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Monday, August 22, 2011

Exoma Starts Drilling 5th Well in 2011 Exploration Campaign

- Exoma Starts Drilling 5th Well in 2011 Exploration Campaign

Monday, August 22, 2011
Exoma Energy Ltd.

Exoma announced that the fifth well of its 2011 exploration campaign, Katherine-1, has spudded. The primary target of this well will be Shale Gas in the Toolebuc Formation of the Eromanga Basin in Central Queensland.

After coring the shale, this well will be deepened to test a potential conventional oil play in the underlying Hutton sandstone. The Katherine-1 oil test is a follow up to Toobrac-1, a well drilled in 1985 that discovered oil shows in a thin sand onlapping a basement high. The well is located down-dip on the structure and tests a potential thickening of the reservoir sand observed in the seismic data.
  • Well Name: Katherine-1
  • Permit: ATP 999P
  • Location: Eromanga Basin, approx. 60km SSW of Longreach, Queensland.
  • Target:
    • Primary Target: shale gas in the Toolebuc Formation. The carbonaceous Toolebuc Shale will be cored and the well logged. The shale core will be subject to laboratory analysis to identify source maturity, hydrocarbon type and content, detailed mineralogy, rock properties and permeability.
    • Secondary Target: conventional oil in the Hutton sandstone. The Hutton sandstone section will be rotary drilled and logged. If any hydrocarbons are present, the reservoir will be drill stem tested.
  • Planned Depth: Toolebuc Formation 590 meters; Hutton Sandstone 1189 meters

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

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