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CORELLA RESOURCES LTD — Capital/Financing Update 2011
Mar 23, 2011
64703_rns_2011-03-23_6d0ecee1-5636-4304-9628-f830020ca073.pdf
Capital/Financing Update
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24 March 2011
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ASX Announcement
CNOOC Strategic Investment in Exoma’s ATP’s progresses Chinese Government approval
Exoma Energy Limited (ASX:EXE) announced on 2nd March 2011 that the consent of the Chinese Government Authority was the only remaining condition of the $50 million farmin to a 50% interest in its Galilee Basin permits by CNOOC Gas & Power Group Ltd.
The consent requires the approval of three Chinese Government departments.
The National Development and Reform Commission (NDRC) has announced its approval to the farmout. This approval was released on the NDRC website and reported in the press.
The remaining two required departmental approvals are those from the Ministry of Commerce of the Republic of China, (MOFCOM) and the State Administration of Foreign Exchange (SAFE).
FURTHER INFORMATION
Rob Crook Chief Executive Officer +61 7 3226 5600 Email: [email protected]
Media Contact: David Tasker Professional Public Relations +61 8 9388 0944/0433 112 936 Email: [email protected]
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About CNOOC:
The China National Offshore Oil Corporation (CNOOC) which was founded in 1982 and is one of the largest state owned oil entities in China, as well as being the largest offshore oil and gas producer. Headquartered in Beijing, CNOOC has a total staff of over 51,000. CNOOC is China’s dominant producer and importer of liquefied natural gas (“LNG”).
CNOOC has a long term commitment to investment in Australian energy resources and in particular the LNG Coal Seam Gas projects in Queensland. CNOOC has acquired a 5% interest in British Gas/QGC’s CSG tenements in the Surat Basin and a 10% equity interest in one of the first two LNG Trains to be built by BG in Gladstone. CNOOC has also entered into an agreement with BG to buy 3.6mtpa of LNG from the proposed Gladstone LNG Plant.
CNOOC holds a 5.3% interest in the North West Shelf Gas project and a 25% interest in certain offshore exploration permits in Western Australia where the JV is conducting a significant exploration program.
Recently CNOOC received FIRB approval to acquire a controlling interest in the South Australian Arckaringa Coal Project where coal for power and coal to oil technology will be developed.
About Exoma:
Exoma is a Brisbane based, ASX listed energy company primarily focussed on its five 100% owned petroleum exploration permits in Queensland’s Galilee Basin. The permits cover an area of approximately 26,840 square kilometres and Exoma considers the permits to be highly prospective for coal seam gas and shale gas in particular.
An extensive evaluation program has been undertaken since Exoma acquired the tenements in October 2009, confirming potential gas in place resources of a magnitude necessary to support major long term development projects. Evaluation work on four of Exoma’s initial prospects by MHA Petroleum Consultants has led to the certification of over 2Tcf of CSG 3C contingent resource. Potential Gas In Place over all permits for CSG & SG exceeds 100TCF.
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