13th Aug 2007 05:57
13 August 2007
RIG MOBILIZATION PENDALIAN-3, WEST KAMPAR PSC, INDONESIA
Mobilization of equipment contracted by the Operator Pt Sumatera Persada Energi (SPE) to drill the Pendalian-3 appraisal well on the Pendalian anticline in West Kampar Production Sharing Contract (PSC) has commenced. Site preparation has been completed and the well is anticipated to spud within 10-15 days.
Further to the statement made on 28 May 2007 by Oilex, the Government of Indonesia has formally approved the assignment of the 45% participating interest in the PSC for the West Kampar Block in Sumatera, Indonesia from SPE to Oilex Ltd's wholly owned subsidiary Oilex (West Kampar) Limited. All conditions precedent for the transfer of the 45% participating interest have now been satisfied.
The participating interests in the PSC after the assignment are:
Joint Venture Party Participating Interest Oilex (West Kampar) Limited 45% Pt Sumatera Persada Energi (Operator) 55%
Oilex is very pleased to have completed the formal assignment process with the Government of Indonesia in such a short timeframe. The commencement of operations in Indonesia will be another significant step in Oilex's Indian Ocean Rim growth strategy.
It is anticipated that the Pendalian field can be brought into production quickly if justified by the results of Pendalian-3. This will assist in funding an intensive exploration program that is planned on highly prospective structural trends in the West Kampar PSC area.
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 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.
OILEX LTDRelated Shares:
OEX.L