pfc rig update

"Operational Update

The drilling rig of Major Drilling Pty. Ltd. ("Major Drilling") slated to drill PetroFrontier's first well (Baldwin-1) in the Southern Georgina Basin is currently undergoing final assembly and acceptance testing in Brisbane, Queensland, Australia. Apart from delays caused by floodwaters, the rig required the installation of the latest Australian Standard (AS3000) compliant switchgear and Major Drilling is in the final stages of completion. The rig will then undergo a final third party audit to ensure it is fully compliant and "fit for purpose" under the Northern Territory Petroleum Regulations.

Once the rig acceptance process is complete, the rig will be mobilized approximately 3,000 kilometres (a significant proportion of which is across unsealed roads) to the Southern Georgina Basin to commence PetroFrontier's exploratory drilling program. PetroFrontier will provide a further update once the rig commences its mobilization from Brisbane and an actual spud date for the first well has been confirmed with a greater degree of certainty.

PetroFrontier plans to acquire and process an additional 420 kilometres of 2D seismic around the Ross-2 well commencing in July 2011 and approximately 540 kilometres around the Owen-3 well in September 2011. The fifth and sixth wells planned to by drilled by PetroFrontier during 2011 will be drilled on locations determined based on this additional seismic."


Source: PFC First Quarter 2011 Financial and Operating Results