Exoma Reviewing Galilee Basin Exploration Results
Exoma is in the process of reviewing the exploration results in the Galilee Basin, Queensland, Australia with joint venture partner CNOOC Gas & Power.
These studies have generated new plays and leads for conventional gas, CSG and conventional oil exploration, the company said.
Gas Plays
Analysis of exploration results to date points to two potential gas plays in the coal measures that have not yet been tested:
Conventionally Trapped Gas: Based on gas shows encountered while drilling, Exoma has identified a number of locations where gas may have accumulated in porous sandstone within the coal measures. Several large structures are being mapped and evaluated as conventional gas plays.
CSG: Coal packages at Hollowback‐1 are interbedded with impermeable shale that may have prevented gas migration out of the coal. These have the potential to act as localised CSG plays and may provide an exploration play elsewhere in the basin.
Toolebuc Shale
Analysis of the data gathered in 2011 and 2012 and tested to date indicates that the Toolebuc shale within the joint venture permit areas is likely to be insufficiently mature to have generated sufficient hydrocarbons for commercial production. The joint venture is presently awaiting final laboratory results for the 2012 shale exploration programme to confirm this assessment.
Exoma is currently reviewing the potential of the deeper Toolebuc within the new permit application areas.
As outlined at Exoma’s 2012 Annual General Meeting, the company has adopted a strategy of pursuing new venture opportunities in producing basins in order to expand and diversify its exploration portfolio. Exoma’s principal focus is on conventional oil and gas opportunities in theCooper/Eromanga and Surat/Bowen basins.
The company is using its experienced in‐house team, along with some expert outside consultants to achieve these goals.
In recent months, Exoma has entered into a number of confidentiality agreements for the purposes of evaluating and assessing both exploration and production assets, which are currently being evaluated.