Exoma Finalizing Withdrawal from Queensland's Galilee JV Permits

Exoma Energy Limited reported Wednesday that its earlier announcement on withdrawing from the Galilee Joint Venture exploration permits (permits ATP 991P, ATP 996P and ATP 1005P) in Queensland, Australia is still being finalized, the firm said in its latest quarterly activities update.

Exoma and China National Offshore Oil Corp.'s subsidiary CNOOC Galilee Gas Company Pty Ltd. are still in the process of finalizing the documentation and regulatory approvals required to give effect to the former’s withdrawal, which will be effective as of Jan. 1.

After Exoma’s exit, CNOOC Galilee Gas Company will have a 100 percent interest in the exploration permits.

The company has conducted an extensive exploration program in the Galilee Basin between 2011 and 2013 which has tested CSG (coal seam gas), shale oil/gas and conventional oil plays, but did not find a commercial hydrocarbon resource

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