Statoil Spuds OzBeta-1 Well in EP 127 in Australia's Northern Territory

Canada's PetroFrontier Corp. (PetroFrontier), an Australia-focused oil and gas exploration company, announced Wednesday that the second well in its 2014 Work Plan and Budget (the 2014 WP&B) has now spud and drilling is underway. The OzBeta-1 well is a vertical exploration well located in Exploration Permit 127 in South Georgina Basin in Australia's Northern Territory. This is the second of up to five vertical test wells to be drilled as part of the 2014 WP&B. All wells will include an extensive open hole evaluation program and up to three of the wells will be cased for future hydraulic fracture stimulation and production testing.

Prior to the spud of the OzBeta-1 well, Statoil Australia Theta B.V., PetroFrontier’s joint venture partner and the  operator of the 2014 WP&B, used the rig to successfully abandon the Owen-3H well in accordance with Australian regulations. The 2014 WP&B is progressing on schedule and as approved by the Joint Operating Committee.

Subsequent to drilling the OzBeta-1 well, the rig will be moved to the third well location of the five well program, OzGamma-1, located in Exploration Permit 103. Readers are encouraged to review the current investor presentation online to see both the well locations and seismic cross sections.


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