Exoma completes Galilee Basin CSG buy
EXOMA Energy has become the largest permit holder in Queensland’s Galilee Basin after completing the acquisition of five coal seam gas permits covering 26,840 square kilometres.
ATPs (991, 996, 999, 1005 and 1008) were acquired from private company Longreach Number 2.
Exoma added that the permits have shale gas potential and could hold total gas-in-place of up to 35 trillion cubic feet of gas.
“There is over 4000 line kilometres of existing seismic and over 100 exploration wells on the ATPS, providing the company with an excellent data set to establish a drilling campaign,” Exoma managing director David Rowbottam said.
The company had said previously that it would spend about $47 million on drilling over the next four years to prove up the potential of the project.
The five permits are adjacent to Galilee Energy’s Rodney Creek CSG project where AGL Energy is investing $57 million to acquire a 50% stake in the adjoining ATP 159.
Monday, 26 October 2009
PNN
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