Corporation's 2013 exploration program is currently being planned in conjunction with Statoil and is expected to be finalized in the near future.
Heritage Oil buys additional stake in Petrofrontier Corp
BeantwoordenVerwijderenLONDON | Thu Dec 6, 2012 8:50am EST
Dec 6 (Reuters) - Heritage Oil PLC : * Heritage Oil announces acquisition of common shares of petrofrontier corp. * Acquired 1,800,000 common shares of Petrofrontier Corp representing 2.27% of the outstanding shares * Shares acquired through facilities of tsx venture exchange for a price of CDN$166,320
Heritage Oil Announces Acquisition of Common Shares of PetroFrontier Corp.
BeantwoordenVerwijderenPress Release: Heritage Oil Plc – 21 minutes ago
Symbol Price Change
HOC.TO 3.02 0.00
LONDON, UNITED KINGDOM--(Marketwire - Dec. 18, 2012) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Heritage Oil Plc (HOC.TO)(HOIL.L), an independent upstream exploration and production company, today announces that the Company acquired 1,900,000 common shares ("Shares") of PetroFrontier Corp. ("PetroFrontier") representing 2.39% of the outstanding Shares. Together with Shares already held by Heritage, the Company now holds 15,860,467 Shares, representing approximately 19.98% of the outstanding Shares of PetroFrontier. Heritage also sold 2,311,767 previously acquired warrants.
The Shares were acquired through the facilities of the TSX Venture Exchange for an aggregate price equal to CDN$278,160. Heritage may increase or decrease its ownership of securities of PetroFrontier depending upon future market conditions.
All Shares acquired and/or held by Heritage in PetroFrontier were acquired for investment purposes.
Heritage Oil (ook in Londen genoteerd) is trouwens ook een spotgoedkope 'opvolger' van Mart Resources, alleen is HOC veel goedkoper, veel groter en heeft meer kansen.
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