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Exoma Confirms Shale Oil & Gas Potential

Source: 2/27/2012, Location: Not categorized

Exoma Energy Limited is pleased to announce it has received the first of a number of reports from independent experts on the Toolebuc shale cores that were recovered during its 2011 drilling program. The analysis confirms that the Toolebuc shale is an oil-prone source rock with excellent potential to generate hydrocarbon liquids; it also has a source rock component that has generated gas. The reports confirm the estimates of the potential hydrocarbons in place at Bessies-1 which Exoma announced to the market on 19 December 2011.

The laboratory results provide new insights into the nature of the Toolebuc shale and solid technical direction for Exoma to embark on the next stage of exploration of this unconventional oil and gas resource. This exploration will be based on additional geochemical research and further specialist laboratory testing of rock samples. The results of these programs will allow Exoma to create detailed play maps of the Toolebuc shale that identify sweet spots for future drilling and production testing. As has been the case with US shale plays, Exoma expects to be able to establish technical criteria that identify areas that are significantly more productive than others within its extensive acreage position. Exoma is meeting with CNOOC in Beijing this week to discuss these results and review forward program plans, including the 2012 drilling program.

Exoma Chairman Brian Barker said: “Given that Exoma’s permit areas cover many thousands of square kilometres of Toolebuc shale, these results illustrate the enormous potential for the shale as a petroleum resource. The Toolebuc is an entirely new exploration play in Australia and these results give us critical guidance in designing the next stage of our exploration program. Shale exploration is a complex process and there is limited relevant technical history in Australia. Exoma believes that a successful development will result from adopting a carefully considered technical approach. The prize from getting the science and reservoir engineering right is very large.“

Exoma has a 50% beneficial interest in Bessies -1 and ATP-999-P. CNOOC Galilee Gas Company Pty Ltd, a local subsidiary of leading Chinese integrated energy company China National Offshore Oil Corporation (CNOOC), is earning its participating interest via a farmin whereby CNOOC provide the initial $50 million of joint venture expenditures on Exoma’s five Galilee Basin ATP’s.

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