Oilexco Says Brenda/Nicol Field Development on Schedule

Oilexco says the Brenda/Nicol Field development is currently on schedule and on budget. Fabrication of the major subsea and topside components is complete. Operations have commenced on the subsea installation and topside modification phase of the development. First oil is targeted for October, but could be delayed until early November due to the delayed arrival of one of the contracted subsea installation vessels.

Three horizontal production wells at Brenda were drilled completed during the period. Subsequent flow tests on the three wells indicated combined production capability of 26,438 Bbl/d oil under test conditions, with a calculated production capability of 44,000 Bbl/d oil at an assumed 8% reservoir drawdown. Production rates will be restricted in order to maintain reservoir integrity. The Brenda wells were completed on budget and on schedule.

Operations on the single horizontal production well at Nicol commenced at the end of June, after the Company received field development approval for Nicol from the UK Department of Trade and Industry in May. The subsquent flow test of the horizontal production well realized an oil flow at a maximum rate of 10,165 bbl/d under test conditions. Estimated well flow rates normalized to an approximate 8% reservoir drawdown would have an estimated oil flow of approximately 12,000 Bbl/d.

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