24th Jun 2010 07:00
24 June, 2010
Oilex Completes 3D Seismic Interpretation on WA-388-P
Oilex Ltd advises that it has completed the interpretation of the Rose 3D seismic data in permit WA-388-P located outboard of the North West Shelf Project and on trend with Pluto, Wheatstone, and Gorgon fields, offshore Western Australia.
A portfolio of leads and play types has been developed. Seven leads have been identified ranging in potential size from 0.3 to 2.8 trillion cubic feet (TCF) of prospective gas resource (recoverable best estimate, 100% basis). Work that has been completed in the past 4 months confirms that the seismic amplitude anomalies evident in the 3D seismic data are likely Direct Hydrocarbon Indicators (DHI) suggesting the presence of gas by analogy with nearby fields and discoveries.
Given this positive result, the Joint Venture is now considering options to further define the largest of the leads (Placanica) in preparation for possible drilling.
The WA-388-P permit is in a region of increasing exploration interest being located on the same play fairway as the Pluto and Wheatstone fields. It is close to the WA-389-P and WA-360-P permits which Woodside and Petrobras have respectively been reported to have farmed into in 2010. Potential exists for gas discoveries of 1 TCF or more to provide feedstock for existing LNG projects such as Pluto, Wheatstone or North West Shelf.
There are no outstanding work program commitments on the permit. The participating interests in the WA-388-P permit are set out below.
Joint Venture Party Participating Interest Oilex Ltd (Operator) 14% Sasol Petroleum Australia Ltd 30% Videocon Industries Ltd 14% Gujarat State Petroleum Corporation Ltd 14% Bharat PetroResources Limited 14% Hindustan Petroleum Corporation. Ltd 14%
Maps of the Exmouth Basin and WA-388-P leads are attached
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 7337 1509 (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 29 years experience in petroleum geology. The estimates of prospective resourceswere reviewed by 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. Mr Barnes reviewed this announcement and consents to the inclusion of the estimated prospective resourcesin the form and context in which they appear. The resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resources Management System, 2007.
Oilex's nominated advisor in relation to the AIM market is RFC Corporate Finance Ltd, contact: Stuart Laing, [email protected]
Figure 1: WA-388-P leads and location maps (full report available on the Oilex website)
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