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Exoma Energy And CNOOC Complete Galilee Basin Well

Exoma Energy (ASX: EXE) and CNOOC have completed their tenth Galilee Basin exploration well after intersecting the target coal measures and shales.

Wardoo‚Äź1 was drilled to a total depth of 1,566 metres and cored a 107 metre section of the Permian Betts Creek and Aramac coal measures as well as encountering a 28 metre section of Toolebuc Shale.

About 10 metres of coal samples were put on desorption testing to measure gas content while samples from the Toolebuc were recovered for laboratory testing to measure oil content and thermal maturity.

The well has been plugged and abandoned as planned while the EDA Rig 2 has been released as the joint venture winds down its drilling program to consider the results of its coal seam gas drilling.

Wardoo-1 is part of the joint venture's drilling program of up to 14 wells they are drilling this year to assess the hydrocarbon potential of their permits and identify sweet spots to focus on.

CNOOC is earning a 50% interest in ATP 999P and the other four permits that make up the Galilee joint venture by providing the first $50 million of joint venture expenditures.

The company recently expanded its agreement with Exoma to take an additional 10% stake in the five permits by carrying a further A$12.7 million in expenditures under the Additional Farm-in Period, which expires on 31 December 2015.

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