Exoma Spuds Silverfox 1 Well

Exoma Energy announced Friday it has spudded the Silverfox-1, the twelfth well of the Galilee Joint Venture's 2012 exploration program onshore central Queensland, Australia.

The well, which will be drilled using EDA Rig #1, will test the Toolebuc shale. It will be cored through the Toolebuc shale section and the core will be subject to laboratory analysis. Once the coring is completed, the well will be deepened to provide depth control to local seismic data. The well's planned total depth is 3,759 feet (1,146 meters).

The Galilee Basin is located approximately 37 miles (60 km) southwest of Longreach, Queensland.

Exoma has a 50 percent beneficial interest in both ATP 1005P and the Silverfox 1 well. CNOOC Galilee Gas Company Pty Ltd is earning its participating interest by a farm‐in whereby CNOOC provides the first $50 million of joint venture expenditures on Exoma’s five Galilee Basin permits.

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