Perth, April 30, 2008 AEST (ABN Newswire) - Emerging producer Exoma Energy Ltd (ASX:EXE) today confirmed its first well since listing on the ASX in January has been confirmed as an oil and gas producer, and is already generating revenue for the Company.
Kelln 94-2 was drilled to 10,300 feet in Lipscomb County, Texas, and is currently producing approximately 650,000 cubic feet of gas per day and approximately 100 barrels per day of condensate (light oil) with no water. Exoma has an 18.93% working interest in the well.
The vertical well was the first in Exoma's development drilling programme of its cornerstone Anadarko Basin acreage it acquired in late 2007. Exoma is planning a series of horizontal and vertical wells in this highly productive Basin for the remainder of 2008. It is free carried for the drilling of its first horizontal well as announced on 7th April, 2008 and is scheduled for June, 2008.
Managing Director David Rowbottam said: "Exoma is extremely pleased with the results of its maiden well, Kelln 94-2. This promises to be the most robust producer in our portfolio and the well has now gone into production." The high condensate production indicates the potential to greatly increase the ratio of liquids in Exoma's production from its Anadarko Basin acreage.
The Operator has indicated the greater than expected oil volumes may actually be constraining the gas flowing to the surface to some extent, so it will be monitoring Kelln 94-2 for several more weeks before possibly modifying the completion string to increase the gas volumes. So while we are very pleased with the results of the well, we may be able to optimize the production even further."
Other Drilling Activity
Exoma is also currently drilling two exploration wells, Glory Road-1 and High Promise-1, both in Hardin County, Texas. It has a 33% Working Interest in both wells.
Glory Road-1 is a 10,300 foot well targeting a 5.88bcf gas and 292,000 barrel oil prospect in the Yegua Formation and is expected to reach Target Depth next week.
High Promise-1 is a 2800 foot well targeting a 960,000 barrel oil prospect in the Miocene Formation and is also expected to reach Target Depth next week.
Further details are available from Exoma's new website www.exoma.net
Contact
Brendan Egan
TEL: +61 8 9389 9400
MOB: +61 414 816 716
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