Exoma Exits Galilee Basin Joint Venture

Exoma Energy Limited on Thursday announced that it has withdrawn from the Galilee Joint Venture exploration permits (ATP 991P, ATP 996P, ATP 999P and ATP 1005P), effective as of 1 January, 2015.

Between 2011 and 2013 Exoma operated an extensive exploration program in the Galilee Basin in Queensland which has tested coal seam gas, shale oil, shale gas and conventional oil plays. This program has not identified a commercial hydrocarbon resource.

“Exoma considers that further exploration of the Galilee Joint Venture acreage is inappropriately risky for a small exploration company and does not support any further investment of the company’s resources. Consequently Exoma has elected to withdraw from the Joint Venture rather than participate in any further exploration.

Following Exoma’s withdrawal, CNOOC Galilee Gas Company Pty Ltd will have a 100% interest in the exploration permits, Exoma said.

Under the joint venture agreements, Exoma will continue as operator until 4 March 2015, unless prior to that date CNOOC Galilee Gas Company Pty Ltd gives 20 business day notice that it elects to step-in as operator, the company said.