Production Operations Slowed at Oilexco's Brenda/Nicol Field

Operations at Oilexco's Brenda/Nicol Field development were severely curtailed in November and early December due to a prolonged period of severe weather in the North Sea following the settlement of the labor strike by unionized UK divers on November 10th. 'The labor action caused final completion the Brenda/Nicol development to be pushed into the harsh weather seasonal period' commented Mr. Millholland. 'We planned this project extremely well, the labor action as well as the resulting weather delay was unforeseen. We have a good estimate of the additional cost resulting from this labor action' added Mr. Millholland. 'Half of this increase in cost, which is not insignificant, will be ultimately be borne by the UK taxpayer'. Subsea operations recommenced a week ago and are continuing. Weather permitting, first oil from the project which was anticipated to occur by mid December is now anticipated to occur in mid to late January.

Appraisal drilling operations at Oilexco's 100% owned Shelley project located in Block 22/2b in the UK Central North Sea are nearing completion. Eight appraisal well bores (first main hole and seven sidetracks) have been drilled to appraise the 1984 22/2-2 oil discovery which flow tested 2,416 barrels of oil per day from the Paleocene 'Forties' sand. The eighth Oilexco appraisal well 22/2b- 13t, an extended reach well bore in excess of 13,850 feet in length, is currently being readied for testing. Testing operations are expected be completed in seven to ten days.

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