Oilexco to Test Fulmar at Huntington

Oilexco's subsidiary, Oilexco North Sea Limited, and its partners have decided to drill stem test the Upper Jurassic Fulmar sand in its recently announced 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. Wire line evaluation of the Upper Jurassic Fulmar sand at 12,750 feet indicates the entire 130 feet of Fulmar sand is oil bearing. Wireline pressure and sampling across this interval have recovered 40 degree API crude oil. Drill stem testing is planned to be conducted through 101 feet of perforations. Testing operations are expected to be completed in seven to ten days time. After completion of the drill stem test of the Upper Jurassic Fulmar interval, preparations for drill stem testing of the Paleocene Forties interval will commence. This will also provide valuable data for pre-drill evaluations of two analogous Paleocene structures identified on Oilexco's 72.7% owned Block 22/13b located immediately west of the Block 22/14b block.

Further appraisal of the Huntington oil accumulations are 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 up to 23 sq Km for the Upper Jurassic Fulmar sand. The size of the structure associated with the Upper Jurassic Fulmar sand has increased dramatically due to the increase in oil column and a refined seismic interpretation resulting from the wire line evaluation.

'We are looking forward to the test results from the Huntington well', said Oilexco President and CEO Arthur Millholland. 'This will be the first step in proving what we believe is a significant new oil discovery in the UK Central North Sea.'

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