The company is aiming to raise $8 million, via the placement of 40 million shares at 20c each. It has allowed for $1 million of oversubscriptions.
The Perth-based start-up is focused on the Anadarko Basin of Texas and Oklahoma and will be listing with existing production and cashflow from six wells. The acreage is currently producing 1.4 million cubic feet of gas and 40 barrels of oil per day, and there is further behind-pipe development potential, according to Exoma.
The company aims to grow its production and revenues through developing existing fields and participating in re-risked, medium-to-high impact discovery wells.
Another 14 exploration drilling locations have been identified on the acreage based on modern 3D seismic coverage.
Three exploration prospects are planned for drilling in 2008.
These include: the high-impact Goliath prospect, which is targeting 35-130 billion cubic feet of gas gross in the Lower Wilcox, a prolific formation in this region; Glory Road, which is aiming at a gross target of 926,000 barrels of oil and 18.5Bcf gas; and High Promise, which could hold a potential 0.96-2.88MMbbl of oil.
"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 wrote in the prospectus.
"All the prospects are close to existing infrastructure, which will fast-track development and facilitate early production with a view to building revenues."
Exoma’s assets were purchased from Antares Energy, and the company’s managing director is former Antares group financial controller David Rowbottam. He resigned from that position before negotiating the acquisition of the Anadarko assets from Antares at an arms-length basis, and Antares has neither a direct or indirect equity stake in Exoma.
The other executives are: executive director Brendan Egan, former editor of EnergyReview.net, the previous name of PetroleumNews.net, who is responsible for Exoma’s corporate communications and investor relations; and company secretary and chief financial officer Patrick Catena.
Non-executive directors include: chairman John Hopkins, who is also chair of Sydney and Toronto-listed companies such as Adamus Resources, North Australian Diamonds and Top End Uranium; and Steven Noske, an engineer with 22 years of experience in oil and gas.
In 2002, Noske helped establish BNA Petroleum Asset Management, a consultancy specialising in oil and gas commercialisation that has worked with organisations such as Woodside, Santos and Petronas, and continues to work closely with Mitsui.
