MELBOURNE, June 23 -- Holloman Corp., Odessa, Tex., will drill three wells to earn two-thirds interests in three exploration permits in South Australia's Cooper basin under a farmout from Australian-Canadian Oil Royalties Ltd.
Holloman also will become operator of PELs 108, 109, and 112 in the basin's western sector.
Subject to rig availability, the first two wells will be drilled this year on PEL 112.
Interpretation of a recent seismic survey has delineated several leads with similarities to oil discoveries in adjacent permits such as Worrior and Christies fields.
PELs 112 and 108 cover a total area of 5,365 sq km and have never been drilled.