Oilexco Makes Multi-zone Discovery in Central North Sea

Oilexco Inc. reported that its wholly owned subsidiary Oilexco North Sea Limited has made a multiple zone light oil discovery on its 40% owned Huntington Prospect in Block 22/14b in the UK Central North Sea.

Oilexco's partners in the discovery are Altinex Oil (UK) Limited (20%), E.ON Ruhrgas UK Exploration and Production Limited (25%), and Carrizo Oil and Gas, Inc (15%).

The discovery well 22/14b-5 was drilled to a total depth of 13,325 feet. Oil-bearing reservoir sands were encountered in the Paleocene Forties at a depth of 8,960 feet, and in the Upper Jurassic Fulmar at a depth of 12,750 feet. In the Paleocene Forties sand 98 feet of oil-bearing reservoir was intersected. Wireline pressure and sampling tools recovered 42 API sweet crude from this interval. In the Upper Jurassic Fulmar sand, 58 feet of oil-bearing reservoir was intersected.

After completion of the wireline evaluation of the Upper Jurassic Fulmar interval, preparations for drill stem testing of the Paleocene Forties interval will commence. Testing operations are expected to be completed in two to three weeks' time.

Further appraisal of the Huntington oil accumulations is planned for the fourth quarter using one of Oilexco's two long-term contracted semi-submersible drilling rigs. The structures tested by the 22/14b-5 well are significant. This appraisal will confirm the size of the structures currently estimated to be 14 sq Km for the Paleocene Forties sand, and 7.0 sq Km for the Upper Jurassic Fulmar sand. The drilling will also evaluate the structurally higher crestal areas of the structures as the 22/14b-5 well was drilled in a flank position on both structures.

"We are very pleased with the results from the Huntington well", said Oilexco President and CEO Arthur Millholland. "This well adds to our enviable drilling success in the UK Central North Sea lately. As well, we have identified two analogous Paleocene structures on our 72.7% owned Block 22/13b located immediately west of our Block 22/14b block. One of these Paleocene structures is of similar size to the one tested by the 22/14b-5 well" added Mr Millholland."

Oilexco is an oil and gas exploration and production company active in the United Kingdom. Oilexco's producing properties and exploration activities are located in the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas.

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