Exoma Energy has signed Ausdrill to provide a drill rig and drilling services at its Galilee natural gas joint venture in Queensland, in a deal worth $13 million.
Ausdrill subsidiary Energy Drilling Australia will operate the rig, which will commence a 12-month drilling program over five permit areas in April.
Exoma chairman Brian Barker said the company’s 2011 exploration campaign had identified a large number of drill target options.
Mr Barker said the 2012 program would define priorities for the joint venture’s coal seam gas, conventional oil and shale oil and gas plays identified in 2011.
“The 2012 exploration program will build on the successes of 2011,” Mr Barker said.
“The joint venture has made discoveries in each of its three resource plays.
“In 2012 we hope to consolidate these results and set the base to start booking reserves.”
Exoma is exploring the Galilee Basin in a 50:50 joint venture with China National Offshore Oil Corporation.
At close of trade today, Exoma stocks were down 5.1 per cent, at 18.5 cents.