Statoil Puts $25M Toward Aussie Shale Exploration Plan

Law360, New York (June 20, 2012, 6:29 PM EDT) -- Norway's Statoil ASA will put up $25 million for the first phase of a Canadian oil and gas company's exploratory work in one of Australia's last major uninvestigated shale plays, the parties announced Wednesday.

Under the so-called farm-in agreement, Statoil Australia Oil & Gas AS, a unit of the upstream oil and gas giant, will finance half of PetroFrontier Corp.'s $50 million preliminary drilling and fracturing campaign, according to statements from the companies. In exchange, Statoil will have the option to operate future exploration rounds and...
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