Tuesday, June 19

Exoma Energy secures second rig, accelerates Galilee Basin drilling program

Exoma Energy (ASX: EXE) has mobilised a second rig to accelerate its drilling program in the Galilee Basin, Queensland, that targets coal seam gas, shale oil and gas as well as conventional oil targets.

The company had previously flagged that it was in negotiations for a second rig to drill some of the 18 to 22 wells it is planning to drill this year in conjunction with Chinese state oil company CNOOC.

The wells are designed to deliver a strategic understanding of the basic geology within the 5 permits under the CNOOC farm-in and are aimed at defining the most favourable areas in which to develop reserves.

Up to 13 wells will measure and map the distribution of CSG within the Permian Betts Creek and Aramac Coal measures.

These will also provide the technical basis to convert the estimated 31 trillion cubic feet of potential gas resources in 7 independent prospect areas into reserves during 2013 as well as identify production sweet spots for long term testing.

The CSG wells will also intersect the Toolebuc Shale and provide additional data on the shale oil & gas resource.

The next CSG core well, Culloden-1, is expected to spud early in the week of 25 June 2012.

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