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world oil resources ltd (WOIIF) Snapshot

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09/24/13 - $0.0027
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12/16/13 - $0.0001
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world oil resources ltd (WOIIF) Details

World Oil Resources Limited explores and evaluates resource properties primarily in Australia, Brazil, and the United States. It holds a 49.2% working interest in the Klick East oil field that covers an area of approximately 320 acres and is located in the Woods County, Oklahoma; and a 50% working interest in the Welch-Bornholdt Wherry oil fields, which covers an area of approximately 15,000 acres, located in Rice and McPherson Counties, Kansas. In addition, World Oil Resources Limited, through Gavea Joint Venture, owns a 40% interest in the Harpia and Guara oil fields, which are located in the Sergipe-Alagoas Basin, on-shore Brazil. The company was formerly known as Eromanga Hydrocarbon Ltd and changed its name to World Oil Resources Limited in January 2012. World Oil Resources Limited is based in South Melbourne, Australia.

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world oil resources ltd (WOIIF) Key Developments

World Oil Resources Ltd.'s Welch-Bornholdt Wherry Project to Commence Production

World Oil Resources Ltd. announced that its joint venture partner has advised that the #1-1 Krehbiel Trust well has been completed and put into production. The operator has installed a surface pumping unit and a production tank battery. The well was completed using a small acid treatment to improve potential production performance. The disposal of associated salt water will occur into a third party salt water disposal well located on adjacent acreage. The operator has reported initial production rates of 250 total barrels of fluid per day with an average of 20% oil cut. This indicates initial gross oil production rates of 50 bopd. This is a preliminary rate and a longer production history is required to confirm what the stable rate will be and also to confirm the resource size and economic potential of this well. The better indicator of long term potential is the average production rate over 30 days which will be reported as it becomes available. At the same time, given the encouraging results to date for this well, the joint venture is undertaking a technical evaluation of the surrounding acreage in order to define potential areas of interest and future possible drill locations. Any further work in this area is of course dependant on the final results from the extended production evaluation at #1-1 Krehbiel Trust well.

World Oil Resources Ltd Reports Expanded Acreage

World Oil Resources Ltd. has entered into an agreement with J-W Operating company of Dallas, Texas to acquire its interest in a new exploration target. In consideration of $225,000, the company shall receive a 35% net working interest in leases covering approximately 6,400 acres located in Edwards County, Kansas. In addition to receiving an interest in the acreage this payment shall also cover the company's share of 3D seismic study that has already been completed on this field. Regionally, the Kinsley North Prospect is located on the southwest flank of the Central Kansas Uplift, approximately 5 miles north of Kinsley, Kansas.

World Oil Resources Limited Announces the Resignation of John Weston as a Director

World Oil Resources Limited accepted the resignation of John Weston as a Director of the company. John advised the Board that he could no longer undertake his role as Executive Director, given his existing work commitments. John will continue to provide consulting services to the company in relation to the Brazilian assets.


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Price/Sales 4.7x
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