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 a USA onshore focused energy company. The Company is targeting high impact energy exploration projects in oil, gas, and or battery minerals, supported by its 100% owned and operated long life oil and gas production assets and associated cashflow.
ContactEON NRG Ltd
Simon Adams, CFO
Link: Annual Report 2017