Oilexco to Test Kildare Well

Oilexco reports that its 50% owned well at Kildare located in Block 15/26b, in the UK Central North Sea has reached a total depth 14,092 feet after intersecting significant oil bearing Upper Jurassic sandstones. The well 15/26b-9 commenced drilling operations 43 days ago. Currently wire line surveys are being conducted in the well bore. After completion of the surveys, the well bore will be deepened, cased, and the reservoir intervals drill stem tested. It is anticipated that results from the testing operations will be available in 3-4 weeks time.

The 15/26b-9 well was drilled by Transocean's Sedco 712 semisub, which is under long term contract to the Company. Oilexco has a 50% ownership interest in Block 15/26b, which was awarded to Oilexco and an industry partner in 2005's 23rd UK Offshore Licensing Round.

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