Exoma Energy Limited provided Wednesday the following update in regards to the status of the five Authorities to Prospect (ATPs 991, 996, 999, 1005 and 1008) in Queensland, Australia held by the Galilee Joint Venture.
As previously advised, the first four year term for each of the ATPs expired Aug. 31. Exoma, as Operator of the Galilee Joint Venture, submitted later work program proposals in relation to the next four year term for the ATPs June 26, 2013. See ASX release Sept. 11, 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; and
- (iii) voluntarily surrendered ATP 1008 in its in entirety due to its perceived lack of further exploration potential
The DNRM has today 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 farm out its funding obligations in the permits. Further details will be announced when the arrangements are finalized.
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.