PetroFrontier Corp. (PetroFrontier) announced that the fourth well in its 2014 Work Plan and Budget (the 2014 WP&B) has now spud and drilling is underway in the Southern Georgina Basin in Australia's Northern Territory. The OzDelta-1 well is a vertical exploration well located in Exploration Permit 128. This is the fourth of up to 5 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 3 of the wells will be cased for future hydraulic fracture stimulation and production testing.
Prior to the spud of the OzDelta-1 well, Statoil Australia Theta B.V., PetroFrontier’s joint venture partner and the operator of the 2014 WP&B, successfully drilled and cased the third well of the 2014 WP&B, OzGamma-1. All of the planned open hole well evaluation activities have been completed and are now being analyzed. A total of 315 feet (96 meters) of core were recovered in a continuous coring process, which penetrated the Lower Arthur Creek and Thorntonia formations.
Subsequent to drilling the OzDelta-1 well, the rig will be moved to the fifth well location of the 5 well program, OzEpsilon-1, located in Exploration Permit 128. Readers are encouraged to review the current investor presentation online to see both the well locations and seismic cross sections.
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