Perth, Sep 5, 2008 AEST (ABN Newswire) - Exoma Energy Limited ("Exoma")(ASX:EXE) today announces a five‐fold increase in its Proven and Probable (2P) oil and gas reserves.
The risked value of the Company's exploration and production assets has increased from US$3.5 million, as determined during the IPO in January 2008, to US$19 million.
Managing Director David Rowbottam said, "These independently calculated reserves demonstrate our ability to create value from oil and gas exploration, and validates our strategy to acquire land and drill wells in the highly prospective Anadarko Basin."
The reserve upgrade was prepared by independent petroleum consultants, confirming Exoma's Proven (1P) net reserves have increased to 240,000 barrels of oil equivalent (Boe) and its risked 2P net reserves have increased to 588,000 Boe. This gives Exoma combined 1P & 2P net risked reserves in excess of 828,000 Boe.
"Based on current commodity prices, this upgrade in our reserves gives Exoma a risked Net Present Value (NPV) in excess of A$19 million. When you compare our upgraded NPV with our current market capitalization of less than A$10 million, it makes a strong case for a market re‐rating."
On the basis of these new reserves, Exoma has commissioned RM Capital to prepare a detailed research report on the Company ahead of a series of presentations to analysts and investors.
The Company is also in the final stages of negotiations to increase its landholdings in the Anadarko Basin and expects to be in a position to announce the acquisition of new acreage within the next few days.
Contact
Brendan Egan
TEL: +61-8-9389-9400
TEL: +61-414-816-716
Media enquiries to:
Tony Dawe on
TEL: +61-413-322-110
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