22 Jan 2008 07:00
22 January 2008
OPERATIONS REPORT - OMAN DRILLING PROGAM
Oilex Ltd advises that the Sarha-1 exploration well, the first of three exploration wells that will be drilled in a continuous sequence by Oilex in the Block 56 Production Sharing Contract Area, Sultanate of Oman has reached total depth (TD) of 1,890 metres measured depth in the Cambrian Huqf Formation. The current operation is running logs.
During the past week, the well was drilled from 1,692 metres through the Huqf Formation carbonates to TD. A gamma ray and resistivity logging tool was run as part of the bottom-hole assembly near the bit and recorded information as the well was being drilled. Oil shows and anomalous resistivity values were recorded within the Huqf carbonate sequence below 1,645 metres and will be further evaluated by the logging program now in progress.
As reported previously, the primary and secondary objectives penetrated in the Permian to upper part of the Cambrian interval exhibited oil shows and increased gas readings from drill cuttings. All of the anomalous zones encountered will be evaluated by the current logging program to determine whether production testing is warranted.
Participants in the Block 56 Production Sharing Contract are:
Joint Venture Party Participating Interest Oilex (Oman) Ltd (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)
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.
OILEX LTD