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Additional information
Additional Information
Market: ASX
Sector: Oil and Gas Exploration and Production
Epic: ERH
News: Latest news
Web Site: Eromanga Hydrocarbons
Other Articles: 02-07-200903-04-200923-03-2009

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Eromanga Hydrocarbons

Eromanga Hydrocarbons

Eromanga Hydrocarbons is an Australian oil and gas exploration and production company with its main operations in Brazil.

Thursday, July 02, 2009

Eromanga Hydrocarbons' interest in onshore Brazilian oil permits upheld by court

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Investors in Eromanga Hydrocarbons (ASX: ERH) received good news as an injunction brought by Silver Marlin against Eromanga has been defeated.

The injunction sought to remove Eromanga from the Joint Venture with Silver Marlin and to prevent it seeking any share in the results of Blocks 138 and 59 in the Reconcavo Basin, onshore Brazil.

Eromanga has been vindicated as having clear title in Block 138 and 59.

The injunction was rejected by the Corporate Court of the State of Rio de Janeiro and was Brought against Mercury do Brasil; Eromanga’s subsidiary in Brazil. The court also ordered Silver Marlin to pay court costs and legal fees. Eromanga is a 50% participant in Blocks 138 and 59 in the Reconcavo Basin, onshore Brazil.

Drilling commenced at Block 138 to a depth of 850 meters before the operator Silver Marlin halted operations. A dispute over the contribution of each party to the drilling costs has not been resolved. The regulatory deadline to complete the wells at Block 138 and 59 has been extended by the ANP, Brazil’s oil industry regulator.

Eromanga recently signed a $10 million funding facility to further develop oil production at Blocks 330 and 430 in Brazil, and for other corporate opportunities.  Block 330 (ERH 40% interest) registered a 50% increase in mid-point resource estimate to 24 mmBbl.  PACA 1 is in production with over 11,500 Bbl (100% Basis) produced since Oct 08 PACA 2 has been completed for future production.

Fortrend has agreed to provide up to $10 million to Eromanga to be drawn down at Eromanga’s discretion by the issue of shares to Fortrend. Eromanga has the right but not the obligation to use the facility at any time over the facility’s 3 year term. Eromanga can determine the timing and amount of any drawdown within the provisions of the facility agreement.

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