Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

PetroFrontier Ends Seismic Program at Southern Georgina Basin Permits

change text size

Canada-listed PetroFrontier Corp. reported Friday that it has completed the “AMY” 2D proprietary seismic acquisition program consisting of 188.9 miles (304 kilometers) 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 June 11, 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 Sept. 1. Consequently, PetroFrontier has released all staff in its operations office in Adelaide, Australia and that office is now closed.

With working capital of approximately $9.2 million (CAD 9.6 million) June 30, 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.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Sr. Right of Way Agent SC- 265
Expertise: Document Control, Landman
Location: Rincon
 
Sr. Right of Way Agent SC- 265
Expertise: Landman, Research & Development
Location: N. Augusta, SC
 
Learning and Development Consultant
Expertise: Business Development, Research & Development
Location: US
 
search for more jobs