Road Construction and Drill Site Preparation Underway on Holloman's PEL 112
(firmenpresse) - HOUSTON, TX -- (Marketwired) -- 05/28/13 -- Holloman Energy Corporation (OTCQB: HENC) ("Holloman") reports that construction of access roads and drill site preparation on Petroleum Exploration License ("PEL") 112 began May 20, 2013. Regulatory consent for road building was granted in advance of the "Wolfman #1" drilling application, which awaits its "Fit for Purpose" rig assessment. A Cultural Heritage Inspection was completed on May 22, 2013 and the Wolfman #1 drilling project was approved by Native Title Holders.
Approximately 18 kilometers (11 miles) of access road will be constructed to connect the current road network to PEL 112's Wolfman #1 drilling site. The terrain over which the roads will be built is normal dunefield country typical of the area. The road contractor will also set the surface conductor at the drill site in preparation of immediate drilling upon rig-up. Holloman expects construction of access roads and drill site preparation will require approximately three weeks.
As a result of its lower interpreted risk, the Wolfman drilling prospect was selected over the "Wolverine" prospect during final seismic analysis. The Wolfman #1 exploration well will be drilled vertically 1,720 meters (5,600 feet) and is expected to take approximately 10 days to reach Total Depth. The well, which targets the Namur Sandstone in a dip-closed structure, is scheduled to spud in early July 2013.
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 4,554 km2 (1.125 million acres) on the Western Margin 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: 28.05.2013 - 12:15 Uhr
Sprache: Deutsch
News-ID 263814
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HOUSTON, TX
Kategorie:
Alternative Energy
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