The company also announced the completion of the acquisition of its cornerstone asset consisting of six production wells in the east Texas portion of the Anadarko Basin. As December 1, Exoma started earning revenues from these fields and the company expects to earn more than US$1.2 million in net revenues from these assets.

Exoma is planning to replicate the success of nearby Anadarko Basin operators who have drilled horizontal wells into formations that are producing in the company’s acreage.

Managing director David Rowbottam said Exoma also has a high-impact exploration portfolio, in which it is planning to drill at least three 3D seismically defined wildcat exploration wells in east Texas by June 2008. Petroleum consultants Netherland Sewell and Associates Inc have independently rated these exploration wells as moderate-to-low risk.

“We are planning to drill at least four wells by June 30 2008, including at least one horizontal well into our Anadarko field,” Rowbottam said. “We anticipate our first drilling timetable to be announced in January.”

This timetable would be subject to rig availability and joint venture approvals but planning was well advanced, he said.

Returning to Australia last week after finalising the acquisition in the US, Rowbottam said he was hoping to announce a US-based management team in the near future.

The lead broker to the issue was Indian Ocean Capital and the lead manager to the float was Allegra Capital. The IPO issued 40 million shares at 20c each; upon listing Exoma will have 74 million shares on issue. The company plans to list on January 15.