Oilexco Drills Dry Hole at Muness

Oilexco reports that the drilling results for its 45% owned Muness prospect, Block 21/4b UK Central North Sea, indicate that there are no commercial quantities of hydrocarbons from well 21/4b-6. The well is currently being plugged and abandoned.

The well spudded on November 30, 2005, and drilled to a total depth of 11,975 feet by the Transocean semi-submersible Sedco 712, which is currently under long term contract to Oilexco. At Muness the company was targeting gas condensate in Lower Cretaceous sands.

"While we are disappointed that the drilling results are unfavorable, we are pleased we were able to drill to such a depth in a relatively short timeframe at a low cost because of variations we made to our drilling technique", said Arthur Millholland, President and CEO of Oilexco. "We continue to focus on the North Sea for exploration opportunities as we maintain our strategy to drill on a number of properties, and quickly convert positive findings into development plans similar to what we are doing with our Brenda and Nicol fields."

After plugging and abandoning operations are complete, the Sedco 712 will move to the Palomino prospect located in Block 21/6a. Oil in Jurassic Fulmar sands will be targeted for this prospect, with Oilexco paying 84.21% of the initial test well cost for a 50% interest in the project.

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