Seismic Survey Completed in Otway Basin

Bruce McCarthy, managing director of Oilex NL, said that a 2D seismic survey conducted by M.V. Pacific Titan in the Otway Basin permit EPP 27 offshore Australia has been completed. During the survey, a total of approximately 1,300-line kilometers of data were acquired. The survey extended an existing seismic grid and covered eight leads identified in the southeastern part of the permit.

“The survey is the first phase of the work program that Oilex, Gujarat State Petroleum Corp. Ltd (GSPC), and Videocon Industries Ltd are conducting as part of the farmin agreement signed with Great Artesian Oil & Gas Ltd. (GOG) in February,” McCarthy stated in an announcement to the London Stock Exchange. “The purpose is to refine the maps with the new data, determine the leads that may be upgraded to prospects, and define optimal drilling locations on those prospects.”

McCarthy added that the data should be completely processed and interpreted by October 2006. The joint venture partners expect to drill at the earliest opportunity thereafter, depending on the availability of a suitable drilling rig.

Oilex (operator), Videocon, and GSPC are funding the program 33.3% each as part of their commitment to earn 20% each in the permit. GOG holds the balance of 40% equity in the permit.

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