(MENAFN- ProactiveInvestors - Australia) Exoma Energy (ASX: EXE) is the preferred tenderer for 4 Queensland exploration permits that are prospective for conventional oil, shale oil and gas as well as coal seam gas.
The PLR2011-2-7, PLR2011-2-8, PLR2011-2-9 and PLR2011-2-12 permits are located in the Galilee and Eromanga basins adjacent to its existing acreage.
Exoma now has the right to take up an Authority to Prospect after it successfully negotiates native title agreements with traditional land owners.
Its Chinese joint venture partner CNOOC will also have a participating interest in the 4 permits.
Exoma had early this month spudded the first of up to 22 wells that it is drilling with CNOOC to appraise the coal seam gas (CSG), conventional oil and shale oil and gas resources in their acreage, which covers 27,000 square kilometres.
The wells are designed to deliver a strategic understanding of the basic geology within the 5 permits with the objective of defining the most favourable areas in which to develop reserves.
These include up to 13 CSG core wells during 2012 to measure and map the distribution of gas within the Permian Betts Creek and Aramac Coal measures; 7 shale exploration wells to collect further shale geological and geochemical data on the Toolebuc shale, which covers about 20,000 square kilometres; and wells to test the Katherine West and Katherine East oil prospects. Â
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.