Oilexco Set to Complete Brenda Nicol Development

Oilexco Incorporated and its wholly owned subsidiary Oilexco North Sea Ltd are progressing toward the completion of the Brenda/Nicol oil development project located in Block 15/25 in the UK central North Sea.

Severe weather has hampered the completion of the final work scope of the project since early November. Weather conditions improved for a short period in late December which allowed for the completion of the majority of the remaining sub-sea work scope in the field areas.

Progress on the work scope at the Balmoral floating production facility by the operator has also been impacted by the weather conditions. Activity at Balmoral resumed a week ago corresponding to the onset of favorable weather conditions. The remaining work scope to first oil is small, sequential in nature and sensitive to weather. If the return to average seasonal weather patterns continues, these tasks can be completed during the expected periods of reduced wind and wave height. No estimate of the timing of first oil from Brenda/Nicol can therefore be given at this time; however when the Company is able to reasonably assess the timing until completion and first oil, an update will be provided.

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