Oilexco to Participate in Black Horse Appraisal

Oilexco Incorporated says that its wholly owned subsidiary Oilexco North Sea Limited is participating in the appraisal of the "Black Horse" oil discovery located in Block 15/22, in the UK Central North Sea. The "Black Horse" discovery well 15/22-16 was drilled in 2002. The well flowed 38 degrees API oil at a maximum rate of 6,583 bbl/d. The oil flow was from 67 feet of perforations in the Jurassic Galley Sandstone. The 15/22-16 well is currently suspended.

Under the terms of the participation agreement, Oilexco is paying 60% of the cost of the first "Black Horse" appraisal well to earn a 40% interest in the "Black Horse" discovery area, which includes the discovery well 15/22-16. Oilexco's share of the expenditures to drill the first appraisal well is estimated at Pounds Sterling 8,400,000. The appraisal well is expected to spud in about two weeks time utilizing the Transocean Semisubmersible Sedco 712. Drilling operations are anticipated to take 84 days, with a targeted total depth of 14,510 feet.

"The Black Horse appraisal drilling opportunity continues Oilexco's focus on undeveloped oil discoveries and low risk exploration in the UK Central North Sea", said Arthur Millholland President of Oilexco. "This project along with our Brenda and Nicol (15/25a-13) developments located 35 kilometers to the east continues Oilexco's evolution from an exploration concern to a UK North Sea focused full cycle exploration and production company".

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