Exoma Energy Limited has spud Sancho-1, the third well of the Galilee Joint Venture's 2012 exploration program. Sancho-1 will be drilled to log and chip sample the shale oil/gas in the Toolebuc shale and then deepened as a low-cost test of an underlying conventional oil prospect.
This well will provide further data for Exoma's evaluation of the oil and gas resource in the Toolebuc Shale. Analysis of chip samples will provide additional information on the distribution of shale properties which will continue appraisal of the shale oil and gas resource identified by the Bessies, Euston and Katherine wells in 2011.
The well will be deepened after the Toolebuc shale is drilled through to test a potential conventional oil target. This target is identified from the seismic data as a local basement high predicted to be covered by the Adori sandstone, which is known to contain oil within the area covered by Exoma's acreage.
The well is specifically designed for shale exploration. If oil is encountered in the Secondary Target the well will be cased and suspended for testing – otherwise it is planned that the well will be plugged and abandoned after it is drilled and logged.
Exoma has a 50% beneficial interest in both ATP 999P and the Sancho-1 well. CNOOC Galilee Gas Company Pty Ltd is earning its participating interest by a farmin whereby CNOOC provides the first $50 million of joint venture expenditures on Exoma’s five Galilee Basin ATP's.
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