Statoil Enters Australian Shale Gas Joint Venture With Petrofrontier
20 Junho 2012 - 10:02AM
Dow Jones News
By Katarina Gustafsson
Norwegian oil and gas major Statoil ASA (STO) Wednesday said it
has entered into Australian shale gas exploration projects through
a joint venture deal with Toronto-listed company Petrofrontier
Corp. (PFRRF).
Statoil said it had moved into four of Petrofrontier's existing
exploration permits as well as two pending exploration permits in
the South Georgina Basin in Australia's Northern Territories in a
joint venture project.
"This is an early entry at scale into over 13 million acres of
immature, but potentially highly prospective play at low cost, with
high risk but also with significant upsides," Statoil said in a
statement.
The partners have agreed to drill between ten and 20 wells by
2017 in three phases of which Petrofrontier will operate the first
phase while Statoil has secured options to operate from the second
phase.
The Norwegian company has committed to invest $25 million in the
first phase of the exploration and said the figure could escalate
to $100 million through a phase two and three depending on what
results are obtained.
-Write to Katarina Gustafsson at
katarina.gustafsson@dowjones.com
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