16th Oct 2007 07:00
16 October 2007
DRILILNG OPERATIONS UPDATE - INDONESIA & INDIA
Indonesia - West Kampar PSC - Pendalian-3:
The 81/2" hole has been drilled to 450 meters on the way to a planned total depth (TD) of 748m, following which wireline logging will be carried out. The well will then be cased and a comprehensive 14 day multi-zone testing program undertaken.
Participants in the West Kampar Production Sharing Contract are:
Joint Venture Party Participating Interest Oilex 45% Sumatera Persada Energi (Operator) 55%
India - Bhandut PSC - Bhandut-2Z:
Operations have been completed in preparation for the commencement of drilling Bhandut-2Z sidetrack from a depth of 413 meters in the original Bhandut-2 wellbore. The Bhandut-2Z sidetrack well will be deviated to intersect the objective Miocene "G" sand approximately 90 meters to the northwest from the Bhandut-2 surface location.
Please refer to the Oilex Website to view Figure 1 contained in this statement. Figure 1: Depth map - "G" sand, Bhandut Field.
The surface location is near to the inferred edge of the oil reservoir at the level of the G sand and the intent is to deviate the well as far as possible to a structurally higher location. The crest of the structure at this level is about 500m to the northwest of the Bhandut-2 location and will be the optimal site of drilling later in the development program for Bhandut field. All of the wells drilled on Bhandut to date are located on the southeastern flank of the structural closure at this stratigraphic level.
A comprehensive data gathering program is planned, following which consideration will be given to the most appropriate approach to completing the well for production.
Participants in the Bhandut Production Sharing Contract are:
Joint Venture Party Participating Interest Oilex (Operator) 40% Gujarat State Petroleum Corporation 60% Yours sincerely,B. H. McCarthyManaging Director
For further information, please contact:
Ray Barnes Technical Director, Oilex Ltd Tel. +61 8 9226 5577 (Western Australia)
Archie Berens Director, Pelham Public Relations Tel. +44 20 7743 6679 (United Kingdom)
The information in this report has been compiled by the Managing Director of Oilex Ltd, Bruce McCarthy B.Sc. Hons. PhD (Geology) who has over 28years experience in petroleum geologyand Ray Barnes, B.Sc. Hons.the Technical Director of Oilex Ltdwho has over 35 years experience in petroleum geology and is a member of the AAPG.
RFC Corporate Finance Ltd acts as Oilex's Nominated Adviser-contact Stuart Laing +618 9480 2506.
www.oilex.com.au
OILEX LTDRelated Shares:
OEX.L