Oilex Misses with Alyanbou-1, Hits Double with Sarha-1, Ghadaq-1

Oilex announces the following information on its projects in Oman:

Alyanbou-1 was plugged and abandoned at a depth of 1199 meters without encountering hydrocarbon indications and the rig has been released on a 60 day assignment before returning to commence the second phase exploration drilling program of 4 additional wells in Block 56.


Oilex is pleased with the results of the Phase 1 drilling program in Block 56, Oman. Prospects selected for the 3 well program were based on the interpretation of existing seismic data and provided a balance of exploration targets ranging from moderate (Sarha-1, Ghadaq-1) to high risk (Alyanbou-1).

The Sarha-1 discovery well confirmed that the productive trend in the adjacent block continues into Block 56. New seismic acquisition and reprocessing of existing data indicates that there is a number of structures similar to Sarha-1 present in the western flank area of Block 56 and the most prospective of these will be the locations for several wells in the Phase 2 drilling campaign. It is anticipated that further drilling will be carried out on the Sarha discovery to evaluate the potential of oil zones not able to be tested in Sarha-1 and to provide information required for development of the Al Khlata oil pool.

Volumetric estimates are preliminary while further seismic reprocessing and reinterpretation is under way. Estimates of the discovered petroleum initially in placebased on the current data range from 20 to 70 million barrels (on a 100% basis). Given the characteristics of the oil recovered at Sarha-1 there will also be a focus on establishing the recoverable reserves volume and specialists in this type of development are studying the data from Sarha-1 to estimate the recoverable volumes and to provide input to a development plan.

Heavy oil (preliminary oil gravity of 13.30 API) was recovered during testing of the Al Khlata zone in the Ghadaq-1 well and these results will also be the focus of review given that oil with these characteristics is routinely produced in Oman and in other heavy oil areas. The results from Alyanbou-1 which was a higher risk test of a large anticlinal structure in a remote area of the block will be incorporated into the overall prospectivity assessment.

Participants in the Block 56 Exploration & Production Sharing Agreement are Oilex Oman Limited (Operator) with 25%, Videocon Industries Limited with 25%, GAIL (India) Limited with 25%, Hindustan Petroleum Corporation Limited with 12.5% and Bahrat Petroleum Corporation Limited with 12.5%.


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