Explorers pursuing source rocks in two Australian basins

12/24/2012
Australian explorers have reported progress on shale and source rock exploratory projects in the Georgina and Gippsland basins. PetroFrontier Corp., Calgary, said it retains confidence in shale prospects in the southern Georgina basin in Australia after its Owen-3H well failed to recover hydrocarbons. PetroFrontier, exploring Georgina with Statoil Australia Oil & Gas AS, said its board has begun a process to identify, examine, and consider strategic alternatives such as a recapitalization, merger, or other business combination or even a sale. The company is in need of financing. After 20 days of tests, Owen-3H flowed back treating and drilling fluids but no hydrocarbons and has been s...
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