Exoma announced that the fifth well of its 2011 exploration campaign, Katherine-1, has spudded. The primary target of this well will be Shale Gas in the Toolebuc Formation of the Eromanga Basin in Central Queensland.
After coring the shale, this well will be deepened to test a potential conventional oil play in the underlying Hutton sandstone. The Katherine-1 oil test is a follow up to Toobrac-1, a well drilled in 1985 that discovered oil shows in a thin sand onlapping a basement high. The well is located down-dip on the structure and tests a potential thickening of the reservoir sand observed in the seismic data.
Exoma has a 50% beneficial interest in both ATP 999P and the Katherine-1 well. CNOOC Galilee Gas is earning its participating interest by a farmin whereby CNOOC will provide the initial $50 million of joint venture expenditures on Exoma's five Gaililee Basin ATP's.
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