Oilexco to Begin Testing on Blackhorse Discovery

Oilexco says that completion and testing operations will commence immediately on the well 15/22-18, the first appraisal well to the "Black Horse" discovery located in Block 15/22 in the UK Central North Sea. The 15/22-18 well, located 1.8 kilometers southwest of the 15/22-16 discovery well, spudded on August 5th. The well will be flow tested through eighty feet of perforations for a sufficient period to evaluate the production characteristics of the reservoir. Completion and testing operations are expected to be completed in three weeks time. Oilexco is paying 60% of the cost of the 15/22-18 "Black Horse" appraisal well to earn a 40% interest in the "Black Horse" discovery area, which includes the discovery well 15/22-16.

The Black Horse project is a continuation of Oilexco's focus on appraising undeveloped oil discoveries and drilling low risk exploration prospects in the UK Central North Sea", said Arthur Millholland President of Oilexco. "This project along with our Brenda and Nicol (15/25a-13) developments located 35 kilometers to the east continues Oilexco's evolution from an exploration concern to a UK North Sea focused full cycle exploration and production company".

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