(MENAFN- ProactiveInvestors - Australia) Exoma Energy (ASX: EXE) and CNOOC have completed the Rocky Creek-1 exploration in the Galilee Basin, Queensland, and will now move to drill the Brixton-2 well.
Rocky Creekâ€1 in ATP 999P was drilled to a total depth of 963 metres and cored 43.6 metres including a 27 metre section of the Toolebuc Shale formation.
The shale samples will be subject to geochemical analysis.
Data from Rocky Creekâ€1 will form part of the Galilee joint venture's assessment of the extent of maturity of the Toolebuc Shale as an oil and gas resource.
The EDA-1 Drill rig will now move to drill Brixton-2, a coal seam gas core well in ATP 1008P.
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.
Furthermore, it has expanded its agreement with Exoma and will take an additional 10% stake in the five permits by carrying a further A$12.7 million in expenditures under the Additional Farm-in Period, which expires on 31 December 2015.
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