Statoil has signed an agreement with PetroFrontier (PFC) to acquire 80% of PFC’s working interest in the Southern Georgina play in the Northern Territory, Australia.
As part of the deal, Statoil will acquire four exploration permits and two exploration permit applications.
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The four exploration permits include EP 103, 104, 127 and 128, while two exploration permit applications are EPAs 213 and 252.
The company is planning to acquire operatorship of the permits from 1 September 2013 and carry out the initial exploration phase for $50m, which is expected to continue through 2014.
Statoil onshore exploration unit vice president Vidar Skjæveland said the Southern Georgina Basin asset is expected to hold potential prospects in its 14 million acre area.
"This deal is in line with our exploration strategy where we pursue access early and at scale to de-risk the plays and grow organically through exploration activities," Skjæveland added.
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By GlobalData"We will continue the good work done by PetroFrontier with the aim of clarifying the prospectivity."
The Southern Georgina Basin asset is the company’s first shale operatorship outside the US.
PetroFrontier president and CEO, Paul Bennett, said Statoil is interested in the exploration of the Southern Georgina Basin and believes in the prospect of the area.
In October 2011, the company announced that it will acquire Brigham Exploration for a total value of $4.4bn.
Image: Statoil will acquire 80% interest in the Southern Georgina play in Northern Territory, Australia. Photo: Courtesy of Statoil.
