Exoma spuds Queensland shale well

by on September 27, 2012 2:21 am BST

The well is being drilled to a planned total depth of 1159 metres and will target oil and gas in the Toolebuc shale.

Exoma plans to core the well through the Toolebuc shale section, with the cores then to be sent for laboratory analysis.

Fittleworth-1 is the eleventh well in Exoma’s current drilling campaign with China National Offshore Oil Company (CNOOC) in the Galilee basin.

The pair have a 50:50 share in five permits in the basin, ATP 1005, 1008, 991, 996 and 998 as part of a 2010 farm-in agreement in which CNOOC agreed to fund up to A$50 million (US $51.7 million) of the exploration costs.

Earlier this month the pair announced an agreement for CNOOC to increase its stake in the permits to 60% by contributing an additional A$12.7 million towards Exoma’s share of exploration and appraisal costs.