Apache Northwest Drills Ahead at La Rocca Well

Oilex has been advised by the Operator that as at 0600 hours on May 22, 2011, the La Rocca-1 well has drilled to a depth of
3,579 meters and is drilling ahead. It is anticipated that the objectives could be intersected within the next few days.

  • Status: Drilling ahead below 3.579
  • Past Week's Operations:
    • Drilled 311 mm (12 ¼") hole to 3,478 meters and ran 244 mm (9 ?") casing
    • Cemented and tested casing
    • Drilled 216 mm (8 ½") hole from 3,478 meters to 3,579.0 meters
  • Water depth: 401 meters
  • Objectives: Intra Mungaroo channel zone
  • Planned total depth (TD): Approximately 5,100 meters
  • Days to TD: 41 days on a trouble free basis

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:

  • 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%
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