Holloman Energy Updates Seismic and Drilling Status
(firmenpresse) - HOUSTON, TX -- (Marketwired) -- 04/02/13 -- Holloman Energy Corporation (OTCQB: HENC) ("Holloman") updates its shareholders and other interested parties on the status of its Cooper Basin strategy and operations.
Acquisition of 127 square kilometers of 3-D seismic data on Holloman's Petroleum Exploration License ("PEL") 112 began July 24, 2012, and was completed in late September 2012. This seismic survey fulfilled Holloman's minimum work requirement for PEL 112 License Year Four which ended January 10, 2013. Geokinetics (Australia) Pty. Ltd. undertook the 3-D seismic survey which focused on the northern most portion of PEL 112 and covered approximately 6% of its available acreage.
Four drill site targets were identified as a result of the interpretation of the PEL 112 seismic data. Holloman believes the drilling targets are similar geologically to producing structures observed in existing oil pools (including the Butlers, Perlubie and Parsons fields) located to the north of PEL 112 on the Cooper Basin's western-flank. Seismic interpretation indicates that all targets display 4-way structural closures.
During January 2013, Holloman's joint venture partner committed to drill 3 wells (with an option of two additional wells), using Hunt Energy & Minerals Co. - Australia Pty. Ltd. ("Hunt"). It is anticipated that well locations will be spread between the PEL 112 and PEL 444 licenses. Hunt is a drilling contractor with over 25 years of experience in the Cooper-Eromanga Basin. Holloman's joint venture operator has deposited AUD$200,000 (USD$208,500) with Hunt to initiate rig assembly.
Work Area Clearance ("WAC") on one or more PEL 112 access roads and drill site locations is scheduled to begin in mid-April 2013. WAC is the process by which anthropologists and representatives of Australia's Native Title Holders review proposed exploration sites to ensure planned activity does not harm the cultural integrity of the land to be explored. The timing of WAC responds to recent weather conditions and is expected to generate cost savings as mobilization and demobilization may be shared with neighboring operators. Holloman anticipates permitting, road construction and drill site preparation will begin immediately upon completion of WAC fieldwork and reporting.
Holloman estimates that the first well will be drilled on PEL 112, subject to approvals and final rig availability, late in the second calendar quarter of 2013.
Holloman is also working with its joint venture partners to design an 80 square kilometer 3D seismic survey on PEL 444 for execution sometime in or around mid-2013. WAC on PEL 444 is scheduled to begin in April 2013 as well.
During February 2013, Holloman's joint venture partner delivered copies of the data acquired in connection with its acquisition of 127 square kilometers of a 3-D seismic data on PEL 112. As a result, the joint venture partner has effectively completed its earning obligation with respect to PEL 112 seismic acquisition, and has earned an undivided 20% working interest in that license. Holloman and certain other interest holders will each contribute a portion of the working interest earned by the partner as follows:
(a) Holloman will contribute an undivided 13.3334% working interest in PEL 112 resulting in a residual working interest position of 53.333% in that license;
(b) Other working interest holders will contribute an undivided 6.6666% working interest in PEL 112.
Holloman is currently processing the documents required to facilitate the transfer of the working interest earned.
Holloman Energy Corporation is focused on exploring and producing oil in Australia's Cooper Basin. Holloman's Cooper Basin licenses include interests in PEL 112 and PEL 444 which comprise 4,544 km2 (1.125 million acres) in the southwest and northwest sectors of Australia's Cooper - Eromanga Basin.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to publicly update any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's filings with the SEC.
ON BEHALF OF THE BOARD OF DIRECTORS
Holloman Energy Corporation
Contact:
Holloman Energy Corporation
Robert Wesolek
(281) 260-0193
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Datum: 02.04.2013 - 12:15 Uhr
Sprache: Deutsch
News-ID 244965
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