27 May 2008 07:00
27 May 2008
OPERATIONS REPORT - INDIA
The Cambay-19Z well has been drilled to a depth of 1750 metres and open hole logs are currently being run before setting 95/8" casing and drilling ahead to the planned total depth of 2350 metres to evaluate Eocene and Deccan targets. Secondary objectives in the Basal Miocene and Oligocene OS II reservoirs were intersected at 1505 metres and 1545 metres respectively and corresponding high gas readings were observed. These zones are being further evaluated with pressure measurements and open hole wireline logs.
The Cambay-19Z well is primarily designed to test the Eocene EP IV reservoir on the Cambay Western High area where hydrocarbons have been identified in adjacent wells. The well will then be deepened to explore the Deccan Basalt and overlying potential reservoir horizons (Please refer to the Oilex Website to view Figure 1.) In the block to the north of Cambay, Gujarat State Petroleum Corporation, the other Joint Venture party in the Cambay Production Sharing Contract, has tested oil from the fractured Deccan zone at rates of 1,000 - 1,500 barrels of oil per day.
Participants in the Cambay Production Sharing Contract are:
Joint Venture Party Participating Interest Oilex Ltd (Operator) 30% Oilex NL Holdings (India) Limited (100% owned by Oilex 15% Ltd) Gujarat State Petroleum Corporation 55% .
A glossary of terms used in the oil and gas industry and useful links to other glossaries can be found at http://www.spe.org/spe-app/spe/industry/reference/ glossary.htmhttp://www.spe.org/spe-app/spe/industry/reference/glossary.htm, the website of the Society of Petroleum Engineers.
Yours sincerely,B. H. McCarthyManaging Director
For further information, please contact:
Ray Barnes Technical Director, Oilex Ltd Tel. +61 8 9226 5577 (Western Australia)
Archie Berens Director, Pelham Public Relations Tel. +44 20 7743 6679 (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 and 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 and EAEG. Estimates of oil-in-place are reported in accordance with the standard definitions set out by the Society of Petroleum Engineers, further information on which is available at www.spe.org.
RFC Corporate Finance Ltd acts as Oilex's Nominated Adviser - contact Stuart Laing +618 9480 2506.
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