ERN - Erongo Energy Limited
Formally known as LOU (Louisiana Petroleum)
Highlights from their first quarter activities are below. Their uranium tenements look good. No drilling as of yet..can only go by their radiometric map comparisons with Langer Heinrich and Rossing..but it looks promising.
• Shareholder approval has been obtained for the acquisition of rospective
uranium interests in Namibia covering an area of approximately 920 sq km.
• The transaction, announced to the market 18 September 2006, is now only
dependent upon completion of due diligence by the Company, which is progressing well and is expected to be completed by the end of next week.
• The granting of the two tenement applications that comprise the pitskoppe Project, pursuant to this Agreement, is imminent. All documentation and budgets satisfy government criteria.
• Subject to the granting of these tenement applications, and completion of the proposed transaction, a budget for the initial phase of exploration of USD$544,000 has been provided for, and will be sourced from existing cash reserves.
• Development work on the Caddo Pine Island Project in northern Louisiana remains ongoing. Additional wells have been identified as suitable for pump jack installation, over and above those initially budgeted for, and as such the development program has been extended to include these wells. This additional development work is expected to be completed within this current
quarter at a cost of approximately $100,000.