Baraka Energy & Resources has been informed by Statoil Australia that, having concluded a drilling and testing campaign in EP 127 and EP 128 in the Northern Territory Georgina Basin in Australia with “disappointing results,” Statoil has decided to withdraw from any further activity in the permits, Baraka reported.
Baraka said it expects formal notice from Statoil with regard to this in the near future.
Baraka has not yet been informed by Petrofrontier Corp. or Statoil whether Statoil also intends to withdraw from any further activity in Petrofrontier’s adjoining EP 103 and EP 104 permits.
It is unclear whether Statoil will continue as operator of Baraka’s permits and of the EP 103 and EP 104 permits adjoining Baraka’s permits or whether Petrofrontier will once again become operator of all the permits.
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