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Exoma Energy Drilling Sixth Galilee Basin Exploration Well

Exoma Energy (ASX: EXE) and CNOOC have spudded the sixth well of their 2012 exploration program in the Galilee Basin that targets both shale oil and gas as well as conventional oil prospectivity.

Scotty Creek-1 will be drilled to log and recover chip samples in the Toolebuc shale before it is deepened as a low cost assessment of any underlying conventional oil prospectivity in the Jurassic Adori Sandstone.

This will provide further data for Exoma's evaluation of the oil and gas resource in the Toolebuc Shale with analysis of the chip samples expected to provide additional information on the distribution of shale properties.

While targeted primarily at the shales, Scotty Creek-1 will be cased and suspended for testing if oil is encountered in the secondary target.

The well has a planned total depth of 1,053 metres and is located in ATP 1005P about 20 kilometres northwest of Longreach, Queensland.

Scotty Creek-1 is part of a 22 well drilling campaign Exoma and CNOOC are drilling to appraise the coal seam gas, conventional oil and shale oil and gas resources in their acreage, which covers 27,000 square kilometres.

The wells are designed to deliver a strategic understanding of the basic geology within the 5 permits with the objective of defining the most favourable areas in which to develop reserves.

These include up to 13 coal seam gas core wells during 2012 to measure and map the distribution of gas within the Permian Betts Creek and Aramac Coal measures; 7 shale exploration wells to collect further shale geological and geochemical data on the Toolebuc shale, which covers about 20,000 square kilometres; and wells to test the Katherine West and Katherine East oil prospects.

CNOOC is providing the initial A$50 million of joint venture expenditures to earn a 50% in ATP 991, 996, 999, 1005 and 1008.

*** Exoma will be presenting at the upcoming One2One Forum in Sydney on 22 August. CLICK HERE to register for free ***

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