SOURCE: Holloman Energy Corporation
HOUSTON, TX--(Marketwired - Nov 4, 2013) - Holloman Energy Corporation (OTCQB: HENC) ("Holloman") updates its shareholders and other interested parties on the status of its Cooper Basin strategy and operations.
Petroleum Exploration Licence ("PEL") 444
The processing of 80 square kilometers of 3D Seismic data on PEL 444 (the "Wingman Survey") is scheduled for completion by November 8, 2013. Seismic interpretation of the Wingman Survey is now projected to be available by the end of November 2013. The Wingman survey was shot over prospective leads identified by a 2D survey acquired on that license in 2005. It is anticipated that at least one prospect will be matured for drilling. PEL 444's current licence term expires on July 10, 2015, and has a one-well drilling commitment remaining.
The Wingman Survey was acquired over a portion of PEL 444 that lies within the "Western Margin" of the Cooper Basin, which is generally considered highly prospective. This trend is being actively drilled by adjacent licensees including Senex Energy and Beach Energy.
Once interpretation of the Wingman Survey is complete, Holloman will announce the likely drill date for its initial well on PEL 444.
The drilling of the Wolfman #1 well completed the work requirements for the current term of PEL 112. Holloman intends to renew that licence for a further five year term. Under Australian law, at the end of each five year term, a portion of the area covered by a PEL (33% of the original license acreage) must be relinquished. As a result, the upcoming application (second renewal) will cover 50% of PEL 112's current license area. Holloman and its working interest partners in PEL 112 are currently reviewing the relinquishment requirements. The renewal application will most likely contain further commitment to 3D seismic acquisition and drilling over the 5-year period. The renewed area will retain the areas of 2D and 3D seismic acquired in the licence, and the existing leads and prospects.
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 4,554 km2 (1.125 million acres) on the Western Margin of Australia's Cooper - Eromanga Basin.
Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to publicly update any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's filings with the SEC.
ON BEHALF OF THE BOARD OF DIRECTORS
Holloman Energy Corporation