Oilex advised that on November 11, 2009, Woodside released the Songa Mercur drilling rig to Oilex and the vessel is now under tow from Dampier to the first well location in Oilex's Timor Sea contract area JPDA 06-103. The rig is contracted to drill two wells in JPDA 06-103 (with an option of one additional well). Drilling is expected to start in late November 2009.
The Songa Mercur will be drilling the Loré and Lolotoe prospects in JPDA 06-103, targeting mean prospective oil resources of 195 million barrels and 90 million barrels respectively (100% basis).
JPDA 06-103 is an attractive offshore oil exploration block and has potential to host significant oil reserves. It is located near to a number of existing producing fields as well as Eni's recent Kitan oil discovery currently under development.
Oilex is the Operator of the JPDA 06-103 Joint Venture. The participating interests are:
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