3rd Jun 2008 07:00
3 June 2008
SUBJECT: OPERATIONS REPORT- INDIA DRILLING PROGRAM
CAMBAY-19Z APPRAISAL WELL - Oilex advises that open hole wireline logs have been run to a depth of 1750 metres (measured depth) and the current operation is running 9 5/8" casing. The well will then be drilled to the planned total depth of 2350 metres to evaluate Eocene and Deccan targets.
Preliminary interpretation of log and pressure data indicates that secondary objectives in the Basal Miocene and Oligocene OS II reservoirs intersected at 1505 metres and 1545 metres respectively are of good reservoir quality and gas bearing. Once the interpretation of the log and pressure data has been finalised, these two zones may be tested later in this well program to confirm pressure data and gas-condensate flow potential.
The Cambay-19Z well is primarily designed to test the Eocene EP III and IV reservoirs on the Cambay Western High area where hydrocarbons have been identified in adjacent wells. After evaluating Eocene EP III and IV the well will be deepened to explore the fractured Deccan Basalt objective and overlying potential reservoir horizons.
Participants in the Cambay Production Sharing Contract are:
Joint Venture Party Participating Interest Oilex Ltd (Operator) 30% Oilex NL Holdings (India) Limited (100% owned by Oilex 15% Ltd) Gujarat State Petroleum Corporation 55%
A glossary of terms used in the oil and gas industry and useful links to other glossaries can be found at http://www.spe.org/spe-app/spe/industry/reference/ glossary.htmhttp://www.spe.org/spe-app/spe/industry/reference/glossary.htm, the website of the Society of Petroleum Engineers.
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)
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 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 & 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.
vendorRelated Shares:
OEX.L