Oilex advises that approximately 13 metres of additional section was added to the test interval in the EP – IV gas zone. The well is being monitored while core analysis is being completed and consideration can be given to the optimal design of a fracture stimulation program in this zone.

The Cambay-19Z well was spudded on 14 May and current operations are running casing at a depth of 578 metres MD. Cambay-19Z will be drilled to a depth of 2,350 metres to test the Oligocene OS II, Eocene EP IV and Deccan fractured basement objectives near to the crest of the Western High block. In the block to the north of Cambay, Gujarat State Petroleum Corporation, the other Joint Venture party in the Cambay Production Sharing Contract (PSC), has tested oil from the fractured Deccan zone at rates of 1,000 – 1,500 barrels of oil per day (bopd).

OMAN Alyanbou-1 was plugged and abandoned at a depth of 1199 metres without encountering hydrocarbon indications and the rig has been released on a 60 day assignment before returning to commence the second phase exploration drilling program of 4 additional wells in Block 56.

Oilex is pleased with the results of the Phase 1 drilling program in Block 56, Oman. Prospects selected for the 3 well program were based on the interpretation of existing seismic data and provided a balance of exploration targets ranging from moderate (Sarha-1, Ghadaq-1) to high risk (Alyanbou-1).

The Sarha-1 discovery well confirmed that the productive trend in the adjacent block continues into Block 56. New seismic acquisition and reprocessing of existing data indicates that there is a number of structures similar to Sarha-1 present in the western flank area of Block 56 and the most prospective of these will be the locations for several wells in the Phase 2 drilling campaign. It is anticipated that further drilling will be carried out on the Sarha discovery to evaluate the potential of oil zones not able to be tested in Sarha-1 and to provide information required for development of the Al Khlata oil pool.

Volumetric estimates are preliminary while further seismic reprocessing and reinterpretation is under way. Estimates of the discovered petroleum initially in placebased on the current data range from 20 to 70 million barrels (on a 100% basis). Given the characteristics of the oil recovered at Sarha-1 there will also be a focus on establishing the recoverable reserves volume and specialists in this type of development are studying the data from Sarha-1 to estimate the recoverable volumes and to provide input to a development plan.

Heavy oil (preliminary oil gravity of 13.30 API) was recovered during testing of the Al Khlata zone in the Ghadaq-1 well and these results will also be the focus of review given that oil with these characteristics is routinely produced in Oman and in other heavy oil areas. The results from Alyanbou-1 which was a higher risk test of a large anticlinal structure in a remote area of the block will be incorporated into the overall prospectivity assessment.

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