Oilexco Confirms Dual Zone Oil, Gas-Condensate at Moth Discovery

Moth Prospect
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Oilexco Incorporated, through its wholly owned subsidiary, Oilexco North Sea Limited, has successfully flow tested gas-condensate at significant rates from its Moth discovery. This follows the Company’s announcement on June 26, 2008, confirming a significant dual zone oil and gas-condensate discovery at Moth, located in Block 23/21 in the UK Central North Sea.

The Oilexco 23/21-6z Moth discovery well was drilled to a total depth of 14,616 feet using the Ocean Guardian semisub. Gas condensate bearing reservoir sands in the Upper Jurassic Fulmar at depth of 12,975 feet were drill stem tested through perforations from 12,982 feet to 13,026 feet in 115 feet of gas condensate bearing reservoir sands. The test flowed gas at an average rate of 20.3 Mmcf/d with 2,110 Bbls/d of condensate 5,493 barrels of oil equivalent per day (“boepd”) through a 36/64 inch choke with a flowing tubing pressure of 4,478 psi during the main flow period.

The maximum flow rate achieved during the test was 24.4 Mmcf/d and 2,460 Bbls/d of condensate (6,526 boepd). Flow rates were severely restricted by the test equipment utilized for the test and the working temperatures and pressures encountered. No depletion was measured, nor was there water or sand produced during the test. Calculations of surface absolute open flow (“AOF”) suggest that the Moth well could be capable of 44 Mmcf/d and 4,400 Bbls/d of condensate (11,800 boepd) with a properly sized production string.

"We are very pleased with the results of the Moth well, which has the potential to become a significant producing asset for the Company," said Arthur Millholland, President and CEO of Oilexco. "Oilexco will now evaluate the timing of additional appraisal of the Moth structure and development options in the near future with our co-venturers. Our objective at Moth is the same as our other exploration successes in the North Sea; an effective and efficient appraisal program followed by early development to rapidly commercialize our expansive portfolio."

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