Exoma Energy (ASX: EXE) shares have jumped by half in the past two trading sessions, with the stock last changing hands intra-day at $0.018.
Exoma is active in the Galilee Basin, Queensland, with CNOOC Gas & Power, which has to date identified two potential gas plays, as well as a number of conventional oil leads.
Based on the gas shows encountered while drilling in 2012, the company defined a number of locations where gas may have accumulated in porous sandstone within the coal measures.
Several large structures are being evaluated as conventional gas plays including the West Maranthona, Eyriewald and Kennedy Creek leads.
Coal packages at Hollowback-1 are interbedded with impermeable shale that may have prevented gas migration.
These have the potential to act as localised coal seam gas plays and may provide an exploration play elsewhere in the basin.
The company is well funded and capitalised at around $7 million.
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