Houston-based Holloman Energy Corp. (OTCQB: HENC) reports that drilling of the Wolfman #1 exploration well on Petroleum Exploration License (PEL) 112 is under way. It is expected that Wolfman #1will be drilled vertically 1,720 meters (5,600 feet), and will take approximately 10 days to reach total depth. The well, which targets the Namur Sandstone in a dip-closed structure, spudded July 22, 2013.
Holloman is focused on exploring and producing oil in Australia's Cooper Basin. Holloman's Cooper Basin licenses include interests in PEL 112 and PEL 444 which comprise 4,554 square kilometers (1.125 million acres) on the western margin of Australia's Cooper - Eromanga Basin.
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