PetroFrontier Corp. announced that the vertical section of the Owen-3 horizontal well has been drilled to a measured depth of 3,871 feet (1,180 meters). Drilling of the horizontal sidetrack is underway and is expected to reach up to 3,281 feet (1,000 meters) in approximately three weeks. This will be PetroFrontier's third horizontal exploration well in the Southern Georgina Basin, Northern Territory, Australia.
A total of 106.6 feet (32.5 meters) of core was cut and retrieved from the Lower Arthur Creek Hot Shale and Thorntonia Carbonate formations. PetroFrontier is very encouraged by the initial assessment of the cores which seeped oil upon retrieval and had extensive florescence throughout. The well was also wire line logged with equally encouraging results indicating over 82 feet (25 meters) total vertical depth ("TVD") of hydrocarbon bearing formation.
Completion operations are expected to commence later in August. PetroFrontier intends to conduct ten-stage fracture stimulations at each of its three wells: MacIntyre-2H, Baldwin-2Hst1 and Owen-3H. In order to maximize operational efficiencies, the wells will then be flow tested after all wells have been fracture stimulated.
PetroFrontier is encouraged by the results to date and the fact that there are now three wells that have shown very encouraging oil and gas indications in the Lower Arthur Creek Hot Shale. These results have the potential to add significant value for PetroFrontier shareholders.
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