PetroFrontier Corp announced that drilling operations at Owen-3 horizontal well located in Northern Territory, Australia, will be completed in August 2012.
The company said it has drilled the vertical section of the Owen-3 horizontal well to a measured depth of 1,180m.
Currently, the company is drilling the horizontal sidetrack portion of the well, which is expected to reach up to 1,000m in approximately three weeks time.
PetroFrontier cut a total of 32.5m of core from the Lower Arthur Creek Hot Shale and Thorntonia Carbonate formations, and initial core assessment found oil seepage which had extensive florescence throughout.
Wire logging of the well were met with equally encouraging results indicating over 25m total vertical depth of hydrocarbon bearing formation.
The company said this is its third horizontal exploration well in the Southern Georgina Basin.
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By GlobalDataCompletion operations are expected to begin in August, and the company plans to conduct ten-stage fracture stimulations at each of its three wells.
The three wells include MacIntyre-2H, Baldwin-2Hst1 and Owen-3H, and will undergo flow testing procedures once fracture stimulation tests are completed on all three wells.
The company said that it is encouraged by the results of all the three wells which have shown good oil and gas indications in the Lower Arthur Creek Hot Shale.
PetroFrontier said the results have the potential to add significant value for PetroFrontier shareholders.
Established in 2009, PetroFrontier Corp undertakes exploration, acquisition and development of both conventional and unconventional onshore petroleum assets located in Australia’s Southern Georgina Basin.
Image: PetroFrontier Corp’s Owen-3 horizontal well is located in Northern Territory, Australia. Photo: The Emirr.
