25 Jan 2008 07:00
25 January 2008
OPERATIONS UPDATE - OMAN DRILLING PROGRAM
Oilex Ltd advises that following the preliminary evaluation of well data including porosity logs from the Sarha-1 exploration well, Oilex is recommending to Joint Venture participants and the Omani regulatory authorities that 7 inch casing be run and a production testing program carried out over the primary and secondary objectives intersected in the well. Details of the testing proposal are currently being finalised as part of the testing recommendation.
As advised previously, the primary and secondary objectives penetrated in the Permian to Cambrian interval exhibited oil shows and increased gas readings from drill cuttings.
Participants in the Block 56 Exploration and Production Sharing Agreement areaare: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)
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