Holloman Energy retains the oil and gas exploration permits PEL's 108, 109 and 112, located in South Australia in the prolific Cooper/Eromanga Basin. As the operator, Holloman Energy Corporation has agreed to drill and complete three exploratory wells in the northern section of PEL 112.
Site locations have been predetermined and road access is now completed. PEL 112 covers approximately 818,904 gross acres and has never been drilled. All the wells are approximately 6,000 feet deep and cost around $1.5 million dollars each to drill and complete. The company is relying on its recent $2 million seismic shoot and subsequent interpretation for oil well location.
The new seismic survey and interpretation on PL 112 has discovered two large seismograph highs as well as 24 smaller ones. The two large seismograph highs are called C-23 & C-26 and cover a combined area of approximately 5,534 acres with excellent closure.
Holloman's participation in the Cooper Basin began in 2003 with the acquisition of PEL 108, 109 and 112 with a combined gross acreage of more than 1.3 million.
Recent drilling activity in the area has intensified; seven new wells adjoining PEL 112 to the North and East have been completed with an 86% success ratio. The latest successful well north of Holloman's PEL 112 is the Sellicks-3.,p> The Sellicks-3 encountered 2 zones of oil shows in the lowermost sand of the Patchawarra Formation over the interval 2,153 meters to 2,155 meters. DST #2 Recovered 85 barrels oil over a 90-minute flow period or approximately 1,365 bo/d in the upper zone.
To the east of PEL 112, the Tantanna Oil Field, has produced approximately 7,340,646 barrels of oil from 12 wells. At today's crude prices, that equals approximately $513 million or $42 million per well.
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