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CORELLA RESOURCES LTD — Capital/Financing Update 2009
Jun 2, 2009
64703_rns_2009-06-02_7077bcd1-8acb-4740-b3d0-643b1957b6a6.pdf
Capital/Financing Update
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CONTACT INFORMATION
Phone: +61 8 9389 9400 Fax: +61 8 9389 8700 E-Mail: [email protected] Internet: www.exoma.net
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ADDRESS INFORMATION Ground Floor, 47 Stirling Highway NEDLANDS, Western Australia 6009 PO Box 3445, BROADWAY NEDLANDS, Western Australia 6009 ABN 56 125 943 240
2 June 2009 Mr Greg Coulson Australian Stock Exchange Level 8, Exchange Plaza 2 The Esplanade, Perth Western Australia 6000
ASX / Media Release
EXOMA PROGRESSES QUEENSLAND GAS PROJECT,
GALILEE BASIN DUE DILIGENCE COMPLETED
Australian oil and gas exploration company Exoma Energy Limited (“ Exoma ”) (ASX Code: EXE ) today announced significant progress towards its proposed acquisition of the Galilee Gas Project in Central Queensland from Longreach No.2 Pty Ltd (“ Longreach ”), with the satisfactory completion of technical due diligence by Exoma. Longreach has also advised Exoma that it has satisfactorily completed its financial due diligence on Exoma.
Exoma Managing Director David Rowbottam said, “Completion of technical due diligence is an important condition precedent and a major milestone in the process. It now clears the way for the proposed acquisition of the Galilee Gas Project to be put to our shareholders for their consideration. We will soon announce a date for the Extraordinary General Meeting which will be held to vote on the proposed acquisition.”
Exoma announced (refer ASX Announcement 15 May 2009) its intention to acquire 100% interest in the Galilee Gas Project comprising five contiguous and highly prospective permits areas in the Galilee Basin, which have the potential to host up to 35 Trillion Cubic Feet (TCF) of Coal Seam Gas (CSG) and Shale Gas.
The Galilee Gas Project permit areas are adjacent to AGL Energy / Eastern Corporation’s Rodney Creek CSG project. In 2008, AGL Energy announced its intention to spend A$37 million to acquire a 50% equity stake in the Rodney Creek coal seam gas project and is targeting 2P reserve certification of up to 500 Petajoules (PJ) by 2010.
Ends
Please direct any shareholder enquiries to: Media enquiries to: David Rowbottam on Tony Dawe on +61 8 9389 9400 0413 322 110
Exoma Energy Limited is an Australian oil and gas exploration company. Exoma listed on the ASX in January 2008.