CTP 3.70% 13.0¢ central petroleum limited

petrofrontier is for sale! who's buying it ?

  1. 5,236 Posts.
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    I posted the below content on NSE forum.

    CTP's neighbour Canadian PetroFrontier is for sale.

    CTP might be interested in buying it as it is very cheap now. PF is in JV with Statoil. Statoil needs a local operator. CTP is going to be operating in the neighbouring tenements with its JV partner Total. Then CTP can buy PetroFrontier and operate in the same area.

    It suits to CTP better than anyone (even before NSE, but NSE has got the money)

    My post no: 8860709

    Some people were asking here what NSE was going to do with the huge money they received from Buru shares.

    NSE even told today (at the bottom of anns.) "New Standard is also continuing to actively assess other opportunities to complement and expand its exploration portfolio."

    Is NSE buying out PetroFrontier?
    If not! Why not?

    That would be significant move for NSE. It would be the biggest shale O&G company of Australia. Because PetroFrontier has more than 14m acres (by 85% ownership). Swedish STATOIL has already committed a JV with PF for $230. Huge Oil Resources- Unconventional Shale prospects 26.4 BBbl

    The opportunity is knocking our door now.
    PetroFrontier is in big trouble. it's for sale

    (I made this research and posted here on Dec.8 2012; ”NT O&G tenements, companies research”

    Its sp came down 64% yesterday after the anns. before yesterday (see below). Now 11c. Market cap is only CA$ 8.7m !!!!! Down form CA$ 4.29 Apr. 2011. (CVE:PFC) - Source: Click here

    I am sending this post to Sam Willis in email format today. I hope they are already in process.

    PF is a Canadian company, with only assets in Australia, Georgina basin. PetroFrontier Web Site - Source: Click here
    PF’s Sept. 2012 Investor Presentation - Source: Click here

    - Majority of lands in oil mature window

    - Working petroleum system proven by drilling program in early 1990’s (Pacific Oil & Gas)

    - 87% average working interest in 14.1 MM gross acres

    - Unconventional Oil Rich Zone - 13 old wells contain prospective oil rich shale (>10 m)

    - Conventional Carbonate Zones;
    - Live oil shows identified in 11 wells, some with high background gas
    - Untested potential bypassed oil pay zones identified in several old “dry holes”

    I always told here before that Georgina basin is better than Canning Basin. I also sen an email to Sam Willis a year ago (on 7th of Dec.2011) and gave my NT basins research to him. I told him that it more than worth it to have good look at this area as the marine shales are better in this area than canning. I pointed out especially Wiso basin as I never thought about PetroFrontier !

    This was on the news yesterday;
    Statoil’s Australian Partner Hangs Out ‘For Sale’ Sign - Source: Click here

    And this was the anns. from PetroFrontier two days ago, telling shareholders that they are in big trouble, they can't raise any funds and they have to sell the company as a whole, etc, etc.
    "Anns: Dec.12 2012 - PetroFrontier Corp. initiates a strategic review process" -Source: Click here

    "December 4, 2012 (TSX-V: PFC) – PetroFrontier Corp. announces that its Board of Directors has commenced a strategic review process to identify, examine and consider strategic alternatives for the Corporation. Such strategic alternatives could include a recapitalization of the Corporation, a merger or other business combination of the Corporation with another entity or the sale of the Corporation as a whole.

    On June 20, 2012, the Corporation announced that it had entered into both a farm-in agreement with Statoil Australia Oil & Gas AS (“Statoil”) and an underwriting agreement with a large investment bank for the purchase on a “bought deal” basis of 15,000,000 subscription receipts at a price of $1.00 per subscription receipt.

    On July 11, 2012, the Corporation announced that it had received a notice from the investment bank terminating the “bought deal” financing. Despite raising some funds in September 2012, the Corporation still has a need for additional financing to fulfill its ongoing obligations.
    Given the challenging state of the capital markets and the Corporation’s recent operational results, the Board of Directors decided to initiate this process"

    "The Board of Directors and senior management are frustrated with the recent operational results and would prefer to have achieved proof of concept at this early stage of exploration. However, PetroFrontier and Statoil remain positive about the prospectivity of PetroFrontier’s massive exploration acreage, which is supported by the favourable Owen-3 core analysis and the recent Total/Central Petroleum farm-in announcement.

    The Corporation’s 2013 exploration program is currently being planned in conjunction with Statoil and is expected to be finalized in the near future."

    I made a lot of research for shale O&G on all Basins of Australia. I found two interesting basins; Canning and Georgina/Wiso Basin.

    I bought in NSE as I couldn't find anything to buy in Georgina/Wiso Basins. The best spot was already taken by PetroFrontier and Falcon Oil 7 Gas Corp of Canada. Falcon made a JV agreement with Hess latter on, then PetroFrontier made a JV with Statoil at very good terms; $230m for 65% farmout.

    PF's tenements in Georgina basin have huge potential for both conventional and unconventional oil and gas.

    • Rich Cambrian age source rocks – world class (>5%TOC)
    • Geologically analogous to unconventional “Bakken” Shale in Canada and U.S.
    • Huge Oil Resources
    Unconventional Shale prospects 26.4 BBbl
    • Conventional Carbonate ramp prospects 1.1 BBbl
    Approx. 300 km to oil and gas infrastructure
    Shallow target depth 600 - 1,200 meters
    • PF's drilling and multistage frac technology
    • Oil production possible in 2013

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