Exoma Energy, CNOOC Complete 2012 Galilee Basin Drilling Program

Exoma Energy (ASX: EXE) and CNOOC have completed the Silverfox-1 exploration well in the Galilee Basin, the twelfth and final well in the 2012 drilling program to assess the hydrocarbon potential of their permits.

Shale samples from Silverfox-1, which has been suspended as a water monitoring bore, will be subject to geochemical analysis.

The well forms part of the joint venture’s assessment of the extent of maturity of the Toolebuc shale as an oil and gas resource.   

Silverfox-1 was drilled to a total depth of 1,170.7 metres.

CNOOC is earning a 50% interest in ATP 999P and the other four permits that make up the Galilee joint venture by providing the first $50 million of joint venture expenditures.

The company recently expanded its agreement with Exoma to take an additional 10% stake in the five permits by carrying a further A$12.7 million in expenditures under the Additional Farm-in Period, which expires on 31 December 2015.