Exoma Spuds Eleventh Well in Galilee Basin JV Program

Exoma Energy has spudded the eleventh well, Fittleworth‐1, in the 2012 Galilee Basin drilling program. The well will be drilled using EDA Rig 1.

The well which is located about 30 kilometres south of Longreach, Queensland targets oil and gas in the Toolebuc shale in ATP 1005P. The well will be cored through the Toolebuc shale section and the core will be subject to laboratory analysis.

On completion of coring, the well will be deepened to provide depth control to local seismic data.

The EDA Rig 1 will drill Fittleworth‐1 to a total depth of 1,159 metres with the top of the Toolebuc expected to be intersected at about 537 metres.

CNOOC is earning a 50% interest in ATP 999P and the other four permits that make up the Galilee joint venture by providing the first $50 million of joint venture expenditures.