Eon NRG Limited (ASX: E2E) is mainly involved in the exploration of oil and gas in North America. The Company’s Oil and Gas division owns and operates oil and gas fields in onshore USA which includes Powder River Basin project in Wyoming, Borie Field in Wyoming, Silvertip field in Wyoming and Sheep Springs and Round Mountain Oil Fields in California.
Powder River Basin (PRB): In September 2018, the company acquired 15,111 gross/net acres of oil and gas leases in the Powder River Basin across three counties in Wyoming, USA which helped the company in establishing a large footprint in the Basin. The Powder River Basin has multiple hydrocarbon reservoirs which are prolific and highly profitable and currently the company’s management is performing a geological and economic assessment on this basin to identify several high-value drilling opportunities.
Borie Oilfield: In December 2017, the company completed the purchase of the Borie Oilfield which is located in the DJ Basin, Wyoming. The Borie Field has a long production history of oil and gas from conventional vertical wells that produce from the Muddy Formation. The company has drilled various wells in the Borie Field various times from the 1950s to the early 2000s.
In the third quarter of 2018, the company conducted two workovers at the Borie Field which helped the company in increasing its production in the fourth quarter of 2018. During the fourth quarter, the company reported average production of 56 barrels of oil per day, which was in line with the company’s expectations. During the quarter, the company implemented various infrastructure improvements within the Borie Field to increase the field’s net return and add value to its reserves.
Silvertip Field: Silvertip Field is located in the Bighorn Basin, Wyoming and it has a significant infrastructure including a fully functioning gas processing plant. The Silvertip Field’s infrastructure also includes a field gas pipeline network which connects to two interstate gas transportation pipelines, a workshop and an office building. In 2018, the field produced 637 Million cubic feet (MMCF) with an average of 1,700 mcf per day.
Sheep Springs and Round Mountain Oilfields: Sheep Springs and Round Mountain Oilfields are located in California, USA. In Q4 2018, the company reported average output of 75 barrels of oils per day (Boepd). The heavier oil produced from the Sheep Springs Field attracted a price premium with the average oil price for Q4-18 being $67 per Barrel compared to the average WTI (West Texas Intermediate) price of $59 per Barrel.
Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The company’s shares last traded at a price of $0.006 with a market capitalization of ~$4.88 Mn as on 27 February 2019. The stock has provided a year till date return of -1.56% & also posted a return of 12.50% over the past six months period. It had a 52-week high price of $0.031 and touched 52 weeks low of $ 0.004.
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