Also included in the Amended Farmin Agreement is Statoil's commitment to bear the cost of abandonment and reclamation of surface lands as well as the existing three wells at no cost to PetroFrontier.
These operations are also planned for 2014 to capture operational and cost efficiency. Statoil (the "operator") does not believe material new information will be obtained from testing the Macintyre-2H well, as the presence of H2S is believed to be an indication of water in the wellbore area, as was seen in the Owen-3H well.
The new wells have been selected to avoid vertical faulting, which is believed to be the primary source of water and with it, H2S, at the Owen-3H and Macintyre-2H wells. The Baldwin-2Hst1 well with its casing failure is considered by the operator to warrant permanent abandonment.
PetroFrontier Corp. announces 2014 Work Plan and Budget for the Southern Georgina Basin
CTP Price at posting:
38.5¢ Sentiment: LT Buy Disclosure: Held
