Oilex Ltd reported that the Lolotoe-1 well at 16:00 (WST) on 30 December 2009 was at a depth of 3,785 meters. Intermediate wireline logs were being run over the interval including the secondary objective Flamingo Formation which encountered some minor gas and oil shows while drilling.

On completion of the wireline logging, 9*" casing will be set above the primary objective Elang/Plover Formation sandstones. The Lolotoe-1 well is the second well of a 2 well program in the Timor Sea contract area JPDA 06-103.

The Lolotoe prospect is a robust 3 way dip faulted anticline having about 300 meters of vertical relief. The well 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 well location is 105 meters.

The reservoir objectives penetrated in the Lolotoe-1 well will be evaluated by a full suite of data including mud log, real time drilling data and wire line logs after the well reaches total depth to determine presence of hydrocarbons.

Tags: Oilex