Oilex Sidetracks Timor Sea Well

Oilex Ltd advised Monday that delays have been experienced with running of 9" casing above the primary objective Elang/Plover Formation sandstones in the Lolotoe-1 well.

The well is now being side-tracked after encountering significant caving of the borehole and the original open hole well bore has been abandoned. The section will be redrilled from 2,491 meters to approximately 3,750 meters, the depth of the 9" casing point, above the primary objectiveElang/Plover Formation sandstones.

The log analysis of the secondary objective Flamingo Formation indicated the presence of gas and oil in reservoir of poor quality. The geological horizons have been encountered as predicted or slightly higher than prediction. No information on the primary objective Elang/Plover Formation has been obtained to date.

The Lolotoe-1 well is the second well of a 2 well program in the Timor Sea contract area JPDA 06-103.


Time of report:        18.00 (WST) on 3 January 2010                           
Status:                Sidetrack well prior to setting 9 *" casing             
Operations:              * Well spudded 02:30 on 17 December 2009 (WST)        
                         * 133/8" casing run to 2,491 meters                   
                         * 12" hole drilled and logged to 3,785 meters        
                         * Plug back and sidetrack 12" hole section           
Objectives             Elang/Plover sands (primary)                            
                       Flamingo sands (secondary)                              
Planned total depth    Approximately 3,985 meters                              
Days from spud to TD:  25 days on a future trouble free basis                  

All depths refer to depth below rig rotary table

The Elang/Plover Formation primary objective will be evaluated by a full suite of data including mud log, real time drilling data and wire line logs after the well reaches total depth to determine presence of hydrocarbons. The well was proceeding ahead of schedule until the operational difficulties and the anticipated time to TD is now 25 days, the original time estimate on which the well was budgeted.

The Joint Venture participating interests in JPDA 06-103 are:

Joint Venture Party Participating Interest Oilex (JPDA 06-103) Ltd (Operator) 10% Videocon JPDA 06-103 Limited 25%(1) GSPC (JPDA) Ltd 25%(1) Bharat PetroResources JPDA Limited 25%(1) Japan Energy E&P JPDA Pty Ltd 15% (1) Pan Pacific Petroleum (JPDA 06-103) Pty Ltd has recently signed conditional farmin deals with Videocon JPDA 06-103 Limited, Bharat PetroResources JPDA Ltd and GSPC (JPDA) Ltd to acquire a 15% participating interest in JPDA 06-103.

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