Brownlaw, a former executive for BP, Santos, BP, AED Oil and more recently Rawson, has recapitalised Convergent via a deed of company arrangement as a vehicle for Berry Capital Group's exploration and production assets.
A new board under Brownlaw, comprising of chairman Mitchell McGeorge and directors Victor Dusik and John Reader was installed late last year, and the company is now working towards re-complying with the ASX Listing Rules, which will require a capital raising.
While the company has made little information available on its plans so far, it is aiming to build a portfolio of development and production assets in the US that offer long-life light oil production or long-term growth opportunities.
EWE has set its initial focus on the mature Mid-Continent oil province, which is a broad area containing hundreds of oil fields across Arkansas, Kansas, Louisiana, New Mexico, Oklahoma and Texas.
The region was identified by the Norman-1 well in the first half of the 20th Century, and since the discovery of the Mid-Continent field has been found to host a range of large and small oil fields that historically has produced more oil than any other area in the US.
Until the discovery of oil in the Middle East, it was the largest known oil reserve in the world.
EWE's areas have proven oil are largely covered by 3D seismic and have high levels of well control.
EWE will initially examine shallow wells costing less than $250,000 that are close to infrastructure.
The company will look to aggregate distressed producing assets and develop the upside, with an initial aim of over 100,000 acres that are already held by production without significant commitments.
Targets will have multiple reservoirs, and existing or shut-in production with under-utilised salt water disposal facilities.
Convergent held assets in the New Holland gold field of Western Australia, but ran into financing issues in 2015 and was placed in voluntary administration, and the assets were later sold.
The company remains suspended from trading.
