Oilex advised that the Loré-1 well, the first well of a 2 well program in the Timor Sea contract area JPDA 06-103, was spudded on November 20, 2009.
The Loré-1 well is targeting a prospect with mean prospective oil resources of 195 million barrels (100% basis). The planned total depth of the well is approximately 3,670 meters and is anticipated to be completed by late December 2009.
The Songa Mercur drilling rig arrived on location in JPDA 06-103 on November 18th and laid anchors ahead of schedule after mobilizing from Dampier. The rig is contracted to drill two wells in JPDA 06-103 (with an option of one additional well). After drilling the Loré-1 well the rig will drill the Lolotoe prospect which is targeting mean prospective oil resources of 90 million barrels respectively (100% basis).
JPDA 06-103 is a highly prospective offshore oil exploration block and has the 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 with a 10% interest.
The participating interests are:
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