Oilex Prepares to Drill Ahead at Lore-1 in Timor Sea

Oilex has advised that the Loré-1 well, the first of a 2 well program in the Timor Sea contract area JPDA 06-103, is currently at a depth of 2,340 meters, preparing to drill ahead after setting intermediate casing.

The well is drilling the Loré prospect targeting mean prospective oil resources of 195 million barrels (100% basis). The well is anticipated to be completed by late December 2009. The Songa Mercur semisubmersible drilling rig has been contracted to drill two wells in JPDA 06-103 (with an option of one additional well). After drilling the Loré-1 well, the rig will move to the Lolotoe prospect which is targeting mean prospective oil resources of 90 million barrels (100% basis).

JPDA 06-103 is a highly prospective offshore oil exploration block and is located near to a number of existing producing fields as well as Eni's recent Kitan oil discovery currently under development.

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