EON NRG Ltd Stock Market Press Releases and Company Profile
Record Sales and Gas Well Recompletion
Record Sales and Gas Well Recompletion

Perth, Nov 22, 2018 AEST (ABN Newswire) - Eon NRG Limited (googlechartASX:E2E) (googlechartICRMF:OTCMKTS) ("the Company" or "Eon") is pleased to announce that in October it achieved its highest sales revenue of US$660,000 (AU$929,000) with its current assets.

- October 2018 sales of US$660,000 (AU$929,000)

- Natural Gas prices have increased by more than 66% in the last two months

- Another gas well recompletion at the Silvertip Field is scheduled for December

Sales Update:

33% of the sales volume was natural gas (~4,500 Boe) which sold at an average price of US$3.39/Mcf with the remaining 66% being liquids (oil and NGL - 9,260 Bbls) with the average oil price of US$69/Bbl.

The last two months has seen a sharp rise in the price of natural gas with CIG Rockies benchmark prices currently above US$4/Mcf (AU$5.50/Mcf) (the average CIG Rockies price has been US$2.40/Mcf for the previous 6 months). Gas from the Silvertip Field is delivered into the nearby interstate transportation pipelines and is sold based on the CIG Rockies benchmark price.

The gas price increases have come about in part due to concerns that gas stockpiles are at a 15-year seasonal low and there could be a shortage in meeting winter heating needs, even as production hovers near a record high off the back of associated gas from increased shale oil production. In North America, gas stored in underground aquifers and salt caverns in summer months is used to supplement supplies pumped from wells during winter.

Gas well recompletion:

Gas production from the Silvertip Field, Wyoming has been stable during 2018 following the successful recompletion of the 35-28 well in February. With the increase in winter gas prices, a further well recompletion will be carried out on the STU 64-28F well in December.

Infrastructure to capture and transport the gas from the well to market is already in place at the Silvertip Field. Gas is processed through Eon's gas plant and delivered directly to the purchasers' pipeline.

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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.

https://twitter.com/EonNRG https://www.linkedin.com/company/incremental-oil-and-gas-ltd abnnewswire.com 


Contact

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

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

Website: www.eonnrg.com
Twitter: @EonNRG



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