24 Jun 2008 07:00
24 June 2008
SUBJECT: OPERATIONS REPORT - INDIA
Cambay-19Z appraisal well - Oilex advises that the current operation is drilling ahead at a depth of 2219 meters in uppermost Deccan interval after setting the 7" production liner at 2,101 metres. The primary Deccan exploration objective is anticipated within the next 150 meters with an expected well total depth of 2330 meters, after which wireline evaluation logs will be run.
Further logging of the EP-III and EP-IV intervals intersected at 1758 and 1780 meters is planned in the cased hole. A program will be designed to test the most prospective hydrocarbon intersections in the well through perforations in the 7" liner once evaluation of the deeper Deccan objective has been completed.
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 15% Oilex 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)
RFC Corporate Finance Ltd acts as Oilex's Nominated Adviser, contact Stuart Laing +618 9480 2506
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 29years experience in petroleum geologyand Ray Barnes, B.Sc. Hons.the Technical Director of Oilex Ltdwho has over 35 years experience in petroleum geology and is a member of the AAPG & EAGE. Estimates ofoil-in-place arereported in accordance with the standard definitions set out by the Society of Petroleum Engineers, further information on which is available at www.spe.org.
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