3rd Dec 2009 07:00
TIMOR SEA DRILILNG UPDATE - LORE-1 WELL
Oilex Ltd advises that the Lore-1 well, the first of a 2 well program in the Timor Sea contract area JPDA 06-103, is currently at a depth of 2,340 metres, preparing to drill ahead after setting intermediate casing.
Time of report update: 16.00 (WST) on 02 December Status: At 2,340 metres. Running blow out preventer (BOP) stack on marine riser prior to drilling 121/4" hole to total depth (TD). Operations: * Lore-1 spudded at 13:15 (WST) on 20 November 2009 * 30" surface casing set at 428 metres * 171/2" hole drilled to 2,340 metres * 13 3/8" casing set at 2,334 metres Total depth (TD): Approximately 3,670 metres
All depths refer to depth below rig rotary table
The well is drilling the Lore prospect targeting mean prospective oil resources of 195 million barrels (100% basis). The well could be drilled to TD and evaluated as soon as mid December 2009.
The "Songa Mercur" rig has been contracted to drill two wells in JPDA 06-103 (with an option of one additional well). After drilling the Lore-1 well, the rig will move to the Lolotoe prospect which is targeting mean prospective oil resources of 90 million barrels (100% basis).
JPDA 06-103 is a highly prospective offshore oil exploration block and is located near to a number of existing producing fields as well as Eni's recent Kitan oil discovery currently under development.
Oilex is the Operator of the JPDA 06-103 Joint Venture. The participating interests are:
Joint Venture Party Participating Interest Oilex (JPDA 06-103) Ltd (Operator) 10% Videocon JPDA 06-103 Ltd (formerly Global Energy 25%(1) Inc.) 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 Global Energy Inc, Bharat PetroResources JPDA Ltd and GSPC (JPDA) Ltd to acquire a 15% participating interest in JPDA 06-103.
Yours sincerely,B. H. McCarthyManaging 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 (UK)
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]
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