12th Aug 2008 10:10
12 August 2008
SUBJECT: FARMOUT OF INTEREST WA 388P OUTER CARNARVON BASIN
Oilex Ltd as operator of Exploration Permit WA 388P ("Permit"), is pleased to advise that on 12 August 2008, the Joint Venture entered into a Farmout Agreement under which each party will assign a 6% participating interest in the Permit to Sasol Petroleum Australia Ltd. In return for its 30% participating interest, Sasol has agreed to bear 60% of certain costs associated with the acquisition of approximately 1,064 km2 of 3D seismic data in the Permit. The assignment is subject to obtaining necessary Government approval and registration.
The participating interests in the Permit before and after the assignment takeseffect are as follows:Joint Venture Party Existing Participating Participating Interest after Interest Assignment Oilex Ltd, Operator 20% 14%
Hindustan Petroleum Corporation 20% 14% Limited Gujarat State Petroleum Corporation 20% 14%
Limited Bharat PetroResources Limited 20% 14% Videocon Industries Limited 20% 14% Sasol Petroleum Australia Ltd 0% 30%
Figure 1. Location WA 388P Offshore Western Australia
Background: WA 388P is located in the outer Carnarvon Basin, offshore Western Australia and was awarded to the Joint Venture in August 2006 under a competitive offshore licensing round. The work commitment in the primary term of the licence is for seismic reprocessing which has been completed and a 3D seismic survey which will be met in full on completion of the Rose Survey, anticipated to start within the next 10 days using the vessel Geowave Champion.
Yours sincerely,B. H. McCarthyManaging Director
For further information, please contact:
Ray Barnes, Technical Director, Oilex Ltd Tel. +61 8 9485 3200 (Western Australia)
Archie Berens, Director Pelham Public Relations Tel. +44 20 7743 6679 (United Kingdom)
RFC Corporate Finance Ltd acts as Oilex's Nominated Adviser, contact Stuart Laing +618 9480 2506
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 29years experience in petroleum geology and Ray Barnes, B.Sc. Hons. the Technical Director of Oilex Ltd who has over 35 years experience in petroleum geology and is a member of the AAPG & EAGE. Estimates ofoil-in-place arereported in accordance with the standard definitions set out by the Society of Petroleum Engineers, further information on which is available at www.spe.org.
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