Australia's Exoma Energy and Chinese state-owned company CNOOC continue to progress their oil and gas exploration campaign as the Galilee JV – the formal name used for Exoma and CNOOC's joint venture – moves on to drill the seventh well in its program, Exoma said Friday in a statement.
The JV spud Nora-1 Friday, cited onshore in central Queensland. The well will be drilled to a target depth of 4,793 feet (1,461 meters), with the Top Permian Coal at 4,009 feet (1,222 meters) as its primary target and the Top Toolebuc Shale at 1,856 feet (566 meters) as its secondary target.
"Drilling works using EDA Rig #2 will take approximately 19 days to complete," Exoma's CEO Rob Cook told Rigzone through an email on Friday.
Exoma has a 50-percent interest in five large exploration permits in the Galilee Basin: ATP 991P, ATP 996P, ATP 999P, ATP 1005P and ATP 1008P. These permits cover an area of approximately 10.425 square miles (27,000 square kilometers) of the Eromanga and Galilee Basins. CNOOC, under the entity, CNOOC Galilee Gas Company, is earning its 50 percent stake in five of the Galilee Basin permits by providing the initial $51 million of joint venture expenditures.
There was considerable conventional oil exploration during the 1970s and 1980s in the western part of Exoma's permit area – particularly in the area now covered by ATP 999P. This exploration effort produced a number of oil shows and minor discoveries.
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