Australia: Exoma Provides Update on Hollowback-1 Well

Exoma Energy Limited announced interim results for Hollowback-1 the seventh well of its 2011 exploration campaign.

The primary target of this well was Coal Seam Gas (CSG) in the Permian coal measures of the Galilee Basin in Central Queensland.

The well encountered 9 metres of coal and a 25 metre section of Toolebuc Shale. Drill cuttings from the Toolebuc Shale were collected for analysis and the well was logged without taking cores.

Due to the onset of the summer wet weather season in Central West Queensland, the Joint Venture has decided that it is operationally prudent to suspend drilling operations after the completion of Hollowback-1 until the end of the wet season. Exoma plans to resume drilling in March 2012.

Exoma has a 50% beneficial interest in both ATP 996P and the Hollowback-1 well. CNOOC Galilee Gas Company Pty Ltd is earning its participating interest by a farmin whereby CNOOC provide the initial $50 million of joint venture expenditures on Exoma’s five Galilee Basin ATP’s.

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Source: Exoma Energy, November 9, 2011