"This is a very exciting time for our company", said CEO Arthur Millholland. "We first entered the UK North Sea in 2002, and since that time we have gained a reputation for being one of the most innovative and aggressive exploration companies in the region. Now that development has started at Brenda, we will demonstrate that we are also very good at bringing discoveries into production quickly and cost effectively. Our contractors are on schedule with equipment fabrication. Last week we announced the signing of our US$245 million financing with the Royal Bank of Scotland. Now our drilling rig has begun field operations. Everything is proceeding as planned."
In addition to ongoing operations at Brenda, Oilexco will recommence its exploration/appraisal drilling program in March utilizing the Bredford Dolphin semi-submersible drilling unit under a three well drilling contract. The first well of this three well program will be located on the Company's 100% owned Block 15/25c. This well will target light oil reservoired in Paleocene Balmoral Sands on trend with, and just north of, the Nicol Field in Block 15/25a. If successful, this well will add future incremental production and reserves to the Brenda/Nicol development.
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