Oilex Says Eight Prospects Mapped in Block EEP 27 in Otway Basin

Oilex says eight prospects in water depths of 70 – 105 meters have been mapped in the southeastern sector of Block EPP 27 in the Otway Basin offshore South Australia. A preferred drilling prospect has been selected on a prospect that may contain 80 mmstboip (mean estimate). Site surveys have been acquired at two locations in preparation for drilling. The permit term has been extended to February 2008.

Oilex is a member of a consortium of operators led by Apache that have drilling commitments in the southeastern Australian basins. The consortium is negotiating to delivery a rig that would guarantee a slot for a well in EPP 27 in early to mid-2008.

In permit WA-288-P in the Carnarvon Basin offshore Western Australia, seismic acquisition is expected to start in late 2007 or early 2008. 2D seismic reprocessing of approximately 1,200 km of data is continuing and additional 2D data has been purchased.

The block is located north of the Goodwyn/North Rankin gas fields trend and to the northeast of the Jansz-Io gas discoveries in the Exmouth Sub-basin.

The commitment work program includes reprocessing of existing seismic data and acquisition of 3D seismic over part sof the block which is anticipated to commenced in 2008.

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