Spudded on Monday, the Kelln 94-2 well is a step-out well from the company's Kelln 94-1 production well.

The new well, which was yesterday being drilled ahead at a depth of 1320 feet, is expected to produce at similar rates to the nearby Kelln Trust 5-1, which is currently flowing at about 1 million cubic feet of gas per day and 30 barrels of oil per day.

Exoma, which listed on the Australian Securities Exchange in mid January, joins operator Mewbourne Oil Company in the project.

Exoma holds an 18.92% stake in Kelln 94-2, which has a planned total depth of 10,350 feet.