Holloman Energy to Drill Prospect in Cooper Basin's PEL 444 Later This Year
Holloman Energy Corporation announced Wednesday that drilling on PEL 444 in South Australia's Cooper Basin is scheduled to commence before the end of 2015. A Technical Sub-Committee meeting took place on Aug. 27 resulting in positive confirmations of the drill site location of our commitment well. Subsequently, on Aug. 31, the Operating Committee approved the plan and the associated Authority for Expenditure (AFE).
Mark Stevenson commented, "The largest prospect mapped on the Wingman 3D seismic was 'Baikal 1' and has been deemed as the final commitment well under the second five year license term. We believe that the technical work performed has increased our chances of success. Additional discussions for the implementation of the drilling program will take place later this month." Despite the outstanding disagreement to rights of operatorship and working interest, HENC and Terra Nova are working together to ensure the drilling program moves forward as planned.
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, 413,000 net acres (3,444 square kilometers) on the prolific Western Margin of Australia's Cooper - Eromanga Basin.
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