Exoma Accepts Offer From Queensland Government For Four Onshore Blocks
|Wednesday, June 27, 2012
Australia’s Exoma Energy said Wednesday that it has accepted an offer from the Queensland government for four new onshore blocks, ATP 1127P, 1130P, 1137P and ATP 1150P, covering the Eromango and Galilee basins.
The four blocks cover an area of 7,336 square miles (19,000 square kilometers).
After formal granting of the areas by the Queensland government, Exoma will have exploration areas in excess of 17,761 square miles (46,000 square kilometers) in the Eromango and Galilee basins.
Exoma has identified 14 conventional oil leads within the new areas, and it has forecasted a combined potential of several hundred million barrels of oil in place.
CNOOC Gas & Power, Exoma’s partner in the Galilee Joint Venture, confirmed that it will exercise its right to take a 50-percent participating interest in all four blocks.
The two companies had signed an agreement on December 8, 2010, which grants CNOOC a 50-percent interest in Exoma’s ATP 991, 996, 999, 1005 and 1008 blocks in the Galilee basin.
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