Exoma Energy Limited has completed the final step of its acquisition of the Galilee Basin Gas Project with the transfer of five Authorities to Prospect (ATPs) - being No. 991, 996, 999, 1005 and 1008 - by the Queensland Minister for Natural Resources, Mines & Energy to Longreach Number 2 Pty Ltd (Longreach).

Longreach's five ATPs, comprising 26,840 km2 of contiguous ground, are the largest permit holding in the Galilee Basin and will be developed for Coal Seam Gas (CSG) and Shale Gas.

Exoma announced its plan to purchase the Galilee Gas Project from Longreach in May 2009 and Shareholders approved the acquisition at a General Meeting on 27 July 2009. Upon completion of the transaction, Longreach will become a wholly-owned subsidiary of Exoma. The transaction is planned to be closed on 26 October 2009.

The $2 million placement, previously announced as part of the transaction, was completed on 22 October 2009 and, with the ATPs transfer, allows Exoma to proceed to issue the securities to the Vendors as approved by Shareholders.

Managing Director David Rowbottam said “The acquisition by Exoma of the Galilee Basin acreage has presented the Company with the opportunity to develop significant gas resources through planned exploration programs. There is over 4,000 line km of existing Seismic and over 100 exploration wells on the ATPs providing the Company with an excellent data set to establish a drilling campaign.”

Tags: Exoma Energy Limited