21st Jan 2010 07:00
Timor Sea Drilling Update - Lolotoe-1 Well
Oilex Ltd advises that the Lolotoe-1 well is drilling ahead through the primary objective Plover Formation towards a revised Total Depth (TD) of about 3,950 metres which is expected to be reached within the next 24-48 hours. The Elang/Plover Formation sandstones were intersected close to prognosis.
Logging While Drilling (LWD) measurements are being acquired over the Elang/ Plover Formations in real time and those LWD logs are currently being interpreted. The interpretation is expected to be finalised after additional evaluation logs are run at TD. Minor oil and gas shows have been observed while drilling.
The Lolotoe-1 well is the second well of a 2 well program in the Timor Sea contract area JPDA 06-103.
Time of report: 20.00 (WST) on 20 January 2010 Status: Drilling ahead at 3,886 metres to TD Operations: * Well spudded 02:30 on 17 December 2009 (WST) * 13â...œ" casing run to 2,491 metres * 12¼" hole drilled and logged to 3,785 metres * Plug back and sidetrack 12¼" hole section to 3,770 metres * 9 â..." intermediate casing run to 3,765.6 metres. * Drilling 8½" hole Objectives Elang/Plover Formation sandstone (primary) Flamingo Formation sandstone (secondary) Total Depth: 3,950 metres approximately
All depths refer to depth below rig rotary table
The Joint Venture participating interests in JPDA 06-103 are:
Joint Venture Party Participating Interest Oilex (JPDA 06-103) Ltd (Operator) 10% Videocon JPDA 06-103 Limited 25%(1) GSPC (JPDA) Limited 25%(1) Bharat PetroResources JPDA Limited 25%(1) Japan Energy E&P JPDA Pty Ltd 15%
(1) Pan Pacific Petroleum (JPDA 06-103) Pty Ltd has recently signed conditional farmin deals with Videocon JPDA 06-103 Limited, Bharat PetroResources JPDA Ltd and GSPC (JPDA) Limited to acquire a 15% participating interest in JPDA 06-103.
B. H. McCarthy
Managing 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]
ABN 50 078 652 632
Level 2, 50 Kings Park Road West Perth WA 6005 Australia, PO Box 588 West Perth
WA 6872 Australia Telephone: (+61 8) 9485 3200 Facsimile: (+61 8) 9485 3290 Email: [email protected] Web: www.oilex.com.au
vendorRelated Shares:
OEX.L