The 15/25b-12Y well is the twelfth appraisal well-bore to the "Brenda" oil find, originally made in 1990 by the well 15/25b-3 located in the UK Central North Sea. It is located two and one half kilometers south-southeast of Oilexco's first "Brenda" appraisal well 15/25b-6, which was completed in January of this year. To date Oilexco has drilled six appraisal wells at "Brenda", twelve (12) well-bores inclusive of side tracks, eleven (11) of which have intersected oil, five (5) of which have been production tested. The well 15/25b-6, the first well drilled by Oilexco tested 2,980 bbl/d of 40 degrees oil through a 40/64" choke under stable flowing conditions from the Forties Sandstone in late January. This well was followed by the successfully tested wells 15/25b-8 and 15/25b-9Y, and 15/25b-10 which flow tested 4,785 bbl/d, 2,685 bbl/d, and 3,351 bbl/d respectively.
The 15/25b-12Y well is the last well-bore of Oilexco's "Brenda" appraisal drilling program on Licence P1042 and P1157 (100% working interest), Block's 15/25b and 15/25e in the Outer Moray Firth, targeting oil in the Paleocene Forties Sandstone. These wells, and the two wells drilled at "Sheryl", have combined to make Oilexco the most active operator of exploration/appraisal wells in the UK North Sea for 2004.
Future operations at "Brenda" next year will focus on the development of the "Brenda East" and "Brenda West" Paleocene Forties Sand oil accumulations. Oilexco will present a draft Development Plan in late January to the UK Department of Trade and Industry for the development of these areas. Oilexco is currently evaluating four production scenarios for "Brenda", but is focusing on a tie-back to the Balmoral Floating Production facility 8 kilometers to the northeast, in which Oilexco recently acquired a 7.91% equity interest. Oilexco's production engineering effort is currently focused on a design concept for a maximum initial production rate of 35,000 barrels of oil per day from "Brenda". First oil is targeted for the 4th Quarter of 2005 to 1st Quarter 2006.
Oilexco will resume drilling in the region of the "Brenda" oil accumulation in March of next year using the Transocean semi-submersible Sedco 712, which is under contract to the Company for one year. Oilexco has identified a number of Paleocene oil prospects similar to "Brenda", for pursuit in the area on its own acreage, and on acreage held by third parties. Farm-in arrangements are currently in process on a number of these third party opportunities.
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