Exoma skyrockets on Queensland gas deal

Exoma Energy shares have skyrocketed as much as 240 per cent after the Nedlands-based company signed a conditional deal to acquire the Galilee gas project in Queensland.

The company will issue 114 million performance shares and 114 million options, exercisable at 10 cents each, to private company Longreach Number 2 for the 100 per cent acquisition of the project.

Exoma said on completion of the transaction, Longreach will become a wholly-owned subsidiary.

Exoma has also unveiled plans to raise $2 million through a share placement that will isse 40 million new shares at five cents each.

Each share will come with one free attaching option exercisable at 10 cents each.

The lead manager for the placement is Indian Ocean Capital.

News of the deal and the placement sent Exoma shares up 7.4 cents or 240 per cent to a high of 10.5 cents before easing to 8.1 cents at 13:08 AEST.