Insights | Deals - Acquisition, Mergers, Divestitures
StatOil and PetroFrontier Corp To Partner on Southern Georgina Basin
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PetroFrontier Corp. announced that through its two wholly-owned subsidiaries Pty Ltd and Texalta, it has entered into a binding farm-in agreement with Statoil Australia Oil and Gas AS , a wholly-owned subsidiary of Statoil ASA of Norway whereby Statoil will farm into PetroFrontier’s four exploration permits and two exploration permit applications in the Southern Georgina Basin, Northern Territory, Australia.
The Farm-in Agreement is subject to satisfaction of certain conditions precedent, including the approval of the Foreign Investment Review Board of Australia (the “FIRB”). Pursuant to the terms of the Farm-in Agreement, Statoil will have the option to earn up to 65% of PetroFrontier’s working interests in EP 103, EP 104, EP 127 and EP 128 (“EPs”) and in EPA 213 and EPA 252 (“EPAs”)…
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