Oilexco Approves $707 Million 2008 Budget

Oilexco has revealed a $707 million 2008 capital budget for exploration, appraisal and development, and production activities.

"After a very successful 2007, in which Oilexco achieved a number of milestones, we are set for an exciting year in 2008 with further developments due to come onstream and the prospect of significantly increasing the company's reserves through our extensive exploration and appraisal program," said President and CEO Arthur Millholland.

The budgeted funds will primarily be spent on drilling additional production wells in the Balmoral core area, the development of the Shelley oil accumulation, and on appraisal and predevelopment expenditures at Huntington.