On 7 August 2019 Oilex Ltd announced that it has entered into an agreement to acquire Holloman Energy Corporationâs subsidiary company Holloman Petroleum Pty Ltd. Holloman holds 48.5003% interest in two Cooper-Eromanga Basin permits: PEL 112 and PEL 444, alongside operator of the permits Terra Nova Energy. Both Terra Nova and Holloman had been looking to divest their interests in the permits.  Oilex has also signed an agreement with joint venture partner Terra Nova, as reported on 14 August 2019. The agreement is for Oilex to acquire an additional 30.833% interest, with the option to increase to 51.4997%, which would result in 100% interest after 12-15 months.    Oilex has agreed to acquire 100% interest in the Holloman subsidiary for the consideration of 40,416,917 ordinary Oilex Shares, plus AUD 24,250 payable upon completion. The structure values the deal at around AUD 1.2 million, based on AUD 0.03 per Oilex share. The deal is set to close on 30 September 2019.    The permits are located in the Western Flank Fairway and Terra Nova reports that there are a number of Namur and Birkhead structural prospects within both permits.    PEL 112 covers an area of 1,000 sq km and was awarded on 17 April 2003. Terra Nova has outlined the Milo, Libby and Drole structural prospects, which combined hold a potential 9 MMb oil in place. Milo is outlined as the primary target, with the largest potential resource and lowest risk. One exploration well is due in 2019. The well will likely target one of these prospects and be positioned from the 2012 Mulka 3D seismic survey, which is located in the north of the permit area.     The Wolfman 1 well was drilled within the Mulka survey area in 2013. It targeted a dip closure in the Namur Sandstone at around 1,200 m depth but was dry at location. Secondary, deeper, targets of the Birkhead and Hutton formations were also dry.    PEL 444 covers an area of 1,150 sq km and was also awarded on 13 April 2003. Terra Nova has identified the Maverick mid-Birkhead prospect which is considered as a key exploration target.Â  It has a potential 1.71 MMbo resource. The Crater and Moraine Namur prospects have also been outlined as potential targets. The prospects in PEL 444 have been identified from the merged Jasmin and Wingman seismic datasets, which Terra Nova has reported as providing high level mapping of the licence. Terra Nova considers there is potential for the Hoplite 1 oil play fairway to extend into PEL 444. One commitment well is due in 2021.    The Baikal 1 well was drilled in 2015, located approximately 8 km west of Hoplite 1. The well targeted this the oil play within the mid-Birkhead channel sands but was dry at location. However, the channel sands, which were mapped from seismic, were encountered and now provides qualification to the current exploration model.    PEL 112 and PEL 444 are held by Terra Nova Energy Australia Pty Ltd (a Claren Energy subsidiary - 51.5% + Operator) and Holloman Petroleum Pty Ltd (48.5%).Â  Upon completion of Oilex acquiring Holloman Petroleum Pty Ltd and interest held by Terra Nova, interests will become: Oilex Ltd (79.333%, with the option to increase to 100%) and Terra Nova (20.667%).  Â     Â   Â   PEL 112 and PEL 444 are held by Terra Nova Energy Australia Pty Ltd (a Claren Energy subsidiary - 51.4997% + Operator) and Holloman Petroleum Pty Ltd (48.5003%).Â  Upon completion of Oilex acquiring Holloman Petroleum Pty Ltd plus the interest held by Terra Nova, Oilex Ltd will hold
Oilex had entered into an agreement with Perseville Investing and Terra Nova Energy to acquire up to a further 51,4997% interest in petroleum exploration licences 112 and 444.