What a difference a year makes Here is just a quick overview of...

What a difference a year makes
Here is just a quick overview of the past 12 to 14 months.


24 January 2007
ERH announced the appointment of Mr Phil Galloway has Chief Executive Officer of Eromanga.

29 January 2007
ERH announces in a 5B that it has $641,000.00 in total cash. $576,000.00 cash on hand and $65,000.00 deposit on call.

14 February 2007
ERH announced that it had entered into a Heads of Agreement to acquire a 50% interest in five exploration blocks (“blocks”) in the Reconcavo Basin in North East Brazil.Reconcavo is an onshore producing basin with good pipeline and refinery infrastructure and a long history of oil exploration and development.

The 50% interest will be acquired from Silver Marlin Exploracao e Producao de Petroleo
e Gas Ltda (“Silver Marlin”), a Brazilian independent oil company. The remaining 50%
interest in the blocks will be held by Silver Marlin. Assignment of the interest is subject
to prior consent of the Brazilian authorities, ERH shareholder approval, completion of
final formal documentation, due diligence by ERH and all regulatory approval.
1. Farm-in Terms
The blocks were awarded to Silver Marlin in Brazil’s 2005 licensing round and cover
approximately 140 km2 . Under the terms of that licence round, Silver Marlin has 2 years
from 12 January 2006 in which it must complete a minimum work programme. To retain
any of the blocks for a second exploration period of one year, Silver Marlin must commit
to drill one well per block.
Eromanga will farm-in to the blocks by paying:
– 100% of the seismic acquisition and processing cost during the first exploration
period (to be agreed by the parties); and
– 80% of the cost of the first well in each block where the parties elect to enter
the second exploration period; and
– all costs thereafter in proportion to ERH’s participation in the blocks.

19 April 2007
The directors of Eromanga Hydrocarbons NL (ASX: ERH, ERHO and ERHCA) are pleased to announce that ERH has entered into a binding Heads of Agreement (“HoA”) that, subject to certain conditions precedent, will give it a 50% interest in SF-T-94, a 2,957 square kilometre exploration block in the São Fransisco basin.
The acquisition compliments Eromanga’s position in the Reconcavo Basin where it has executed a binding HoA to farm-in to a 50% interest in five blocks covering 140km2. These five blocks are in a mature basin and are adjacent to producing fields.

4 May 2007
The directors of Eromanga Hydrocarbons NL (ASX: ERH, ERHO and ERHCA) are pleased to announce that ERH has executed final Joint Venture and Participation Agreements with Silver Marlin to acquire a 50% interest in 5 exploration blocks in the Recôncavo Basin.
These agreements were signed in accordance with the Heads of Agreement executed by the Parties and announced to the ASX on 14 February.
ERH has also acquired Mercury Oil & Gas do Brasil Ltda (“Mercury”), a Brazilian domiciled shell company. ERH will use Mercury to further develop its oil and gas business in Brazil.
Work Program
The 5 exploration blocks are in a mature basin and are adjacent to producing oil and gas fields. The blocks therefore have good existing seismic coverage with excellent ”well control”.
Structural targets have been identified in each block by Silver Marlin using the existing information.
Silver Marlin and Eromanga have now agreed a 2D seismic program to test these targets. The budgeted cost of the seismic program is US$1.3 million.
Commercial Terms
ERH will fund 100% of the seismic program in 2007 and will fund 80% of the cost of a well should the Joint Venture commit to enter the next exploration phase in any of the blocks.
Eromanga will acquire Mercury for consideration of 2m shares and 2m options from the shareholders of Mercury Oil & Gas Ltd, a privately held UK oil and gas explorer. The acquisition will give Eromanga a Brazilian domiciled subsidiary which will allow it to further develop its business in Brazil
Both transactions are subject to ERH Shareholder Approval and the company raising further capital to fund its obligations under the farm-in. The transfer of the 50% interest in the exploration blocks is also subject to the approval of the ANP, Brazil’s oil and gas regulatory authority.

25 July 2007
The directors of Eromanga Hydrocarbons NL (ASX: ERH, ERHO and ERHCA) are pleased to announce that ERH has entered into a binding Heads of Agreement (“HoA”) to farm in to a package of oil and gas exploration blocks with Gavea Oil & Gas Ltda (”Gavea”).
Once finalised, the farm-in will give ERH participation in three blocks in the onshore Sergipe-Alagoas Basin. These blocks include a 40% interest in;
1. A project to re-enter an existing Petrobras discovery; and
2. A drill ready prospect which the operator has identified from a recently purchased and interpreted 3D seismic survey.

The Gavea HoA compliments ERH’s position in the Reconcavo Basin where it has a Joint Venture with Silver Marlin covering five blocks (ERH 50%).
The Reconcavo and Sergipe-Alagoas basins are both mature producing areas with good infrastructure. ERH will have an interest in 8 blocks in total across these basins to create a portfolio of play types and an inventory of leads and prospects to be drilled over the next 18 months. Most of the 8 blocks are adjacent to an existing producing field or discovery.
The Gavea HoA also includes a 50% interest in Block 133 in the São Francisco Basin.

16 January 2008
New Developments in Reconcavo and Sergipe-Alagoas Basins, Brazil
The directors of Eromanga Hydrocarbons NL (ASX: ERH, ERHO and ERHCA) are pleased to announce new developments with respect to its Round 7 (2005) onshore oil exploration Blocks in Brazil’s Reconcavo and Sergipe-Alagoas Basins. It is necessary under the Brazilian Government Oil and Gas Exploration regulator’s (“ANP”) requirements that following the initial two year period a ‘drill or drop” decision is made for the Round 7 Blocks by 12 January 2008. In addition where a decision to drill has been adopted then the joint venture provides the ANP with a Performance Bond of equivalent value also by 12 January 2008.
Reconcavo Basin In the Reconcavo Basin ERH and the local Operator Silver Marlin Exploracao e Producao de Petroleo e Gas Ltda (“Silver Marlin”) have after the first exploration period determined the following strategy with regard to the five exploration Blocks covered under existing joint venture agreements which provide for ERH to earn a 50% interest in each Block:



Monday 11 February 2008
Oil & gas drilling program commences in Brazil
Eromanga Hydrocarbons NL (ASX: ERH, ERHO and ERHCA) confirmed today that the Sonda ETX 2 drilling rig has arrived at site and has been transferred to the Gavea Joint Venture (ERH 40%) to commence drilling on Blocks 330 and 430 in the Sergipe-Alagoas Basin, onshore Brazil.
The rig will undertake a two well program over the next 8 weeks.

Tuesday 25 March 2008
PTA 3 Completed for Production
Block 330, Sergipe Alagoas Basin, Brazil
Eromanga Hydrocarbons NL (ASX: ERH, ERHO and ERHCA) is pleased to announce that the Operator has completed PTA-3 as a producing well.
On Saturday and Sunday, the Operator installed the rods, down-hole pump and other equipment in order to leave the well ready for production upon receiving consent from the ANP, environmental approval, completion of a contract with Petrobras and power being provided to site.
Gavea estimates that PTA-3 will produce between 60 and 100 barrels per day of 15 degree API grade oil. A pay zone of 15 meters was confirmed by swab testing.
Gavea will apply to the ANP (National regulatory Agency for Oil & Gas) for an early production test which should be obtained within three months. In the recent past ANP has approved such tests within eight weeks.
Meanwhile the Joint Venture will evaluate additional interventions to improve the
productivity of PTA-3 (acidification or solvent stimulation is under consideration) as well as installing basic production facilities.
Commenting on the result, Phil Galloway CEO of Eromanga said,
“It now appears that Eromanga will produce oil from its first well in Brazil once regulatory approvals are received. This is an excellent result for an emerging oil company. Additional work is required before reserves can be calculated for the Block, however the testing program appears to confirm the operator’s mid case estimate of 3 million bbls as the contingent resource without limiting the high case”.
The rig is now mobilizing to Block 430 in the Sergipe Alagoas Basin, this exploration well with multiple target zones adjacent to the Angelim Oilfield is expected to spud late next week.




31 March 2008
ERH announces in a 5B that it has $5,441,000.00 in total cash on hand


And looks like a lot more to come

Best of luck all