Oilex Completes Wire Line Run at Lore-1 in Timor Sea

Oilex has advised that on the Loré-1 well, the first of a 2 well program in the Timor Sea contract area JPDA 06-103, the initial wire line run has been completed after the well reached total depth at 3,581 meters. The well intersected the objective Elang and Plover formations close to prognosis and minor oil shows were observed in the Elang section. Preliminary evaluation indicates that there are zones with limited oil saturation in the Elang formation which will be evaluated with further wire line logging.

After finishing the Loré-1 well, the Songa Mercur will move to the Lolotoe prospect. Lolotoe is a robust 3 way dip faulted anticline having about 300 meters of vertical relief. The prospect is targeting a mean prospective oil resource of 90 million barrels (100% basis) in the primary objective Elang/Plover formations. The water depth at the proposed well location is 105 meters.