PetroFrontier Corp., Calgary, (TSX: PFC) has reported that Major Drilling Pty. Ltd. has begun mobilizing its Schramm TXD200 rig from Brisbane, Queensland to the Southern Georgina Basin in the Northern Territory, Australia.
Drilling Program Update
The rig will mobilize approximately 3,000 kilometers and is expected to arrive at the Baldwin-2 well site in approximately one week. Once the rig arrives on location and is rigged up, it will be subject to a final government audit prior to spud. PetroFrontier will provide a further update once a spud date has been confirmed.
Baldwin-2 is located in the southern part of EP 103 in the Southern Georgina Basin. Its primary target is the Basil Arthur Creek "hot" shale with a secondary target being the Hagen Member above the hot shale. Management believes that the Arthur Creek is analogous to the Bakken play found in Saskatchewan, Canada and North Dakota, USA. PetroFrontier has identified 13 older unconventional wells within the Arthur Creek "hot" shale zone on its lands.
PetroFrontier has a 100% working interest in EP 103 and is the operator.
After completion of drilling the Baldwin-2 well, the rig will then move to the MacIntyre-2 well site located in the northeastern corner of EP 127. MacIntyre-2 will be fraced and completed immediately after it is drilled and then the rig and frac crew will return to Baldwin-2 to conduct fracing and completion operations on that well.
According to a report prepared by Ryder Scott Company Canada (independent oil and natural gas reservoir engineers), dated November 1, 2010, the unrisked, undiscovered, prospective (recoverable) resource, based on a best (P50) scenario, for the unconventional Basil Arthur Creek shale zone in EP 103 and EP 127 may contain approximately 13.2 billion barrels and 2.7 billion barrels (gross) of oil respectively.
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