This is a good play.....look around the area for additional plays.
They are redrilling two wells that had Non Commercial prospects to Shell 20 years ago. There is oil of some type here. They compare this to Bakken in the North US/Canada Border. They will drill Vertical past the oil play to check the formations below the Arthur Shale...then plug the bottom and drill horizontal. Then move the rig and repeat the process. At that time, the well rig has to be reconfigured, and the FRAC crew will do their job.....then move the reconfigured rig back and repeat the process. This is "proof of concept", as they know oil is there....the issue is that this shale has a higher clay content than found in the US, where the technology is proven. Will this shale fracture properly...too soft or too brittle.....thats why the closed mouth on progress...if this first attempt is successful in Australia...then the price of poker goes up in the Georgina.How much oil...how much gas???? EXXON is operating a field just south of this play.......hint...they want gas for their new port facilities....China is buying everything in sight.
Expect results by 10/15....maybe earlier if a sale/buyout is in the works.Lots of things going on in the area.....and they all need money
Cormack Securities says $12 per share for 27 billion P50 oil....and shale is all about gas???? At $12/share..with 47.7 mil is $572 Market Cap.....key.....will someone buy Petrofrontier......if so what would the stock sell for.....I quess more that $12.
I have no Petrofrontier stock...but I might buy a few thousand if the price retreats.......their are other plays in the area....
Happy investing
ED295
PFC
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