Eon NRG Released Its December Quarter Activities Report

  • Jan 30, 2019 AEDT
  • Team Kalkine
Eon NRG Released Its December Quarter Activities Report

On 29 January 2019, Eon NRG Ltd (ASX: E2E) had announced its quarterly activities report. During the quarter, the Company’s cash balance was USD 1,169,000, representing an increase from the cash balance of USD 1,477,000 from the previous quarter.  

Powder River Basin: The company’s acquisition of 15,000 acres of lands in the Powder River Basin was finalized, and Eon received executed leases from the BLM (Bureau of Land Management). Now, the company is identifying several high-value drilling opportunities by utilizing its geological and economic assessment. Several archology/environmental contractors are hired by the company, and these contractors have initiated regional reviews and preliminary permitting for new wells.

The potential drill prospects in this region will focus oil from multiple formations. Turner, Dakota, and Minnelusa are also a part of those formations. The historical production rates which are collected from these fields indicate strong well economics for potential future wells within Eon’s leases.

15,000 acres of lands are brought by the company with a 10-year lease term from the United States Department of Interior. The company does not need any drilling commitments for holding the leases. Another 640 acres are brought with a 5-year lease term from the Wyoming State Land Board in Converse County. The company is planning to purchase more lands so that they can expand the potential acreage position around the current holdings.

Borie Oilfield, DJ Basin, Wyoming: In Borie Field, the company has conducted two workovers in Q3-18, and it resulted in an increase in production in Q4. In Q4, the company has implemented infrastructure improvements, and they are planning to capture gas by installing the gas pipelines within the field, and this gas will be utilized for winter heating rather than using propane. Due to this, the field’s net return will increase and add value to its reserves. In FY19, the company is planning to convert existing shut-in well to a water injection well, and the company is anticipating that after the conversion the production level will increase from the secondary recovery waterflood of the northern part of the field.

Silvertip Field, Bighorn Basin, Wyoming: In November, the company has carried out the recompletion of the 64-28F well at the Silvertip Filed.

In 2018, the field produced over 637 MMcf of gas with well 35-28F producing impressive 0.5 MMcf of gas and continues to produce at a rate of 360 Mcfpd.

December Quarter update: The company’s total net sales revenue for the Q4 stood at USD 1,215,691, (over the prior quarter which was $1,223,003).

For the 1Q19, the company is anticipating posting exploration and evaluation, production, staff costs, administration and corporate costs, and other costs amounting to USD 95,000, USD 423,000, USD 356,000, USD 220,000, USD 167,000 respectively. The company is also anticipating receipts from customers amounting to USD 1,287,000. Therefore, the total estimated net cash inflows will be USD 26,000.

Stock performance: The shares of Eon NRG Ltd are trading at A$0.011 (as at 3:34 PM, 30 January 2019), down by 8.333%. The company has 406.39 million outstanding shares with the market capitalization of circa $4.88 million. The stock has delivered the positive return of 100% over the past three months. During the last one month, E2E delivered the positive return of 50%.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.


All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK