11th Nov 2009 07:00
11 November, 2009
Dear Sir,
OILEX MOBILISES RIG FOR TIMOR SEA DRILLING
Oilex Ltd advises that on 11 November 2009, Woodside Energy Ltd released the "Songa Mercur" drilling rig to Oilex and the vessel is now under tow from Dampier to the first well location in Oilex's Timor Sea contract area JPDA 06-103. The rig is contracted to drill two wells in JPDA 06-103 (with an option of one additional well). Drilling is expected to start in late November 2009.
The "Songa Mercur" will be drilling the Lore and Lolotoe prospects in JPDA 06-103, targeting mean prospective oil resources of 195million barrelsand 90 million barrels respectively (100% basis).
JPDA 06-103 is an attractive offshore oil exploration block and has potential to host significant oil reserves. It is located near to a number of existing producing fields as well as Eni's recent Kitan oil discovery currently under development.
Oilex is the Operator of the JPDA 06-103 Joint Venture. The participatinginterests are:Joint Venture Party Participating Interest Oilex (JPDA 06-103) Ltd(Operator) 10% Global EnergyLimited(Videocon) 25%(1) GSPC (JPDA) Ltd 25%(1) Bharat PetroResources JPDA Limited 25%(1) Japan Energy E&P JPDA Pty Ltd 15%
1. Pan Pacific Petroleum has recently signed conditional farmin deals with
Global Energy Limited, Bharat PetroResources JPDA Ltd and GSPC (JPDA) Ltd
to acquire a 15% participating interest in JPDA 06-103.
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 hydrocarbons in place were 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 hydrocarbons in place in 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. Further information is available at www.spe.org.
Oilex's nominated advisor in relation to the AIM market is RFC Corporate Finance Ltd, contact: Stuart Laing, [email protected]
vendorRelated Shares:
OEX.L