Exoma Encounters Gas at Euston-1 Shale Gas Well

Exoma Energy Limited has encountered gas at the Euston-1 shale gas well (ATP 999P) located in the Eromanga Basin, approximately 50km northwest of Longreach,Queensland.

The fourth well in the Company’s 2011 exploration campaign reached a total depth of 632 metres and has encountered a 32 metre intersection of Toolebuc Shale, the target of the well.

Euston-1 is approximately 50km to the north east of Bessies-1 well, where 40 metres of Toolebuc Shale was intersected at a depth of 883 metres. Core was recovered across the full Toolebuc section.

As at the Bessies-1 well, there is evidence of gas release from the shale core and samples are presently undergoing gas desorption. Further core samples will be sent for specialised laboratory analysis.

Exoma has a 50% beneficial interest in both ATP 999P and the Euston-1 well. CNOOC Galilee Gas Company Pty Ltd is earning its participating interest by a farmin whereby CNOOC provide the initial $50 million of joint venture expenditures on Exoma’s five Galilee Basin ATP’s.