Oilexco & Sterling Resources Select New Location for Tay Project

Disraeli Well, North Sea
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Oilexco and Sterling Resources have selected a new location for drilling a test well in Block 21/23a in the UK Central North Sea. The new site, called Disraeli, targets the Eocene Tay Formation southwest of the originally planned test well.

Recent geological and geophysical work completed by Oilexco suggests a greater likelihood of success than the original site. The Disraeli site is immediately southwest of the 2005 Saxon oil discovery (formerly called Gladstone) in Block 21/23b. The Disraeli prospect, if successful, could be brought into production earlier than a discovery at the originally planned test well location. In addition, seismic and rock physics studies on the Disraeli prospect by Oilexco's technical partner, Ikon Science, indicate the presence of a larger Jurassic prospect below the primary Eocene target.

The first test well is expected to be drilled before the end of May, and will be completed by either the Sedco 712 or the Bredford Dolphin drilling rig. Oilexco will pay 95% of the drilling costs to earn 65% ownership, and Sterling will retain the remaining 35%.

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