EON NRG Ltd (ASX:E2E) Annual Report 2017

This annual report is of the group comprising Eon NRG Limited (ASX:E2E) (OTCMKTS:ICRMF) ("the parent entity") and its subsidiaries (see Note 24 to Financial Statements) (see link below) (collectively "the Group"). The Group's functional and presentation currency is US Dollars ($). Unless otherwise stated, all amounts in the Annual Report are in US Dollars.

CHAIRMAN'S REPORT

Eon commenced 2018 under its new name in February this year, with re-branding and revised energy vision to initiate a Battery Minerals division, and recent entry into Cobalt exploration. Our strong cashflow base from the production of oil, gas and NGL's continue to underpin the operations, and oil prices rising to over $60 in 2018 is most welcome.

Continued expansion in the USA energy market, both in conventional oil and gas, and battery minerals is Eon's focus in 2018. Cobalt exploration properties have recently been acquired in Nevada, and others are under evaluation in Nevada and elsewhere. The changing energy market is something that your board has been following for quite some time, and considered that the timing was right to expand the company's energy asset base using our in-house geological and engineering expertise. Oil and gas continues to provide the solid cashflow for the company, and work continues to identify further economic oil and gas projects with new high impact oil well development opportunities to participate in, preferably as operator.

Balancing the significant company changing upside of higher risk, high reward prospects and wells, with our base cashflow assets was paramount in our planning for 2018.

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About EON NRG Ltd

EON NRG Ltd (ASX:E2E) is an USA onshore focused energy exploration and production company. The Company's growth path is through drilling of high impact oil exploration wells, supported by its 100% owned and operated long life oil and gas production assets and associated cashflow. The company also has a battery minerals division with prospective leases in Nevada which are at the early stages of low-cost exploration.

   

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