Perth, Australia (ABN Newswire) - Eon NRG Limited (ASX:E2E) (OTCMKTS:ICRMF) ("the Company" or "Eon") is pleased to announce the successful acquisition of 15,111 gross/net acres of oil and gas leases in the Powder River Basin across three counties in Wyoming, USA.
"The Powder River Basin is a prolific multi stack hydrocarbon filled basin in North America and these acquisitions add substantial value for our shareholders through the development of the multiple geological targets", said John Whisler, Managing Director of Eon.
Eon has now established a large footprint in the Basin, prospective for multiple geologic reservoirs which have outstanding offset production history. The Powder River Basin contains multiple hydrocarbon reservoirs ranging from shallow to deep which are prolific and highly profitable.
Many of the acquired land parcels are contiguous which provides room for expansion. The high 87.5% Net Revenue Interest ("NRI") enhances well economics and increases cashflow from future development.
Eon's US subsidiary is a licensed and bonded operator in Wyoming and currently operates two producing oil and gas fields in the state, namely Silvertip and Borie which produce 475 BOEPD. The addition of this substantial parcel of exploration in Wyoming brings Eons total acreage to 23,000 acres in Wyoming, giving scale to future growth.
Eon has commenced a geological and technical review of the acquired leases and will high-grade the prospects that develop into the best drilling opportunities, increasing the value of the acquired leases. Further news on drilling prospects will be reported as each prospect is worked up to a drilling stage for permitting and JV/farm-out or sole funding.
(See Appendix 1 in link below for acquisition compliance details)
To view figures and Appendix 1, please visit:
http://abnnewswire.net/lnk/M5ZM9B24
About EON NRG Ltd:
EON NRG Ltd (ASX:E2E) is a USA onshore focused energy company. The Company is targeting high impact energy exploration projects in oil, gas, and or battery minerals, supported by its 100% owned and operated long life oil and gas production assets and associated cashflow.
Source:
EON NRG Ltd
Contact:
Simon Adams
CFO/Company Secretary
Phone: +61-8-6144-0590
Email: sadams@i-og.net
John Whisler
Managing Director
Denver Head Office: +1-720-763-3183
Email: jwhisler@i-og.net
Website: www.eonnrg.com
Twitter: @EonNRG
Source: ABN/Asia Business Newswire
(September 25, 2018 - 10:09 PM EDT)
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