Oilex Upgrades Flow Potential from Pendalian-3

Oilex says that the Pendalian-3 at the West Kampar PSC in Indonesia has tested oil from 2 zones at commercial rates. The Operator reports an upgraded maximum flow potential of 916 barrels oil per day (bopd) for the interval tested by Drill Stem Test (DST) #4. Production rates of 400-650 bopd are likely from this zone. This is incremental to the result from DST #3.

DST #3 (reported in a previous release) calculated maximum flow potential is 1,285 bopd. Production rates in the range 700-900 bopd are likely from this zone.

The Operator, Sumatera Persada Energi, says that down hole gauges have been recovered and preliminary flow potential estimates have been calculated for the zone 279 - 292 meters below KB, the interval tested in DST #4. With the additional information available, the Operator upgraded the preliminary estimate provided in the previous release.

The Operator's new estimate of the Productivity Index for this zone, DST #4, is 2.23 barrels per day per psi measured from the test with an estimated reservoir pressure of 424 psi, inferring a maximum flow potential from this zone of 916 barrels per day and suggests that production rates in the range 400-650 bopd are likely once artificial lift is installed. This zone offers substantial incremental production potential to the deeper sand tested by DST #3.

The Operator's estimate of the Productivity Index for the zone tested by DST #3 is 2.32 barrels per day per psi which, given an estimated reservoir pressure of 569 psi, indicates that the maximum flow potential from this zone is 1285 barrels per day. Production rates in the range 700-900 bopd are likely once artificial lift is installed. Further analysis of downhole pressure data from both DST #3 and DST #4 is in progress to confirm these preliminary results.

Note that due to the shallow depth of the reservoir and low volume of associated gas, production from the Sihapas Sandstone oilfields in adjacent areas is carried out by installing beam pumps from inception to provide artificial lift.

DST #5, the next test in the sequence and the test of the shallowest potential oil-bearing interval in the well, is in progress and results are expected this week.

Joint Venture Party                           Participating        
                                              Interest             
Oilex Ltd                                     45%                  
Sumatera Persada Energi (Operator)            55%                  
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