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Exoma Energy Limited Provides Permit Update 

Source: www.gulfoilandgas.com 5/14/2014, Location: Not categorized

Exoma Energy Limited provides the following update in regards to the status of the five Authorities to Prospect (ATPs 991, 996, 999, 1005 and 1008) held by the Galilee Joint Venture. As previously advised, the first four year term for each of the ATPs expired on 31 August 2013. Exoma,  as Operator of the Galilee Joint Venture, submitted  later work program proposals  in relation to the  next four  year term for the  ATPs  on  26 June  2013.    See  ASX release  of  11 September 2013 for further background. 

Following discussions with the Queensland Government Department of Natural Resources and Mines (DNRM) regarding the later work program proposals, the Galilee Joint Venture has: 

(i) resubmitted amended later work program proposals for a three year term (rather  than a four year term) regarding  ATPs 991, 996, 999 and 1005;  
(ii) proposed that  certain  additional  areas  in ATPs  991,  996,  999  and  1005 that  are  considered to  not have any exploration potential should be relinquished voluntarily. The relinquished areas do not include any of the exploration leads and prospects under  consideration  by the  joint  venture. shows the permit areas following the proposed additional voluntary relinquishment; and 
(iii) voluntarily surrendered ATP 1008 in its in entirety due to its perceived lack of further exploration potential. 

The  DNRM  has  approved  the  voluntary  relinquishments.  The  Later  Work  Programs submitted for each of ATP 991, 996, 999 and 1005 provide for 1 well to be drilled in each ATP  during the next three  years.    The Galilee Joint Venture  is  awaiting formal  approval of these programs. 

Exoma has previously indicated that it intends to further farmout its funding obligations in the permits. Further details will be announced when the arrangements are finalised. 

Exoma remains committed and focussed on its strategy of pursuing new venture opportunities to expand and diversify its exploration portfolio and evaluating corporate transactions which have the potential to provide value to Exoma shareholders.

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