25 Mar 2008 07:00
25 March 2008
SUBJECT: OPERATIONS REPORT - INDIA AND OMAN
INDIA Oilex advises that the Cambay 23Z well is drilling ahead below 1,391 metres measured depth (MD) after setting 13 3/8" casing at a depth of 594 metres MD. A core is planned to be taken in the Oligocene OS-II reservoir objective at a depth of approximately 1,600 metres MD following which the well will be deepened to evaluate the Eocene section.
Participants in the Cambay Production Sharing Contract are:
Joint Venture Party Participating Interest Oilex Ltd (Operator) 30%
Oilex India (Holdings) Ltd (100% owned by Oilex 15% Ltd)
Gujarat State Petroleum Corporation 55%
OMAN
Ghadaq-1 well, the second of a 3 well exploration program in Block 56, Oman is drilling ahead in 12 1/4" hole below 845 metres MD. The first of the potential oil-bearing objectives is expected at about 1,050 metres MD.
Drilling operations are planned to take 18 days and total depth is expected to be reached at a depth of approximately 1,600 metres MD.
Participants in the Block 56 Exploration & Production Sharing Agreement are:
Joint Venture Party Participating Interest Oilex Oman Limited(Operator) 25% Videocon Industries Limited 25% GAIL (India) Limited 25% Hindustan Petroleum Corporation Limited 12.5% Bharat Petroleum Corporation Limited 12.5% 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 28 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.
OILEX LTD