Exoma Energy Limited provided Monday the following update in regards to the status of the four Authorities to Prospect (ATPs 991, 996, 999 and 1005) in Queensland, Australia held by the Galilee Joint Venture.
As previously advised, the first four year term for each of the ATPs expired Aug. 31, 2013. Exoma, as Operator of the Galilee Joint Venture, submitted later work program proposals in relation to the next four year term for the ATPs June 26, 2013. See ASX releases of Sept. 11, 2013 and May 14 for further background.
The Galilee Joint Venture has today received formal approval for the Later Work Programs for each of the ATPs from the Queensland Government Department of Natural Resources and Mines (DNRM). The Later Work Programs provide for 1 exploration well to be drilled in each ATP during the next three years.
Exoma has previously indicated that it intends to further farmout its funding obligations in the permits. Further details will be announced when the arrangements are finalized.
Exoma remains committed and focussed on its strategy of pursuing new venture opportunities to expand and diversify its exploration portfolio and evaluating corporate transactions which have the potential to provide value to Exoma shareholders.
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