Proactive investorsLogo Proactive Investors UK Website

Search field
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

RSS - Subscribe to the News Today on Proactive UK ▼

Tuesday February 09, 07:53Mediterranean Oil & Gas doubles proven and probable reserves for Ombrina Mare to 40 mmbbls

The good news gave a welcome boost to the group's share price, sending the stock up nearly 15 percent in early trade.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive NA ▼

Tuesday February 09, 11:07Randgold Resources remains focused on 1 million ounce production target

Speaking to assembled analysts in London, Randgold Resources CEO, Mark Bristow, told of a ‘great year' for his company, albeit also a challenging one, but one which would position it well for the years ahead

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Tuesday February 09, 01:53Chindex International reports increasing medical and healthcare revenues

Healthcare products and services group Chindex International (NASDAQ: CHDX) reported increasing revenues as it continued to expand its operations in the People’s Republic of China (PRC).

FULL ARTICLE ►
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

company news image

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.

AddThis Feed Button
Register here to be notified of future Eromanga Hydrocarbons articles.

Other Eromanga Hydrocarbons news

More news ►

Investors interested in Eromanga Hydrocarbons recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.