Oilexco Completes Initial Phase of Nicol Field Development

Oilexco has completed on schedule, and on budget, the initial drilling and completion phase on it's 70% owned Nicol Field (Block 15/25a) development located in the UK Central North Sea. This phase consisted of the drilling and completion of one horizontal production well.

The horizontal production well 15/25a-N1w flowed oil at a maximum rate of 10,165 bbl/d, through a 70/64' choke, at 505 psi flowing tubing pressure. Estimated well flow rates normalized to an approximate 8% reservoir drawdown would have an estimated oil flow of 12,000 Bbl/d.

All oil recovered was 40 degrees API sweet crude consistent with oil recovered on previous Nicol flow tests. Oil flow rates were restricted by the test equipment utilized and government mandated oil volume burn limit regulations. No water or sand was produced in the flow test.

The completed Nicol production well is currently capped with a sub-sea production Christmas Tree awaiting tie-in to the Brenda manifold. This operation is expected to commence on schedule after the completion of the sub-sea installation phase of the Brenda development in late August to early September. First oil from the Brenda/Nicol development continues to be targeted for October.

'Similar to the completion flow tests for the three wells at the Brenda site, the Nicol flow test exceeded our expectations. The normalized flow calculations suggest a possible production rate of 12,000 barrels of oil per day from the Nicol horizontal production well, though we will likely try to reduce its flow once in production to adhere to good reservoir management practices,' said Oilexco President and CEO Arthur Millholland. 'Our Brenda and Nicol fields combined have the potential capability of producing 56,000 barrels of oil per day according to the flow test calculations. We are targeting daily production in 2007 to average 30,000 barrels of oil per day from the Brenda/Nicol development, but the actual rate will ultimately be determined by the optimal conditions for maintaining reservoir integrity, which we won't know until we experience some production history.'

After completion of operations at Nicol in a few days time, the Transocean Sedco 712 will move to Sheryl located in Block 21/23a (65%), to conduct further appraisal drilling on the Eocene Tay Sand oil accumulation discovered in May 2006. A cluster of four appraisal well-bores is planned to be drilled on the south-half of the structure. After completion of appraisal drilling in Block 21/23a, the Transocean Sedco 712 will continue with appraisal drilling at Shelly located in Block 22/2b (100%) and Kildare located in 15/26b (50%) respectively.

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