Exoma Energy Preferred Tenderer on Queensland Permits

Exoma Energy has been appointed the preferred tenderer for four Queensland exploration permits that are prospective for conventional oil, shale oil and gas as well as coal seam gas.

Company’s joint venture partner CNOOC will participating interest in these four permits. The permits are located in the Galilee and Eromanga basins adjacent to Exomas’s existing acreage.

Exoma and CNOOC has signed an agreement in 2010 under which CNOOC would acquire a 50% participating interest the five permits by contributing $50 million towards exploration and appraisal expenditure during the Farmin period.

Earlier this month, Exoma had completed the exploration of Alma-1 coal seam gas well in the Galilee Basin.

Exoma and partner CNOOC are planning to drill 22 wells across its 27,000 square kilometre acreage to appraise the coal seam gas (CSG), conventional oil and shale oil and gas resources.

The company said it will drill up to 13 CSG core wells during 2012 to measure and map the distribution of gas within the Permian Betts Creek and Aramac Coal measures.

The wells will also seek to provide the technical basis to convert the estimated 31 trillion cubic feet of potential gas resources in 7 independent prospect areas into reserves during 2013 as well as identify production sweet spots for long term testing.