Exoma Spuds Culloden‐1 Unconventional Gas Well

Exoma Energy has spudded its Culloden‐1, the fourth well of the Galilee Basin 2012 exploration program.

The well is aimed at understanding of the basic geology within the 5 permits, targets both the Toolebuc Shale and the Permian Coal Measures.

Meanwhile, Exoma has plugged and abandoned the Sancho-1 exploration well as planned after recovering chip samples from a 26 metre section of the Toolebuc Shale. These samples will help the joint venture assess the maturity of the Toolebuc as an oil and gas resource.

CNOOC is earning its 50% stake in the five Galilee Basin blocks by providing the initial A$50 million of joint venture expenditures.