Holloman Energy Corporation (Holloman) reported Tuesday the completion of the incremental reprocessing of Petroleum Exploration License (PEL) 444's Wingman 3D Seismic Survey (the Wingman Survey) and has begun the interpretation process on the data.
The Wingman Survey, which covers a 32 square mile (84 square kilometer) area of PEL 444, was acquired in the summer of 2013. Surveying, line clearing and recording operations were undertaken by Terrex Pty Ltd of Perth Australia. The reprocessing of the seismic data using AVO analysis is expected to improve the success rate for blocks having largely stratigraphic traps.
Holloman will release further updates including drilling schedules in due course.
On Aug. 26, the Government of South Australia announced the bid winners for the newly released Petroleum Exploration License blocks in the Cooper/Eromanga Basin. A total of 4 blocks (CO2013-A, B, C & D) were awarded to 3 companies for a total combined investment of up to $103.2 million. The CO2013 blocks (CO2013-A, B, C & D) cover an area of more than 3,475 square miles (9,000 square kilometers) and possibly contain conventional and unconventional gas plays.
Holloman's PEL 112 block is located between the CO2013-A and CO2013-C blocks. The CO2013-A and CO2013-C blocks were won by Senex Energy Limited and Bridgeport Energy Pty Ltd respectively. The winning bids for both of these blocks total a combined investment of up to $59.2 million -- with a guaranteed spend of $53.4 million.
The bidding results reaffirm management's view of the prospective potential of Holloman's PEL 112 block. Holloman's PEL 112 block covers an area of 419 square miles (1,086 square kilometers) and was recently renewed for a further five-year term, and the areas with existing seismic data and exploration prospects have been retained.
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