Georgina shale quest looks encouraging

NORWEGIAN giant Statoil's venture into the Georgina Basin is looking like a very smart move after PetroFrontier's second shale well recorded positive hydrocarbon shows.

Last week PetroFrontier and Statoil announced the Norwegian energy giant would spend up to $US210 million to earn a 65% interest in six PetroFrontier permits over half of the southern Georgina Basin.