PetroFrontier Corp. ("PetroFrontier") is very pleased to announce that the first well in its 2014 Work Plan and Budget (the "2014 WP&B") has now spud and drilling is underway. The Oz-Alpha 1 well is a vertical exploration well located approximately 50 km south west of the Owen 2 well on Exploration Permit 104. This is the first of up to five vertical test wells to be drilled as part of the 2014 WP&B. All wells will include an extensive open hole evaluation program and up to three of the wells will be cased for future hydraulic fracture stimulation and production testing.
Statoil Australia Theta B.V., PetroFrontier's joint venture partner and the operator of the 2014 WP&B, is progressing the program as approved by the Joint Operating Committee. Procurement of completions and testing services is moving ahead with stimulation and testing operations expected to commence in Q3 2014.
Road and lease construction for the second well, Oz-Beta 1 is also underway and progressing on schedule.