Oilexco Intersects Significant Oil Column at Disraeli

Oilexco Incorporated has intersected a significant oil column at its 65% owned Disraeli Prospect located in Block 21/23a in the UK Central North Sea.

An approximately 90 foot oil column was intersected by the first Disraeli side-track well bore 21/23a-8Z in the Eocene Tay Sandstone, located on the west flank of a structure defined by 3D seismic data. The 21/23a-8Z well bore is presently being plugged back to allow an additional side-track well bore to be drilled to evaluate the oil column at crest of the structure. Operations on the second sidetrack 21/23a-8Y are expected to be completed in seven days time. The well was drilled by Dolphin's semisub, Bredford Dolphin.

The Disraeli Prospect is immediately southwest of the 2005 Saxon oil discovery in an Eocene aged Tay sand reservoir, located in Block 21/23b. Oilexco paid 95% of the costs of the first well bore 21/23a-8 drilled at Disraeli to evaluate the Eocene Tay sand reservoir (at approximately 5000 feet), to earn on a farm in basis, a 65% interest in Block 21/23a to the base of the Eocene Tay stratigraphic interval. In addition, Oilexco paid 95% of the incremental costs in the 21/23a-8 well bore to evaluate the Jurassic Fulmar sandstone (at approximately 9000 feet), to earn on a farm in basis, an 85% interest in Block 21/23a in all stratigraphic horizons below the Eocene Tay sand. The 21/23a-8 well bore failed to intersect commercial hydrocarbons in the Fulmar sands.

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