Exoma Energy Ltd. has withdrawn from the Galilee joint venture (JV) exploration permits (ATP 991P, ATP 996P, ATP 999P and ATP 1005P) effective Jan. 1, 2015.
Following Exoma’s withdrawal, CNOOC Galilee Gas Company Pty Ltd will have a 100% interest in the exploration permits. As previously announced, between 2011 and 2013 Exoma operated an extensive exploration program in the Galilee Basin in western Queensland, Australia, which has tested coal seam gas, shale oil/gas and conventional oil plays. This program has not identified a commercial hydrocarbon resource.
Under the JV agreements, Exoma will continue as operator until March 4, 2015, unless prior to that date CNOOC Galilee Gas Company Pty Ltd. gives 20 business days’ notice that it elects to step in as operator.
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