Baraka Energy and Resources watches PetroFrontier Corp spud first well in Southern Georgina Basin

Baraka Energy and Resources (ASX: BKP) should gain heightened investor interest as its JV partner PetroFrontier Corp (TSX-V: PFC) has announced it has spudded its first well in the Southern Georgina Basin in Australia’s Northern Territory, sending its shares higher in trading in Toronto.
The EP 103 Baldwin-2 well, located in the south-western part of EP 103, is targeting the unconventional Basal Arthur Creek "hot" shale, with the Hagen Member as a secondary conventional target.
An independent estimate last year said the Basal Arthur Creek shale zone in EP 103 could contain as much as 13.2 gross billion barrels oil.
Baldwin-2 will be air-drilled to a vertical depth of 900 metres (2953 feet) to test the Thorntonia formation. The well will then be logged, plugged and drilled horizontally for about 1000 metres into the Basal Arthur Creek shale.
After finishing that stage of the Baldwin-2 well, PetroFrontier will temporarily suspend it and move the rig to begin drilling the MacIntyre-2 well in the north-eastern corner of EP 127.
MacIntyre-2 will then be hydraulically fractured and completed using multi-stage open-hole techniques.
The rig and frac crew will then return to Baldwin-2 to complete that well, PetroFrontier said.
PetroFrontier, which has a 100% working interest in EP 103 and is the operator, has contracted Majors Drilling to provide drilling and support services for both wells.
Shares of Australia-focused PetroFrontier closed up 9.46% at C$4.05 on the TSX Venture Exchange after hitting a high of C$4.23 earlier in the day.
Any discoveries in EP 103 would impact and result in a likely re-rating of the Baraka share price in the lead up to drilling of EP 127 and EP 128, where Baraka has a 25% interest.
After Baldwin-2, will be followed by the company’s second horizontal well, Macintyre-2 on EP 127 where Baraka is “free carried” to the completion of the well. Baldwin-2 will have a 1,000 metres horizontal leg and is anticipated to take three weeks to drill.


Originally published at: http://www.proactiveinvestors.com.au/companies/news/18377/baraka-energy-and-resources-watches-petrofrontier-corp-spud-first-well-in-southern-georgina-basin-18377.html