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.
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.
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