Brief: PetroFrontier provides update on research and development tax claim, status of amended farmin agreement with Statoil

PetroFrontier

13/11/2014 14:50

Nov 13 (Reuters) - PetroFrontier Corp  PFC.V : 
 * Provides update on research & development tax claim and status of amended 
   farmin agreement with Statoil 
 * Texalta Australia Pty Ltd received $1.5 million for research & development 
   tax incentives from the Australian taxation office 
 * Statoil is not expected to perform additional exploration expenditures beyond 
   the approved 2014 work program and budget 
 * Received notice from Statoil Australia Theta B.V. that expenditures over $50 
   million incurred under amended, restated farmin agreement 
 * Anticipates receiving notice from Statoil that it will not be proceeding to 
   Phase 2B in accordance with the amended farmin agreement 
 * Received notice from Statoil Australia theta indicating expenditures in 
   excess of $50 million incurred under amended farmin agreement 
 
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