The first well, Ilse No. 1, in the New Taiton project will target stacked Wilcox sands, on trend with nearby gas fields with cumulative production in the 30 BCF range from the same reservoirs.
The prospect is clearly identified by 3D seismic data and shows strong seismic attributes corresponding with the mapped structural closure.
If Ilse No. 1 proves successful the Company expects to participate in further wells to develop the potential of the New Taiton area. As such, Ilse No. 1 could, in a success case, lead to Index's participation in what will be a significant field development for the Company.
It is expected that Ilse No. 1 will spud in the fourth calendar quarter of 2006 with a proposed Total Depth (TD) of around 17,000 feet.
Index has taken a 10% Working Interest ("WI") in the New Taiton project and a 10% WI in Ilse No. 1.
The addition of this project, at a 10% WI, into Index's expanding exploration pipeline is in line with the Company's strategy to rapidly build a balanced portfolio of producing assets, without exposing investors to single critical events.
Index is a gas biased oil and gas exploration and production company, with activities in Kansas, Texas, Alabama and Louisiana. It has offices in Houston, Texas and Bath, England. Index is focused on efficiently building a broad portfolio of producing properties with what it believes to be significant upside potential and intends to grow its existing asset base and revenues through further investment in the U.S. The company seeks to develop its activities in areas containing prolific petroleum systems set in stable political and economic environments.
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