Annual Report to shareholders
Annual Report to shareholders
Perth, April 24, 2019 AEST (ABN Newswire) - We are pleased to present the annual report to shareholders this year as EON NRG Ltd (ASX:E2E) continues to build its US based oil and gas business and positions itself to deliver on a strong development program in the coming years. The last 12 months have been a successful period with the acquisition of a large 15,000 acre lease holding in the Powder River Basin, Wyoming, and definition of a number of high impact and high probability oil wells for drilling in 2019 and beyond. This added to Eon's existing production base of circa 530 boepd from producing oilfields in Wyoming and California.

There were definite signs of a return of confidence in the energy sector in 2018 with an improvement in oil prices and a significant increase in drilling and M&A activity in the industry seen throughout North America. Numerous improvements in drilling techniques and equipment have evolved in recent times which has resulted in, for example, quicker drilling rates leading to cheaper and more economic wells.

The USA oil services industry is competitive and numerous operators, including many in the Powder River Basin, also enable efficient infrastructure establishment once a well is tested and confirmed successful and economic.

Eon completed a capital raising in March 2019 which will provide working capital to support drilling the first Powder River Basin well. Continued tight cost control to maximise funds for drilling and growth opportunities was and remains a key mandate for management.

On behalf of the Board I would like to thank our management, staff, contractors and consultants for their diligent work during 2018 and look forward to Eon's continued growth in 2019 and beyond. We appreciate the continued support of our shareholders and look forward to drilling successful wells in the years ahead.

Mark Stowell
Chairman
29 March 2019

To view the Annual Report, please visit:
http://abnnewswire.net/lnk/2JQ97116


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.

   


Contact

Australia -
Simon Adams
CFO/Company Secretary
Email: sadams@i-og.net
Phone: +61-8-6144-0590

USA -
John Whisler
Managing Director
Email: jwhisler@i-og.net
Phone: +1-720-763-3183

Website: www.eonnrg.com
Twitter: @EonNRG



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