Exoma Spuds New Well, Australia

Exoma Spuds New Well

Exoma Energy announced that it has spudded Scotty Creek-1, the sixth well of the Galilee Joint Venture’s 2012 exploration program.

Scotty Creek-1 is a stratigraphic test that will be drilled to log and chip sample the shale oil/gas in the Toolebuc shale and then deepened as a low-cost assessment of any underlying conventional oil prospectivity.

This well will provide further data for Exoma’s evaluation of the oil and gas resource in the Toolebuc Shale. Analysis of chip samples will provide additional information on the distribution of shale properties which will continue appraisal of the shale oil & gas resource identified by the Bessies/Euston/Katherine wells in 2011.

The well will be deepened after the Toolebuc shale is drilled to assess the potential of any conventional oil targets.

The well is specifically designed for shale exploration. If oil is encountered in the Secondary Target the well will be cased and suspended for testing – otherwise it is planned that the well will be plugged and abandoned after it is drilled and logged.

Exoma has a 50% beneficial interest in both ATP 1005P and the Scotty Creek-1 well. CNOOC Galilee Gas Company Pty Ltd is earning its participating interest by a farmin whereby CNOOC provides the first $50 million of joint venture expenditures on Exoma’s five Galilee Basin ATP’s.

LNG World News Staff, August 17, 2012