CNOOC Doesn’t Obtain Final Government Approvals

Source: www.gulfoilandgas.com 1/2/2013, Location: Asia

Exoma Energy Limited advises that CNOOC Galilee Gas Company Pty Ltd (CNOOC) has informed Exoma that it has been unable to obtain the remaining Chinese Government approvals to the Supplemental Farmin Agreement and Subscription Agreement between Exoma and CNOOC announced 10 September 2012.

Accordingly, both Agreements lapsed on 31 December 2012 and CNOOC’s additional investment in Exoma as previously announced will not proceed.

The Board is considering the impact of the CNOOC investment in the Company not proceeding as planned and envisages further discussions with CNOOC about ways of working together on new ventures, as well as on Exoma’s current permit areas, in which CNOOC retains a significant interest.


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