Holloman Energy Corp. disclosed Wednesday that the drilling of the Baikal #1 well in Petroleum Exploration License (PEL) 444 in South Australia's Cooper Basin went smoothly without any incidents, environmental issues or significant delays.
The well was drilled to a depth of 7,138 feet (2,176 meters), on time and under budget. As no hydrocarbon shows were found, Holloman Energy Corporation agreed to plug and abandon the well. The management of the Joint Venture partners plans to hold discussions in the upcoming weeks to determine the next steps to take pertaining to the Company's Petroleum Exploration Licenses in Australia.
About Holloman Energy
Holloman 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 currently comprise approximately 850,000 gross acres, 314,000 net acres (3,444 square kilometers) on the prolific Western Margin of Australia's Cooper - Eromanga Basin.
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