Exoma withdraws from the Galilee JV

Exoma withdraws from the Galilee JV

BRISBANE, Australia -- Exoma Energy has withdrawn from the Galilee JV exploration permits (ATP 991P, ATP 996P, ATP 999P and ATP 1005P), effective from Jan. 1, 2015.

Following Exoma’s withdrawal, CNOOC Galilee Gas company 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, which has tested CSG, shale oil/gas and conventional oil plays.

This program has not identified a commercial hydrocarbon resource. Based on its analysis of the technical results, Exoma decided that further exploration of the Galilee JV acreage was inappropriately risky for a small exploration company and does not support any further investment of the company’s resources.

Consequently, Exoma elected to withdraw from the JV rather than participate in any further exploration.

Under the JV agreements, Exoma will continue as operator until Mar. 4, 2015, unless, prior to that date, CNOOC Galilee Gas gives 20 business days notice that it elects to step-in as operator.