Exoma Energy Limited (ASX:EXE) announce the Brearley 1H-11 drilling update for 19 August, 2008
Exoma Energy Limited
Exoma Energy Limited (ASX:EXE) announce the Brearley 1H-11 drilling update for 12 August, 2008.
Exoma Energy Limited (ASX:EXE) ("Exoma") is pleased to advise that during the first three days of flow testing, the Brearley 1H‐11 horizontal well in Oklahoma's Anadarko Basin, has flowed at rates of up to 170 bopd (barrels oil per day), along with significant associated gas.
Exoma Energy Limited (ASX:EXE)(Exoma) is pleased to present its June 2008 Quarterly Report.
Emerging onshore oil and gas producer Exoma Energy Limited ("Exoma")(ASX:EXE) has continued its successful run since listing in January 2008, reporting an 82% increase in cash revenues and a 28% increase in production for the June Quarter, compared to the previous Quarter.
The Operator has advised that the Halliburton rig completed fraccing the Brearley 1H-11 well over the weekend. The well is now cleaning up and unloading the sand used in the fraccing process. The Operator expects to be able to report initial production flows in next week's drilling report.
Exoma Energy Limited (ASX:EXE) Announce Brearley 1H-11 "Fracturing and Stimulation" Programme Brought Forward
Exoma Energy Limited (ASX:EXE) is pleased to announce that Crusader Energy ("the Operator ") has advised Exoma that a fracturing and stimulation ("frac") drilling rig has been released earlier than expected from another drilling operation, and proposes to commence the frac programme within the next seven days.
Exoma Energy Limited (ASX:EXE) CEO, David Rowbottam, Managing Director's comment: "Exoma is very pleased with the progress of the first horizontal well in its Anadarko Basin properties and shareholders should be encouraged that the Operator has identified nine zones of interest to test. The Crusader engineers, who have drilled 50-60 successful wells in the area, will now design and engineer the August frac programme. We are advised to expect stabilised flow results in late September, and we look forward to reporting these in due course."
Exoma Energy Limited listed on the ASX in January 2008 and is currently cash flow positive while producing approximately 110 barrels of oil equivalent per day from operations in the Anadarko Basin in Texas and Oklahoma. Exoma is targeting further growth through increased land holdings and horizontal drilling of high impact multi-formation targets in Texas and Oklahoma.
Exoma Energy (ASX:EXE) has reported progress: The well has drilled approximately 3400 feet of the planned 4500 foot lateral bore with continuing gas shows. At the current rate of progress, the well should reach TMD before the end of this week. The Operator will then analyse the mud log results prior to seeking participant approval for the completion strategy.