23 May 2011 07:00
23 May 2011
La Rocca-1 Well, WA-388-P Offshore Western Australia Report NO 4
Oilex Ltd has been advised by the Operator that as at 0600 hours on 22 May 2011, the La Rocca-1 well has drilled to a depth of 3,579 metres and is drilling ahead. It is anticipated that the objectives could be intersected within the next few days.
Report date: 22 May 2011 Status: * Drilling ahead below 3.579 Past Week's Operations: * Drilled 311 mm (12 ¼") hole to 3,478 metres and ran 244 mm (9 â...") casing * Cemented and tested casing * Drilled 216 mm (8 ½") hole from 3,478 metres to 3,579.0 metres Water depth 401 metres Objectives Intra Mungaroo channel zone Planned total depth Approximately 5,100 metres (TD): Days to TD: 41 days on a trouble free basis
All depths refer to depth below rig rotary table
The La Rocca-1 well, the first exploration well in the permit, is drilling the La Rocca prospect in the Intra Mungaroo channel zone. The well, in the south-western part of the permit, was spudded on 30 April 2011 and is being drilled with the "Ocean Patriot" drilling rig. The well is operated by Apache Northwest Pty Ltd ("Apache").
Oilex secured funding for the cost of drilling and testing the well under the terms of a previously announced farm-out and subsequently modified agreement with Apache.
The participating interests in the WA-388-P permit after satisfaction of the requirements of the farm- in agreement and amendment, are set out below:
Joint Venture Party Participating Interest Oilex Ltd 8.4% Apache Northwest Pty Ltd (Operator) 40% Sasol Petroleum Australia Ltd 18% Videocon Industries Ltd 8.4% Gujarat State Petroleum Corporation Ltd 8.4% Bharat PetroResources Limited 8.4% Hindustan Petroleum Corp. Ltd 8.4%
For further information, please contact:
Oilex Ltd +61 (0)8 9485 (Western 3200 Australia) Bruce McCarthy Managing Director
oilex@oilex.com.au Ben Clube Finance Director bclube@oilex.com.au
Ambrian Partners Limited (Nominated Adviser
and AIM Broker) Richard Swindells +44 (0) 20 7634 (UK) richard.swindells@ambrian.com 4856
Matthew Einhorn matt.einhorn@ambrian.com +44 (0) 20 7634 (UK) 4860 Read Corporate +61 (0)8 9388 (Western 1474 Australia) Nicholas Read nicholas@readcorporate.com.au Tavistock Communications +44 (0)207 920 (UK) 3150 Paul Youens pyouens@tavistock.co.uk +44 (0)7843 260 (UK) 623 Ed Portman eportman@tavistock.co.uk +44 (0)7791 892 (UK) 509
Information in this report relating to hydrocarbon reserves or resources has been compiled by Mr Ray Barnes B.Sc. (Hons), the Technical Director of Oilex Ltd who has over 37 years experience in petroleum geology and is a member of the AAPG. Mr Barnes consents to the inclusion of the information in this report relating to hydrocarbon reserves and resources in the form and context in which it appears. Resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resources Management System, 2007.
This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Oilex Ltd's planned exploration program and other statements that are not historic facts. When used in this document, the words such as "could", "plan", "estimate" "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. Although Oilex Ltd believes that its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements."
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