Statoil has farmed into Petrofrontier's four existing Exploration Permits (EP 103, 104, 127 and 128) as well as pending exploration permits (213 and 252) in the South Georgina Basin in Australia's Northern Territories in a Joint Venture project.
Statoil has committed to contribute USD 25 million for the first phase of the exploration programme. This figure could escalate to USD 200 million through a phase two and three depending on exploration results
frontier is with baraka asx: bkp which does not lose a cent in value from statoils position with petrofrontier.
At the price of bkp shares i couldnt reist just over the 1 cent mark.
hope this clears this up for those who dont believe statoil will invest in Australia.
i also have shares in beach i think they are on the right track.
beach and statoil, page-37
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