Exoma gets win with first well

THE scoreboard reads 1-1 for US-focused junior explorer and developer Exoma Energy, which is waiting to see if its next well will put it ahead of the game.

Exoma's maiden well, Kelln 94-2, part of the company's Anadarko Basin development drilling program, has been confirmed as an oil and gas discovery.

It is currently producing about 100 barrels of condensate and 650,000 cubic feet of gas per day, although gas production may increase with some further stimulation work, according to executive director Brendan Egan.

Exoma has an 18.92% working interest in Kelln 94-2. The operator is Mewbourne Oil Company.

"The well should pay for itself within three months, so we're pretty happy about that," Egan said. "If the partners agree, we'll be able to drill a follow-up on the same structure without having to adjust our cashflow commitments."

But in the company's East Texas exploration program in Hardin County, Exoma's most recently completed well, High Promise-1 overpromised and underdelivered.

It has been plugged and abandoned after operator Mueller Exploration found it was water-wet. Exoma had an 18% interest in this well.

Meanwhile, elsewhere in Hardin Country, operator Sterling Energy USA is drilling Glory Road-1. Exoma has a 33% stake in this deep well, which is almost at its target depth of 10,300 feet.

Glory Road-1 is targeting 5.88 billion cubic feet of gas and 292,000 barrels of oil in the Yegua Formation. A gas show was encountered in a secondary objective at about 8950ft.

The well is expected to reach total depth in the next week.