PetroFrontier provides operational update on the OzAlpha-1 well
CALGARY, Alberta -- PetroFrontier reported that the OzAlpha-1 well located in Exploration Permit 104 in the Northern Territory, Australia has been successfully drilled and cased by Statoil Australia Theta (the Operator). All of the planned open hole well evaluation activities have been completed and are now being analyzed. A total of 196m of core were recovered in a continuous coring process, which penetrated the Lower Arthur Creek and Thorntonia formations.
The 2014 Work Plan includes the drilling of up to five wells and the completion and testing of up to three wells. The decision by the Operator to case the well is encouraging; however, it is too early to tell if this well will be selected for completion and testing, as that decision has to consider the ongoing evaluation work and the results of future wells, not yet drilled.
The vertical exploration well design and continuous coring process, developed by PetroFrontier in early 2013 as a means of more cost effectively exploring the South Georgina Basin, has been successfully demonstrated by the Operator, as the well was drilled without incident, on schedule and within budget. "We are truly pleased with how the Operator was able to take the new well design, and execute the program without incident," said Earl Scott, President and CEO of PetroFrontier.
The Operator has moved the rig to the former Owen-3H location to abandon that well in accordance with Australian regulations. Subsequent to that work, the rig will be moved to the second well location of the five well program, OzBeta-1, located in Exploration Permit 127. Readers are encouraged to review the current investor presentation online to see both the well locations and seismic cross sections.