New US explorer aims for $8m IPO

ANTARES Energy has sold all of its Anadarko Basin oil and gas assets in Oklahoma and Texas to new entity, Exoma Energy, which is planning to float on the Australian Securities Exchange next month.

New US explorer aims for $8m IPO

To trade under the ticker 'EXE', the new Perth-based business this week lodged a prospectus to raise up to $8 million, via the placement of 40 million shares at 20c each, and allowing for $1 million of oversubscriptions.

The company expects to close the IPO on December 14 for listing soon after.

Exoma will acquire all of Antares' Anadarko Basin assets, including six gas production wells and infrastructure, which will give it immediate output and cash flow.

A further 14 drilling locations have been identified on the acreage based on modern 3D seismic coverage.

"All the prospects are close to existing infrastructure, which will fast-track development and facilitate early production with a view to building revenues," the company said this week.

Three medium- to high-impact exploration wells are planned for drilling in 2008.

"Each of these wells holds the potential to add significant production value to the company and a number have the potential to hold significant reserves," chairman John Hopkins said.

In Colorado and Wharton counties, Exoma will participate in a one-well drilling program on the Goliath prospect, which will target a Lower Wilcox structure estimated to contain anywhere between 35 to 130 billion cubic feet of gas.

Also in Texas, the company will drill one well in Hardin County on the Glory Road prospect, which is targeting 18.5bcf of gas and 926,000 barrels of oil or condensate in multiple Miocene sand levels.

Also in Hardin County, the company plans to drill a shallow, low-risk exploration well on the High Promise prospect, estimated to contain 960,000 to 2.88 million barrels of oil.

Exoma managing director David Rowbottam was formerly the group financial controller of Antares Energy and resigned from that position before negotiating the acquisition of the Anadarko assets from Antares at an arms-length basis. Antares Energy does not have a direct or indirect equity stake in Exoma.


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