re: Ann: Exoma Completes Katherine West-1 Oil... "As far as...

re: Ann: Exoma Completes Katherine West-1 Oil... "As far as funding is concerned - well it is what it is and I am sure that if the results fit within a certain pre planned envelope, then CNOOC & EXOMA will have another wave of funding in place, so as to continue developing this asset."

It seems that next wave of funding is to come out of shareholders pockets.

"On 8 December 2010 the Company entered into a Farm-in Agreement with CNOOC. Under the terms of this
agreement CNOOC will earn a 50% interest in the Company’s five Galilee Basin permits by meeting A$50
million of expenditure. While the Farm-in Agreement was conditional until 1 April 2011, CNOOC was required
to meet exploration expenditure incurred from the date of signing. The first cash payment made by CNOOC
was received by the Company on 6 May 2011. The JV budget expenditure for the 2011 calendar year is $21
million which will leave a balance of $29 million of JV expenditure to be met by CNOOC before Exoma is
required to contribute to further exploration."