Hero Technologies Inc (HENC)

[Hamilcar54]

Claren now also mentions the 2020 expiry date for PEL 112 (instead of 2019). That means we can look forward to another dead year in 2018 and that things will only get going in 2019.


Latest info I got from their filings:

Recently (spring 2017), Senex drilled an exploration well on PEL 182 called “Hoplite-1” which is situated 2.5km from the
Maverick prospect within PEL 444. Hoplite-1 reported oil shows from the Birkhead reservoir but well tests yielded non-commercial oil flow. The Company is undertaking additional exploration work on PEL 444 in
order to integrate the results from the Senex Hoplite-1 well with the Maverick prospect.

The minimum one year work commitment under PEL 444 is to carry out geological and geophysical studies
and the license term expires on January 11, 2021. The minimum one year work commitment under PEL
112 is to carry out geological and geophysical studies and the license term expires on January 10, 2020.
In order to renew each license, a well must be drilled prior to the end of the license term.

Recent technical work on PEL 112 included the reinterpretation of the Mulka 3D seismic data focusing on
Birkhead prospectivity. The interpretation, coupled with seismic inversion results, has put into evidence
three prospects associated with the Birkhead channel play.