9 May 2011 07:00
9 May 2011La Rocca-1 Well, WA-388-P offshore Western Australia report No 2
Oilex Ltd advises that the La Rocca-1 well drilled to section total depth of 2,220 metres and run and pressure tested casing. Current operation is waiting on weather.
Report date: 7 May 2011 Status: Waiting on weather. Attempting to offload riser Operations: * Spudded well * Drilled 660mm / 914mm hole from 422 metres to 468 metres * Run & set 762mm (30") casing * Drilled 406 mm hole to section TD of 2,220 metres * Run 340 mm (13 3/8") casing to 2,215 metres Water depth 401 metres Objectives Intra Mungaroo channel zone Planned total depth Approximately 5,100 metres (TD): Days to TD: 41 days on a trouble free basis
All depths refer to depth below rig rotary table
The La Rocca-1 well, the first exploration well in the permit, will drill the La Rocca prospect in the Intra Mungaroo channel zone. The well, in the south-western part of the permit, was spudded on 30 April 2011 and is being drilled with the "Ocean Patriot" drilling rig. The well is operated by Apache Northwest Pty Ltd ("Apache").
Oilex secured funding for the cost of drilling and testing the well under the terms of a previously announced farm-out and subsequently modified agreement with Apache.
The participating interests in the WA-388-P permit after satisfaction of the requirements of the farm- in agreement and amendment, are set out below:
Joint Venture Party Participating Interest Oilex Ltd 8.4% Apache Northwest Pty Ltd (Operator) 40% Sasol Petroleum Australia Ltd 18% Videocon Industries Ltd 8.4% Gujarat State Petroleum Corporation Ltd 8.4% Bharat PetroResources Limited 8.4% Hindustan Petroleum Corp. Ltd 8.4%
For further information, please contact:
Oilex Ltd +61 (0)8 9485 3200 (Western Australia) Bruce McCarthy Managing Director oilex@oilex.com.au Ben Clube Finance Director bclube@oilex.com.au Ambrian Partners Limited (Nominated Adviser and AIM Broker) Richard Swindells +44 (0) 20 7634 4856 (UK) richard.swindells@ambrian.com Matthew Einhorn +44 (0) 20 7634 4860 (UK) matt.einhorn@ambrian.com Read Corporate +61 (0)8 9388 1474 (Western Australia) Nicholas Read nicholas@readcorporate.com.au Tavistock Communications +44 (0)207 920 3150 (UK) Paul Youens pyouens@tavistock.co.uk +44 (0)7843 260 623 (UK) Ed Portman eportman@tavistock.co.uk +44 (0)7791 892 509 (UK)
Information in this report relating to hydrocarbon reserves or resources has been compiled by Mr Ray Barnes B.Sc. (Hons), the Technical Director of Oilex Ltd who has over 37 years experience in petroleum geology and is a member of the AAPG. Mr Barnes consents to the inclusion of the information in this report relating to hydrocarbon reserves and resources in the form and context in which it appears. 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.
This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Oilex Ltd's planned exploration program and other statements that are not historic facts. When used in this document, the words such as "could", "plan", "estimate" "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. Although Oilex Ltd believes that its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements."
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