31st Dec 2009 07:00
31 December, 2009
Timor Sea Drilling Update - Lolotoe-1 Well
Oilex Ltd advises that the Lolotoe-1 well at 16:00 (WST) on 30 December 2009 was at a depth of 3,785 metres. Intermediate wireline logs were being run over the interval including the secondary objective Flamingo Formation which encountered some minor gas and oil shows while drilling. On completion of the wireline logging, 95/8" casing will be set above the primary objective Elang/Plover Formation sandstones. 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: 16.00 (WST) on 30 December 2009 Status: Running wireline logs prior to setting 9 5/8" casing Operations: * Well spudded 02:30 on 17 December 2009 (WST) * Surface casing set at 176 metres * 171/2" hole drilled to 2,496 metres * 13 3/8" casing run to 2,491 metres * 12 1/4" hole drilled to 3,785 metres * Running intermediate wire line logs Objectives Elang/Plover sands (primary) Flamingo sands (secondary) Planned total depth Approximately 3,985 metres (TD): Days from spud to TD: 20 - 25 days on a trouble free basis
All depths refer to depth below rig rotary table
The Lolotoe prospect is a robust 3 way dip faulted anticline having about 300 metres of vertical relief. The well is targeting a mean prospective oil resource of 90 million barrels (100% basis) in the primary objective Elang/ Plover formations. The water depth at the well location is 105 metres.
The reservoir objectives penetrated in the Lolotoe-1 well will be evaluated by a full suite of data including mud log, real time drilling data and wire line logs after the well reaches total depth to determine presence of hydrocarbons.
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) Ltd 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) Ltd 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