Oilexco Signs Ptarmigan Farm-in

Oilexco Incorporated said that its wholly owned subsidiary, Oilexco North Sea Ltd, has entered into an agreement that will allow Oilexco to earn a 60% working interest in the undeveloped Ptarmigan oil discovery located in Block 15/29a in the UK Central North Sea.

Oil was discovered at Ptarmigan in Paleocene Forties sands by the well 15/29a-9 in 1994. This well flowed 1,889 barrels of 43 degrees API oil per day and 1.4MM cubic feet per day of gas through a 28/64" choke, at 1112 psi flowing pressure, from 20 feet of perforations in a 54 foot thick oil bearing sand.

Oilexco will earn its 60% interest in Ptarmigan by paying 100% of the costs to drill a three leg appraisal well to original 15/29a-9 discovery well. Upon completion of the appraisal drilling program Oilexco's equity interest partners at Ptarmigan will be as follows: Chevron 28%; ConocoPhilips 10%; Gaz de France 2%. Oilexco will be named as operator of Ptarmigan upon completion of the program, subject to approval by the Department of Trade and Industry (DTI). Drilling operations at Ptarmigan are scheduled to commence in the second quarter.

The Ptarmigan oil accumulation is located 15 kilometers southwest of Oilexco's Brenda oil development. Once the appraisal drilling has been completed, Oilexco and its partners will explore all options for early field development including the option of a sub-sea tie-back to the production manifold at Brenda.

"Oilexco is the right kind of company to bring Ptarmigan into production quickly, and we look forward to a successful appraisal program which will allow us to move forward on it with our partners," said Oilexco President & CEO Arthur Millholland.

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