EON NRG Spuds Govt Kaehne 9-29 Well

Eon NRG Limited (ASX:E2E) is pleased to announce that drilling operations have commenced with the spudding of the first well on its recent acquired 15,000 acres in the Powder River Basin.

Highlights:

– Govt Kaehne #9-29 well has commenced drilling

– First well to be drilled on Eon’s 15,000-acre leasehold position in the Powder River Basin

– Drilling operations are expected to take approximately 12 days to reach total depth

The Govt Kaehne #9-29 well spudded at 8:30 hours US MST on Tuesday November 19. The #9-29 is being drilled as a directional well to a planned total depth (“TD”) of approximately 6,400 feet (1,950 meters).

The well is being drilled using the CapStar #311 drill rig which mobilized to site on Monday. Current operations are drilling ahead to 2,060′ prior to running 8.625″ surface casing and cementing. Drilling operations are expected to take approximately 12 days to reach TD where it will intersect the primary target in the Dakota Formation (Sandstone, Lower Cretaceous Age). The well bore will also pass through a potential secondary pay formation (Muddy) at around 6,000′.

Once the well is drilled to TD a series of drill stem testing and suite of geological logging will be performed to determine the deliverability of hydrocarbons.

The #9-29 well is located in the North Donkey Creek Field approximately 22 miles east of Gillette, Wyoming (a major service centre for the oil and gas industry in the Powder River Basin). Eon is the operator of the well and has a 61% working interest (WI) and a 53.4% net revenue interest (NRI). Progress reports will be provided on the drilling progress as material events occur.

“The spudding of the #9-29 is a significant milestone as we begin drilling the prospective exploration wells within the Company’s leasehold acreage,” said John Whisler, Managing Director. “We are currently prioritizing the development of the 15,000-acre leasehold and look forward to this transformational opportunity.”

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