Oilex Hits Oil and Gas at Sarha-1 in Oman

Oilex Ltd advises that the Sarha-1 exploration well, the first of three exploration wells that will be drilled in a continuous sequence by Oilex in the Block 56 Production Sharing Contract Area, Sultanate of Oman is drilling ahead in 81/2" hole below 1,673 meters in the Cambrian Huqf Formation.

The primary and secondary objectives penetrated in the Permian to Cambrian interval exhibited oil shows and increased gas readings from drill cuttings. Upon reaching total depth, currently prognosed to be at approximately 1,900 meters, a comprehensive wireline logging program will be carried out to evaluate the anomalous zones encountered and to determine whether production testing is warranted.

Oilex serves as the operator of the block with 25% interest. Other participants in the Block 56 Production Sharing Contract are Videocon Industries Ltd. with 25%, GAIL Ltd. with 25%, Hindustan Petroleum Corp. Ltd. with 12.5% and Bharat Petroleum Corp. Ltd. with the final 12.5% interest.