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EROMANGA HYDROCARBONS NL - ASX: ERH
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Description
Eromanga Hydrocarbons Limited is an Australian oil and gas exploration and production company with its main operations in Brazil. The company was re-capitalised in March 2007 with a share placement and a new executive management team. Eromanga became a "Limited" entity with a new constitution in January 2010. The Company has two different securities that trade on the ASX:
* ERH Ordinary shares of Eromanga
* ERHOA Options in Eromanga. These are a 20 cent option and expire 31 July 2012
Harpia Oil Field
A production licence and a 27 square kilometre production ring fence was granted for the Harpia Oil Field in August 2009. Prior to that, the area had been contained within exploration Block 330.
Production from the PACA 1 and PACA 2 discovery wells was Eromanga's first commercial production. The full field development of the block is planned to commence during 2010.
Eromanga is a 40% participant in the concession agreement with the remaining 60% held by the operator, Nord Oil and Gas.
In January 2008 the Joint Venture re-entered a Petrobras discovery well PTA-3 which had been drilled in 1960. This well had produced oil in drill stem tests and had significant oil shows over an interval of 104 meters. To the delight of JV participants the well casing was in good condition and, after completing the "work over", PTA-3 was completed as a future producer in March 2008. This well was declared a discovery and renamed PACA 1.
The Joint Venture drilled an appraisal well on the block in early 2009. This well was declared a discovery in May 2009 and renamed PACA 2.
Reserve estimates for the Harpia field are based on seismic and drilling undertaken by Petrobras and from data recorded during the Gavea Joint Venture's re-entry and flow testing of the PACA 1 and PACA 2 discovery wells. In addition, a mineral hole on the structure was used to evaluate the extent of the reservoir.
Tatu Structure
Eromanga's first exploration well on Block 430 encountered oil and was completed as a future producer in September 2008. The well was declared a discovery and re-named Tatu 1.
In 2009 the Joint Venture drilled a second well on the block. This was also declared a discovery an re-named Tatu 2.
The Joint Venture estimates a mid case Contingent Resource of 48 million Barrels oil in place with a high case of 107 million Barrels. It expects to be able to book reserves for this discovery based on the results of the extended flow tests of Tatu 1 and 2 which are planned for early 2010.
Eromanga holds 40% of the concession agreement for Block 430 with the operator Tarmar holding the remaining 60%.
Mine For
oil, gas
Location of operation(s)
Brazil, USA
Address
Level 12, 390 St Kilda Rd
MELBOURNE, VIC, AUSTRALIA
Phone
(61 3) 9867 7828
Website
Last Updated
2/5/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
