QUEENSLAND Minister for Natural Resources, Mines & Energy has granted the vendors of the Galilee Basin Gas Project the five Authorities to Prospect (ATPs 991, 996, 999, 1005, and 1008).
This is the final step to conclude Exoma Energy’s acquisition of a 100% interest in the Galilee Gas Project in Central Queensland.
The onshore gas producer says this transfer process is expected to take up to 30 days, after which it will close the acquisition transaction and issue the vendor consideration as approved by shareholders.
David Rowbottam managing director of Exoma Energy said that he is confident that, subject to transfer of the ATPs and completion of technical assessments, initial drilling to test three core wells to test coal thicknesses and permeability, will commence in the fourth quarter 2009.
An independent study indicated the project has an estimated potential to host combined gas-in-place resources of 35 Trillion Cubic Feet (TCF) of Coal Seam Gas (CSG) and Shale Gas (SG).
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