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Eureka Energy (on the ASX)

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Creator Skiboy10 Created 27 Nov 2006 Posts 26 Last Post 13 years ago
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Eureka Energy Limited is an Australian Stock Exchange listed company with oil & gas exploration interests in Texas, USA and Bismil, Turkey and a base metals exploration interest in the Northern Territory of Australia.

The Company’s initial exploration interest, the Kiana Project, was acquired in October 2005 and is considered prospective for base metals. The work program for the Kiana Project is under technical review.

In May 2006, Eureka moved into the oil and gas exploration business with the acquisition of Hosston Holdings Pty Ltd, an oil and gas exploration company owning rights to earn a 12.5% working interest in the “Sugarloaf Prospect”, located onshore Texas USA. Sugarloaf is a major un-drilled deep structure in one of the world’s most productive oil and gas basins and has the potential to host several trillion cubic feet of gas.

A well to test this exciting prospect spudded on 18 August 2006 and is anticipated to reach target depth of 21,000 feet by late November 2006. The well has encountered gas shows in shallower carbonate sections which were identified as secondary targets prior to drilling the well. Wire line log results over one of these sections indicated a 92 feet zone of possible gas pay the commercial significance of which can only be assessed by flow testing of the zone which will be considered at the conclusion of drilling to the target depth.

On 30 October 2006 Eureka announced it had executed Agreements to acquire up to a 45% interest in two exploration licences in South Eastern Turkey. The two Licences, covering an area of approximately 500 square kilometers, are located in the major oil producing region of the country and have estimated potential recoverable reserves at the P50 level of 31 million barrels of oil. Eureka is required to drill two wells on the Licences to earn a 20% interest with the first well to be spudded in November 2006. Eureka has the option to increase its interest to 45% in the Licenses after the second well has been drilled.


Eureka Website

ASX Page for EKA

Corporate Presentation November 2006






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