Holloman Energy Corp. on Monday reported the South Australian Government has announced successful bidders on five new Petroleum Exploration Licenses within the Cooper Basin. The highest guaranteed bid was offered on Block CO2009-A which directly abuts the northern borders of Holloman's PEL 112 concession. The winning bid requires Holloman's newest neighbor to drill 12 exploration wells and shoot 650 square kilometers of seismic on the acquired acreage.
"The highly competitive bidding reflects the petroleum industry's continuing view that the South Australian Cooper Basin represents a real asset in their exploration portfolios... it clearly indicates their perception of the potential for further oil and gas discoveries," stated Hon. Paul Holloway, South Australia's Minister for Mineral Resources. "Success rates for oil are high and discoveries can be commercialized within months," Holloway continued. "The country's exploration industry has been reshaped by the turnover of Cooper Basin acreage since 1998 through a number of 'Company-Making' discoveries... The CO2009 acreage release confirms that the Cooper Basin remains a very attractive exploration address."
Holloman holds interests in PEL 112 and PEL 444 which comprise 4,544 Sq km (1.125 million acres) in the southwest and northwest sectors of Australia's prolific Cooper - Eromanga Basin.
Mark Stevenson, Chairman of Holloman Energy's Board of Directors, stated, "The public observations made by the South Australian Minister for Mineral Resources say it all. We are excited about the potential of our Cooper Basin holdings and look forward to the pursuit of planned seismic and drilling programs during 2010."
On a separate front, Holloman also announced the relinquishment of its working interest in the VIC P60 permit located offshore in Australia's Gippsland Basin. "Vic P60 is the last of our offshore holdings," continued Stevenson. "We no longer consider the cost and effort to maintain that permit in our best interests. Its relinquishment signals our full strategic focus on the Company's growing Cooper Basin opportunities."
Holloman Energy Corp. is an Australian-focused oil exploration and development company. The Company currently holds working interests, varying between 66.66% and 100%, in three oil and gas permits awarded by the Australian government. These permits encompass in excess of 1.46 million acres in the Cooper and Gippsland basins.
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