Exoma Energy Limited (ASX:EXE) Shareholders Approve The Acquisition Of Galilee Basin Gas Project In Central Queensland
Exoma Energy Limited (ASX:EXE) Shareholders Approve The Acquisition Of Galilee Basin Gas Project In Central Queensland
Perth, July 27, 2009 AEST (ABN Newswire) - Shareholders of Australian energy company Exoma Energy Limited (ASX:EXE) today approved the company's acquisition of a 100% interest in the Galilee Gas Project in the highly prospective Galilee Basin in Central Queensland at a General Meeting.

Exoma announced its plans to purchase the Galilee Gas Project from private company Longreach Number 2 Pty Ltd ("Longreach") in May 2009. Prior to today's shareholder vote, all technical and financial due diligence was completed and Exoma released an independent expert's technical report June 2009, which confirmed the project's prospectivity.

The Galilee Gas Project consists of five contiguous Authorities to Prospect (ATPs 991, 996, 999, 1005 and 1008) covering an area of 26,840 km2. The ATPs are in the final stages of the granting process by the Queensland Department of Energy & Mines. The acquisition remains conditional on the ATPs being granted and transferred to Longreach.

The purchase is in line with Exoma's strategic objective to acquire onshore oil and gas exploration projects in Australia with potential to generate a strong return on investment in the short to medium-term following the sale of the company's United States assets in February 2009.

Exoma considers the double objective of 'conventional' Coal Seam Gas and 'unconventional' Shale Gas makes the large contiguous Galilee Gas Project potentially one of the most significant gas exploration projects in Australia.

Exoma plans to aggressively pursue exploration programs for this project - spending approximately A$47 million on drilling over the next four years - to prove up economic gas resource areas within ATPs of sufficient size to warrant early development. The initial development activities will be funded from a proposed A$2 million Placement and existing cash reserves.

PROXY SUMMARY

Below is the proxy summary for the General Meeting of Exoma Energy Limited held in Perth on Monday, 27 July 2009 for the following resolutions:

Resolution 1 - Change in nature and scale of Exoma's activities.
Resolution 2 - Issue of New Class of Shares.
Resolution 3 - Issue of Vendor Securities to Longreach Vendors.
Resolution 4 - Approval of Placement.

The instructions given to validly appointed proxies in respect of the resolution were as follows:
--------------------------------------------------------
                 For       Against   Abstain    Proxy's
                                              discretion
--------------------------------------------------------
Resolution 1   23,304,773   10,027      -      1,869,775
Resolution 2   22,764,773  250,027   300,000   1,869,775
Resolution 3   23,314,800      -        -      1,869,775
Resolution 4   23,064,773  250,027      -      1,869,775
--------------------------------------------------------
Motions one, three and four were carried as ordinary resolutions and motion two was passed as a special resolution; all being carried on a show of hands.

About Exoma Energy Limited

Exoma Energy Limited is an Australia-based company engaged in the production and exploration for oil and gas.

 


Contact

David Rowbottam
Managing Director
Exoma Energy Limited
Tel: +61-8-9389-9400
Mob: +61-403-064-058



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