21st Jul 2006 07:00
21 July 2006Alternate Investment MarketLONDON STOCK EXCHANGEElectronic Lodgment SystemDear Sir,RE: SEISMIC SURVEY COMPLETED IN OTWAY BASIN OFFSHORE PERMIT EPP 27.Oilex, as Operator of the joint venture, is pleased to advise that a 2D seismicsurvey conducted by M.V. Pacific Titan in the offshore Otway Basin permit EPP27 has been completed. During the survey, a total of approximately 1300 linekilometres of data were acquired, extending an existing seismic grid andcovering eight leads identified in the southeastern part of the permitThe survey is the first phase of the work programme that Oilex, Gujarat StatePetroleum Corporation Ltd ("GSPC") and Videocon Industries Ltd ("Videocon") areconducting as part of the farmin agreement signed with Great Artesian Oil & GasLtd ("GOG") in February. The purpose is to refine the maps with the new data,determine the leads that may be upgraded to prospects and define optimaldrilling locations on those prospects.The processing and interpretation of the data is planned to be completed byOctober 2006, with the aim of drilling a well at the earliest opportunitythereafter, depending on the availability of a suitable drilling rig.Oilex (Operator), Videocon and GSPC are funding the programme 33.3% each aspart of their commitment to earn 20% each in the permit. GOG holds the balanceof 40% equity in the permit.For and on behalf of the BoardDr. Bruce McCarthyManaging Directorcc: Directors: MC/GIJ/RGBLevel 3, 50 Kings Park Road West Perth Western Australia 6005 P.O. Box 588 West Perth Western Australia 6872 Telephone (61 8) 9226 5577 Facsimile (61 8) 9226 2108 email: [email protected] www.oilex.com.au ENDOILEX NLRelated Shares:
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