Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Oilexco recommences Brenda appraisal drill program
Oilexco Inc (TSX-V:OIL)
Shares Issued 68,335,652
Last Close 9/24/2004 $4.13
Monday September 27 2004 - News Release
Mr. Arthur Millholland reports
OILEXCO RE-COMMENCES UK NORTH SEA APPRAISAL DRILLING PROGRAM
The second phase of Oilexco Inc.'s 100-per-cent-owned Brenda appraisal drilling program, located in block 15/25 in the Outer Moray Firth area of the U.K. North Sea, has recommenced after a two-month suspension. Drilling operations using the Transocean mid-water semi-submersible John Shaw started yesterday on 15/25e-11, Oilexco's fifth (the seventh appraisal borehole inclusive of sidetracks) appraisal well at the Brenda oil find. The first four appraisal wells, 15/25b-6, 15/25b-8, 15/25b-9 and 15/25b-10, and two sidetrack boreholes; 15/25b-9Z, and 15/25b-9Y at Brenda, appraised an undeveloped discovery made in 1990 at 15/25b-3. The bottom-hole location of 15/25e-11 is located 1.5 kilometres northwest of 15/25b-10, Oilexco's last Brenda appraisal well which flow tested 3,351 barrels per day of 40-degree oil from the Paleocene Forties sand during production testing operations in July.
The 15/25b-11 wellbore is the first of three penetrations or a well cluster to be drilled from a central location. It will be immediately followed by 15/25e-11Z, located 1.25 kilometres west of the 15/25e-11 bottom-hole location, and 15/25e-11Y located 1.0 kilometre northwest of the 15/25e-11 bottom-hole location. Testing operations will only be conducted on the third or last well penetration, 15/25e-11Y. The first two well penetrations, 15/25e-11 and 15/25e-11Z, will be drilled as slim holes, but will allow for appropriate evaluation for reserve purposes. Operations on the 15/25e-11 well cluster are expected to span 45 days. Upon completion of these operations, appraisal operations will continue on an additional three-well cluster northwest of the 15/25e-11 cluster.
© 2004 Canjex Publishing Ltd.
Sedar early warning link!! Yahoo ,The train is on the tracks..
http://sedarfiles.stockwatch.com/sedar/viewsedardoc.asp?docid=680385
Oilexco grants 3.45 million stock options
Oilexco Inc (TSX-V:OIL)
Shares Issued 68,335,652
Last Close 9/1/2004 $3.52
Wednesday September 01 2004 - Options Proposed
Mr. Arthur Millholland reports
OILEXCO INCORPORATED: GRANTING OF STOCK OPTIONS
Oilexco Inc., subject to regulatory approval, has granted options to acquire up to a total of 3.45 million common shares of the corporation to directors, officers, employees and consultants pursuant to the corporation's stock option plan. Each of the options is for a five-year term, expiring on Sept. 1, 2009, and is exercisable at a price of $3.46 per share.
© 2004 Canjex Publishing Ltd.
Oilexco Clarifies Purchase of Central UK North Sea Property
11:31 EST Wednesday, Sep 01
CALGARY, ALBERTA--(CCNMatthews - Sept. 1, 2004) - Oilexco Incorporated ("Oilexco") (TSX-V: OIL; LSE-AIM: OIL) at the request of the TSX Venture Exchange and Market Regulation Services, is clarifying details of the previously announced agreement to acquire interests in the Balmoral area, Block 16/21a in the central UK North Sea. Oilexco through its wholly owned subsidiary Oilexco North Sea Limited has agreed to acquire these interests from Pentex Oil UK Ltd. for cash in the amount of Pounds Sterling 2,150,000. Oilexco's current cash position is in excess of Pounds Sterling 20,000,000. The purchase price is subject to adjustments pertaining to revenue, operating and capital expenditures. Closing of the transaction effective January 1, 2004, is expected to occur in mid September.
Oilexco is listed on the Alternative Investment Market of the London Stock Exchange plc ("LSE-AIM") and the TSX Venture Exchange ("TSX-V"), trading under the symbol OIL.
FOR FURTHER INFORMATION PLEASE CONTACT:
Oilexco Incorporated
Arthur S. Millholland
President
(403) 262-5441
or
Oilexco Incorporated
Brian L. Ward
Chief Financial Officer
(403) 262-5441
Website: www.oilexco.comThe TSX Venture Exchange has not reviewed nor accepts
Financialsense on Oil& Gas & USA markets
http://www.financialsense.com/fsu/editorials/2004/0224.html
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: OILEXCO INCORPORATED
TSX VENTURE, LSE SYMBOL: OIL
AUGUST 25, 2004 - 14:17 ET
Oilexco Acquires Interests in Central UK North Sea
Property
CALGARY, ALBERTA--(CCNMatthews - Aug. 25, 2004) - Oilexco
Incorporated ("Oilexco") (TSX-V: OIL; LSE-AIM: OIL) announces
that its wholly owned subsidiary Oilexco North Sea Limited
("Oilexco North Sea") has agreed to acquire the interests of
Pentex Oil UK Ltd. for cash in the currently producing Balmoral
and Glamis light oil fields, and the Balmoral Floating Production
Vessel, Block 16/21 in the Outer Moray Firth area of the central
UK North Sea. The agreement to purchase was subject to, amongst
other things, waiver of Partners' pre-emptive rights, Government,
and regulatory approvals, all of which have been satisfied.
Closing of the transaction effective January 1, 2004 is expected
to occur in early September.
Interests to be acquired by Oilexco North Sea are: 9.714% in
Production Licence 201, as it relates to the Balmoral Field, the
Glamis Field, and the Second Residual Area within block 16/21a;
7.994% in the Unitization and Unit Operating Agreement relating
to the Balmoral Field; and 7.910% in the Balmoral Floating
Production Vessel (a production facility). Oil production
relating to the interests to be acquired by Oilexco amounts to
245 bbl/d.
The interests to be acquired by Oilexco North Sea are strategic
to Oilexco's UK North Sea business plan. The Balmoral Floating
Production Vessel is located 8 kilometers northeast of Oilexco's
"Brenda" oil find located in the adjoining Block, 15/25b. Oilexco
views a subsea "tie back" to Balmoral as a logical option for
early production of a portion of the "Brenda" oil accumulation,
as there is in excess of 50,000 bbl/d of unutilized oil treating
capacity on the Balmoral production facility. In addition, the
Balmoral Floating Production Vessel carries significant residual
value as it can be remobilized to other locations upon
decommissioning of the Balmoral producing field.
Oilexco is listed on the Alternative Investment Market of the
London Stock Exchange plc ("LSE-AIM") and the TSX Venture
Exchange ("TSX-V"), trading under the symbol OIL.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Oilexco Incorporated
Arthur S. Millholland
President
(403) 262-5441
or
Oilexco Incorporated
Brian L. Ward
Chief Financial Officer
(403) 262-5441
The TSX Venture Exchange has not reviewed nor accepts
responsibility for the adequacy or accuracy of this News Release
--------------------------------------------------------------------------------
Oilexco files results for quarter ended June 30
2004-08-12 20:48 ET - News Release
Mr. Arthur Millholland reports
OILEXCO ANNOUNCES QUARTERLY RESULTS-JUNE 30, 2004
Oilexco Inc. has filed quarterly reports for the quarter ended June 30, 2004, on SEDAR. Copies of these documents may be obtained on www.sedar.com.
Oilexco Receives $45,220,000 on the Exercise of Common Share Purchase Warrants
Thursday August 12, 6:43 pm ET
CALGARY, CANADA--(CCNMatthews - Aug. 12, 2004) - Oilexco Incorporated ("Oilexco") (TSX-V: OIL; LSE-AIM: OIL) announces that all 19,000,000 Common Share Purchase Warrants, issued upon the exercise of 19,000,000 Special Warrants upon the final receipt of Oilexco's Long Form Prospectus on July 20, 2004, have been exercised. The Special Warrants were issued on April 15, 2004 at a price of Pounds Sterling 0.84 or $2.02 per Special Warrant. Each Special Warrant automatically converted into one Common Share and one Common Share Purchase Warrant at no extra cost within five days from the final receipt for the Long Form Prospectus. The Common Share Purchase Warrants were exercisable upon the further payment of Pounds Sterling 0.99 or $2.38, depending on the denomination in which the subscriber purchased the Special Warrants.
Oilexco received Pounds Sterling 3,163,050 and $37,401,700Cdn on the exercise of the Common Share Purchase Warrants, or $45,220,000Cdn (Pounds Sterling 18,810,000). These funds will be applied to Oilexco's ongoing appraisal drilling program at its 100% owned "Brenda" oil accumulation on Licence P1042 Block 15/25b, and the recently offered Seaward Production Licence on the east half of Block 15/25e in the Outer Moray Firth area of the UK Central North Sea.
Oilexco is listed on the Alternative Investment Market of the London Stock Exchange plc ("LSE-AIM") and the TSX Venture Exchange ("TSX-V"), trading under the symbol OIL.
--------------------------------------------------------------------------------
Contact:
Oilexco Incorporated
Arthur S. Millholland
President
Oilexco Inc (TSX-V:OIL)
Shares Issued 68,335,652
Last Close 8/5/2004 $3.03
Friday August 06 2004 - News Release
Mr. Arthur Millholland reports
OILEXCO OFFERED OUT OF ROUND OIL AND GAS PRODUCTION LICENCE ON SEAWARD BLOCK 15/25E IN THE UK CENTRAL NORTH SEA, AND EXERCISES OPTION WITH TRANSOCEAN
Oilexco Inc.'s wholly owned subsidiary Oilexco North Sea Ltd. has been offered 100 per cent of an oil and gas production licence for the eastern part of block 15/25e (east of longitude 0 degrees, 52 minutes east) by the United Kingdom Department of Trade and Industry. This new Licence will cover the balance of the seismically defined limits of the "Brenda" oil accumulation in the adjacent block to the east, 15/25b. In addition, an additional out-of-round offer was also made to both Oilexco North Sea Ltd. and CNR International under a marriage arrangement for the area of block 15/25e, west of the defined line of longitude.
Oilexco has also exercised its option with Transocean for two of the three option wells under the drilling contract awarded to Transocean in June. Under Oilexco's contract with Transocean, the election of the third option well by Oilexco must occur no later than the point in time when total depth is achieved in the first option well.
Transocean has indicated the mid-water semi-submersible Transocean John Shaw will come under contract to Oilexco on or after Sept. 15, 2004. The first well to be drilled by the Transocean John Shaw will be a bottom-hole location on the new oil and gas production licence offered to Oilexco North Sea Ltd. over the eastern part of block 15/25e. This will be the seventh appraisal well drilled by Oilexco on the "Brenda" oil find since commencement on Dec. 28, 2003, of Oilexco's United Kingdom North Sea drilling program.
Oilexco is in the second phase of its "Brenda" appraisal drilling program on licence P1042 (100 per cent working interest), block 15/25b in the outer Moray firth, targeting oil in the Paleocene Forties sandstone, which will now be extended to the newly offered oil and gas production licence covering the eastern part of block 15/25e. The "Brenda" appraisal drilling program has elevated Oilexco to the most active operator of appraisal/exploration wells in the United Kingdom North Sea. To date, Oilexco has drilled eight holes inclusive of sidetracks, six of which have intersected oil on block 15/25b. Six of the eight holes are "Brenda" appraisal wells, five of these intersected oil, of which four were drill-stem-tested at flow rates between 2,685 barrels per day and 4,785 bbl/d of 40 degrees API sweet crude oil.
© 2004 Canjex Publishing Ltd.
News on the DTI link
http://www.og.dti.gov.uk/press/oor_15_25.htm
ANNOUCEMENT OF OUT OF ROUND OFFERS ON SEAWARD BLOCK 15/25e
The DTI has today offered an Oil and Gas Production Licence for the eastern part of block 15/25e (east of Longitude 0 deg 52 minutes east) to Oilexco North Sea Limited, and an additional offer was also made to both CNR International and Oilexco North Sea Limited under a marriage arrangement for the area of the block to the west of this line of Longitude.
The companies will have a fixed period in which to decide whether or not to accept the offers.
Note to Editors
Details of the Licence are as follows:
Operator Partner
Block
Firm Work
Other
Marks
Oilexco
-
15/25e (East)
1 Well
-
133
CNR
Oilexco
15/25e (West)
Obtain seismic
Drill/Drop
72
Just a note - Go Oil .. Im Long on this stock but I also swing a few.Avg in at 2.65.
Oilexco in the Oil&Gas Explorer Report...link
http://www.aapg.org/explorer/2004/08aug/north_sea.cfm
Oilexco tests 3,351 b/d at Brenda well
Oilexco Inc (TSX-V:OIL)
Shares Issued 68,330,652
Last Close 7/26/2004 $3.01
Tuesday July 27 2004 - News Release
Mr. Arthur Millholland reports
OILEXCO TESTS 3,351 BBL/D AT 15/25B-10, SIXTH APPRAISAL WELL AT ITS BRENDA OIL FIND LOCATED IN THE UK CENTRAL NORTH SEA
Oilexco Inc.'s well 15/25b-10 (Brenda), the sixth appraisal well inclusive of sidetracks at its Brenda oil find located in the United Kingdom central North Sea, flow tested 3,351 barrels per day of 40-degree oil from the Paleocene Forties sand during production testing operations. The oil flow was through a 48/64-inch choke at 387 per square inch flowing wellhead pressure from 35 feet of perforations at the top of a 50-foot gross pay section. This rate was limited by the testing equipment available.
The 15/25b-10 well is the sixth appraisal well to the Brenda oil find, originally made in 1990 by the well 15/25b-3. The well 15/25b-6, the first well drilled by Oilexco, tested 2,980 b/d of 40-degree oil through a 40/64-inch choke under stable flowing conditions from the Forties sandstone in late January. This well was followed by the tested wells 15/25b-8 and 15/25b-9Y which flow tested 4,785 b/d and 2,685 b/d respectively. The intersection of a significant oil column in a seismically defined channel sand lacking structural closure by the 15/25b-10 well has further confirmed the Brenda oil find to be a stratigraphic trap of sizable proportions. Oilexco has identified additional appraisal locations from its seismic interpretation to further define the limits and reserves of the Brenda oil accumulation.
Oilexco is in the second phase of its Brenda appraisal drilling program on licence P1042 (100-per-cent working interest), block 15/25b in the Outer Moray Firth, targeting oil in the Paleocene Forties sandstone.
© 2004 Canjex Publishing Ltd.
2004-07-19 09:50 ET - News Release
Mr. Arthur Millholland reports
OILEXCO COMMENCES TESTING ON 15/25B-10, SIXTH APPRAISAL WELL AT ITS BRENDA OIL FIND LOCATED IN THE UK CENTRAL NORTH SEA
Oilexco Inc. will proceed with production testing of the well 15/25b-10, the sixth appraisal well inclusive of sidetracks at its Brenda oil find located in the United Kingdom central North Sea. The 15/25b-10 well intersected a Paleocene Forties channel sand exhibiting excellent reservoir characteristics having 50 feet of gross oil pay, one kilometre northwest of the untested oil-bearing Paleocene "Forties" sand in the well 15/25b-9 and two kilometres west of the well 15/25b-8, which was drilled and tested by Oilexco at a rate of 4,785 barrels per day in March of this year. An interval in the upper portion of the reservoir will be perforated and flow tested for a sufficient period to evaluate the production characteristics of the reservoir. Completion and testing operations on the 15/25b-10 well are planned to be completed over the next 10 days.
The 15/25b-10 well is the sixth appraisal well to the Brenda oil find, originally made in 1990 by the well 15/25b-3. The well 15/25b-6, the first well drilled by Oilexco, tested 2,980 barrels per day of 40-degree oil through a 40/64-inch choke under stable flowing conditions from the Forties sandstone in late January. This well was followed by the tested wells 15/25b-8 and 15/25b-9y which flow tested 4,785 barrels per day and 2,685 barrels per day. The intersection of a significant oil column in a seismically defined channel sand lacking structural closure by the 15/25b-10 well has further confirmed the Brenda oil find to be a stratigraphic trap of significant proportion. Oilexco has identified additional appraisal locations from its seismic interpretation to further define the limits and reserves of the "Brenda" oil accumulation.
Oilexco is in the second phase of its Brenda appraisal drilling program on licence P1042 (100-per-cent working interest), block 15/25b in the Outer Moray Firth, targeting oil in the Paleocene Forties sandstone.
TD on B-10. Now another week for results and a wild ride in the middle. Should make for some interesting entertainment over the next few weeks.
OTG
Oilexco 19 million special warrant financing
Oilexco Inc (TSX-V:OIL)
Shares Issued 68,330,652
Last Close 7/16/2004 $2.22
Friday July 16 2004 - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced April 5, 2004, and April 6, 2004.
No. of shares: 19 million special warrants, with each special warrant exercisable into a unit consisting of one common share and one common share purchase warrant
Price: $2.02 per special warrant
Warrants: For 19 million shares
Warrant price: $2.38 per share and must be exercised within 21 calendar days after the earlier of the issue of a receipt for a final prospectus qualifying the issue of the common shares or the third business day after the expiry of the four-month hold period
No insider/pro group participation.
Agent: Canaccord Capital (Europe) Ltd.
Agents' fees: cash -- 6.5 per cent of the gross proceeds of the offering, including the purchase of the purchase of the special warrants and the exercise of the common share purchase warrants
securities -- agent's warrants to acquire common shares equal to 6 per cent of the number of special warrants issued under the offering and the number of common share purchase warrants exercised, exercisable at a price of $2.02 per common share for a period of 12 months from the closing date
© 2004 Canjex Publishing Ltd.
OILEXCO'S GEOLOGIST DID THE REPORT !!!!
Look who did it!!!>> Rod.Christensen is oilexco's Geologist,i just noticed it on the first page,now we are talking about facts & remember 300+?? for the oil tech people. Also did anybody notice the oil channel (White in color)goes from MacCulloch all the way down to Brenda on the near stack(0-25) & even better look at Far stack(25-50)
Look at the white area of MacCulloch & Blenhiem THEN LOOK AT HOW MUCH BIGGER BRENDA IS.The rest of the DD is left upto the rest of the board,First time we have facts that will shut down the bashers,now watch who bash & multi post so that this post get's off this page.
http://www.ikonscience.com/Firstbreak0604.pdf
BRENDA FIELD REPORT !!
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=20291303
Oilexco Commences Phase Two of UK North Sea Appraisal Drilling Program
7/2/04
CALGARY,ALBERTA, Jul 2, 2004 (CCNMatthews via COMTEX) --
Oilexco Incorporated ("Oilexco") (TSX-V: OIL; LSE-AIM: OIL) announces that the second phase of it's Block 15/25b appraisal drilling program located in the Outer Moray Firth of the UK North Sea has commenced. Drilling operations utilizing the
Transocean mid-water semi-submersible J.W. McLean have started on 15/25b-10, Oilexco's next appraisal well at the "Brenda" oil find. This new well is the fourth appraisal well (the sixth appraisal bore-hole inclusive of sidetracks) drilled by Oilexco at "Brenda". The first three appraisal wells; 15/25b-6, 15/25b-8, and 15/25b-9, and two sidetrack bore holes; 15/25b-9z, and 15/25b-9y at "Brenda", appraised an undeveloped discovery made in 1990 at 15/25b-3. The bottom-hole location of 15/25b-10 is 1.2 kilometers northwest of 15/25b-9, and 2.0 kilometers west of 15/25b-8.
The 15/25b-10 well is the first well of the second phase of Oilexco's "Brenda" appraisal program to be drilled under a four well drilling contract with Transocean, consisting of one (1) firm well and three (3) option wells. Oilexco has identified additional appraisal locations designed to define the limits and ultimate reserves at "Brenda". Oilexco's interest in the "Brenda" oil find is 100%.
Oilexco is listed on the Alternative Investment Market of the London Stock Exchange plc ("LSE-AIM") and the TSX Venture Exchange ("TSX-V"), trading under the symbol OIL.
Oilexco Incorporated Arthur S. Millholland President (403) 262-5441 or Oilexco Incorporated Brian L. Ward Chief Financial Officer (403) 262-5441
NEWS RELEASE TRANSMITTED BY CCNMatthews The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Copyright (C) 2004, CCNMatthews. All rights reserved.
Berlin Exchange Troubles> Stock gate >>
http://www.stockhouse.ca/bullboards/viewmessage.asp?no=8036360
Link to annual report
http://sedarfiles.stockwatch.com/sedar/viewsedardoc.asp?docid=603621
TALISMAN/OILEXCO >comparable's
TALISMAN ENERGY ACQUIRES NORTH SEA just payed arround $30,000 boe for every boe flowing.
So based on that here are some possible #'s for what oilexco is worth once they are producing oil in the north sea.
25,000 boe perday X $30,000=$750 mill div 105 mill shares =$7.15
50,000 boe perday X $30,000=$1.50 bill div 105 mill shares =$14.30
75,000 boe perday X $30,000=$2.25 bill div 105 mill shares =$21.45
100,000 boe perday X $30,000=$3.00 bill div 105 mill shares =$28.60
Just trying to get my head arround what Talisman just payed & what
oilexco maybe worth per share based on the lastest comparable.
Any idea on when they plan on tying this in?
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: OILEXCO INCORPORATED
LSE-AIM SYMBOL - OIL
TSX VENTURE SYMBOL: OIL
APRIL 29, 2004 - 21:37 ET
Oilexco Will Commence Testing Of Third 'Brenda'
Appraisal Well, and Announces Independent Reserve
Evaluation of 'Brenda', Based on Data From First
'Brenda' Appraisal Well
CALGARY, ALBERTA--(CCNMatthews - Apr 29, 2004) - Oilexco
Incorporated ("Oilexco" or the "Company") (OIL: TSXV; LSE-AIM:
OIL) announces that it will proceed with production testing of
the second "sidetrack" of the well 15/25b-9, the third appraisal
well at its 100% owned "Brenda" oil accumulation in Block 15/25b,
central UK North Sea. Well completion and testing operations will
commence Saturday with the running of production casing after
wire-line pressure surveys are completed. These operations will
be undertaken over ten days from commencement of completion
operations.
In addition Oilexco announces that it has received an independent
reserve evaluation of Oilexco's interests in Block 15/25b, UK
North Sea, dated January 1, 2004. This report was prepared by
Sproule International Limited ("Sproule") under the oil and gas
reserve disclosure requirements of National Instrument 51-101.
The report is based only on information from the first "Brenda"
appraisal well 15/25b-6, and the original 1990 undeveloped
discovery 15/25b-3. No data from the second or third "Brenda"
appraisal wells was considered for the reserve evaluation in the
report.
Proven plus Probable reserves of 15,017,000 barrels of oil were
attributed to Oilexco's interest in 15/25b by Sproule at January
1, 2004. Of this reserve, 2,902,000 barrels oil was attributed as
Proved reserves. Oilexco will receive an additional reserve
report in the future updating the reserves at 15/25b after
consideration of additional information provided by the second
and third "Brenda" appraisal wells; 15/25b-8 and 15/25b-9.
Oilexco is listed on the Alternative Investment Market of the
London Stock Exchange plc ("LSE-AIM") and the TSX Venture
Exchange ("TSX-V"), trading under the symbol OIL.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Oilexco Incorporated
Arthur S. Millholland
President
(403) 262-5441
or
Oilexco Incorporated
Brian L. Ward
Chief Financial Officer
(403) 262-5441
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release and
the information contained herein.
--------------------------------------------------------------------------------
You may change your service options at anytime by visiting:
http://eservices.ccnmatthews.com/hotw/index.jsp
Vous pouvez modifier les paramètres de votre inscription à ce service en tout temps à l'adresse suivante:
https://eservicesccnmatthews.com/hotwFrench/index.jsp
Art.Millholland and the oil-for food Program
Executive says UN oil-for-food program was rife with corruption
By Paul Waldie
Apr 24, 2004, 11:42
The United Nations' oil-for-food program in Iraq was so corrupt that Saddam Hussein's government officials set specific bribe amounts on each oil delivery and set up bank accounts in Jordan to accept the illicit cash, says a Canadian oil executive who participated in the relief program.
"Did people in the UN know that Saddam was asking for surcharges or the Iraqi regime was asking for surcharges? They had to," said Arthur Millholland, president of Oilexco Ltd., a junior oil company based in Calgary.
"You can keep a secret between two people but you can't keep a secret between thousands."
This week, the UN launched a massive investigation into the $67-billion (U.S.) program that ran from 1996 up to the U.S.-led invasion of Iraq last year. The investigation is being headed by Paul Volker, former chairman of the U.S. Federal Reserve Board.
The venture was the largest relief effort ever undertaken by the UN and it was set up to ease the impact of sanctions imposed after the 1991 Persian Gulf war.
Recent reports by the U.S. government's General Accounting Office suggest Mr. Hussein's government siphoned off more than $10-billion from 1997 to 2002.
The investigation was prompted by the release of documents last January by the Iraqi Oil Ministry that listed 270 companies, agencies and individuals that allegedly received kickbacks under the oil-for-food program. This list included the director of the Office of Iraq Programs at the UN and a company tied to the son of UN Secretary-General Kofi Annan. Both have denied any wrongdoing.
Mr. Millholland's name was also on the list but he has denied receiving any kickbacks or paying bribes.
Oilexco signed a number of contracts under the program but only participated in two actual oil deliveries, in 1998 and 1999. Each involved about two million barrels.
Yesterday, Mr. Millholland said Iraqi officials did not ask for bribes at first and the program appeared to be having some success.
However, by late 1999 officials in Iraq's State Oil Marketing Organization, or SOMO, began asking him to pay "surcharges" as a condition for contracts. The bribe requests persisted throughout 2000, 2001 and 2002 and became more sophisticated, he added.
Iraq exported as much as 2.2 million barrels of oil a day as part of the oil-for-food effort.
Under the program, contracts to buy the oil were to be signed with SOMO but all money was supposed to be deposited with the UN.
Iraq was to use the cash to buy food and medicine under UN supervision. Mr. Millholland said the Iraqis demanded that surcharge payments go directly to SOMO.
The surcharges were 25 cents a barrel on Kirkuk, a blend of oil typically destined for Europe, and 30 cents a barrel on Basra light, a blend that went largely to North America, Mr. Millholland said. The Iraqis told him to deposit the surcharge into an account at the Jordan National Bank in Amman.
"The guys at SOMO apologized. They said, 'Arthur, this isn't us' and they would point to the ceiling. In other words it was coming from above, from Saddam, from the palace," Mr. Millholland recalled.
When he refused, "they became forceful [and said], 'Maybe if you pay it we will let you leave the country.' I said, 'No.' "
Mr. Millholland said at one point SOMO officials told him to give half of the proceeds Oilexco made on one oil contract to a group in the United States. He said he did not know the identity of the group but believed it consisted of sympathizers of the Iraqi government. "Not terrorists," he added.
The Iraqis "were really trying to find Western companies such as ours to break the sanctions."
He also said that nearly every company importing goods into Iraq had to pay up to 10 per cent in bribes to Iraqi officials. "Everybody knew about the payments. Anybody that was in the export or import business had to pay."
Other recent investigations into the program have uncovered hundreds of millions of dollars in alleged bribes paid to Iraqi officials and deposited in bank accounts in several countries.
Mr. Millholland has travelled to Iraq several times and he has been an outspoken critic of the sanctions and the U.S. occupation. He said he got Oilexco into the oil-for-food program as a way of helping people in the country and he resents any suggestion that he was an apologist for the Saddam regime.
He said he welcomed the UN review of the oil-for-food program. "It wasn't a total failure from a humanitarian perspective," Mr. Millholland said. "But the other side of it was the corruption of it.
The questions from the diplomatic side is, did they know about the corruption and overlook it and say that it was something that was inherent in the system and it was a lesser of two evils. In other words, if you have kids that are dying, do you stop the food going in to stop the corruption and cause more kids to die?"
http://www.axisoflogic.com/artman/publish/article_6818.shtml
Events yet to unfold for oilexco.
1) News on completion on the present well.Hope fully it has 20 feet or less of net pay> That would be a great news as they must find out how wide the oil find is before they can apply for a development permit to start producing there massive oil field.
2)Engineers report on there first well(A none event because it is only on well #1 & missing most of the data collected so far)
3)Hmmmm Maybe the latest $2.38 warrants get Exercised.
4)They will need some weeks to analyze all the data so far.
5)Hopefully we find out something about the connoco land next door.
6)Now a well to find the other side of the field, but if they don't find it,then another well to find it.Small net pay here is a good thing as to mean they found that other outer side.
7)They may or may not yet drill down the heart of the formation here to know how much net pay is in the heart of the field.
8)Now as many wells to be drilled to find both ends of the formation long end to end.
9)Engineers report on how much minimum oil is in the field.
10)Development permit so we can go onto production,as long as they have found all 4 outer sides of the oil pool.
11)Only if needed debt financing as oilexco will have by now the minimum # of oil in the ground & European banks love to do debt financing.
12)Start the drilling program on the southern gas basin ,which is on trend next to the MASSIVE shell gas discovery.
13) At anytime from 1)-12) they will announce what they are doing on the large gas acreage oilexco has in North Dakota & maybe 1 more well in Alabama.
14)Do extra drilling on the gas field or oil field if needed.
15)Start to pay shareholders a dividend ( My thoughts only)
16)Onto the next home run for Art/Oilexco!!
They'll be ok. I went out to go into Antrim, as that will be the next play. With todays drop though to the PP level I might pick up a position again, I don't think there will be any real excitement in this again until they drill the gas field or actually start flowing oil.
Explanation Post on what they are doing.
They are drilling Appraisal & Delineating wells by side tracking.
Think of a octapus(The rid) & the tentacles are sidetracking.It is like drilling 3 or 5 wells at the same time at a fraction of the cost to drill each one as a new well!!This saves oilexco millions of dollors = less delution.
Then they pick which sidetrack location is cased & tested.
They have to prove up the pool size before they can get a development permit & start producing the field.It takes time to put together all the info oilexco has & is still collecting.Just like the next engineering report will just be on well#1.Look out once they have all the info collected & a upto date report comes out,it all takes time.
Also i don't think most of you here have not noticed that the smart money has just steped upto the plate in the PP.
Oilexco closes $38.38-million private placement
Oilexco Inc OIL
Shares issued 65,973,588 Apr 15 close $2.26
Fri 16 Apr 2004 News Release
Mr. Arthur Millholland reports
Oilexco has closed its previously announced private placement of 19 million
special warrants. The private placement consisted of 3,285,000 special
warrants issued at 0.84 pound sterling for gross proceeds of 2,759,400
pounds sterling; and 15,715,000 special warrants issued at $2.02 (Canadian)
for gross proceeds of $31,744,300 (Canadian), for a combined total of
approximately $38.38-million (Canadian).
Each special warrant is exercisable into a unit consisting of one common
share of Oilexco and one common share purchase warrant exercisable for an
additional common share at 0.99 pound sterling or $2.38 (Canadian), for a
total of up to 19 million common shares (approximately 18.81 million pounds
sterling or $45.22-million (Canadian)) upon the receipt for a final
prospectus or the expiry of the four-month Canadian hold period. The
warrants must be exercised within seven business days after the earlier of
the issue of a receipt for a final prospectus qualifying the issue of the
common shares or the third business day after the expiry of the four-month
Canadian hold period.
Canaccord Capital (Europe) Limited acted as agent on the placement and was
paid a 6.5-per-cent commission and will be issued warrants to purchase
common shares equal to 6 per cent of the special warrants distributed under
the offering at an exercise price equal to the subscription price under the
offering.
All subscribers are institutions located outside of Canada. The proceeds of
the special warrants will be paid at closing and released to the company
upon satisfaction of certain escrow conditions. Oilexco intends to use the
proceeds of this private placement to continue its previously announced
appraisal program on the Brenda oil find located on block 15/25b in the
United Kingdom North Sea.
The private placement has received conditional approval from the TSX
Venture Exchange.
(c) Copyright 2004 Canjex Publishing Ltd. http://www.stockwatch.com
Updated Calculations.On cash flow & Reserves
Based on what we know & heard/read in the media/oilexco.
25,000boe x $45.00 can=$1,125,000 a day<Remember there is no royalty payments to the uk gov on north sea production.
$1,125,000 (can)x 350 days=$395 mill Div 105 mill shares=$3.76 EPS
Now which #x EPS should we use 4,5,10 etc = shareprice
.
Based on oil in the ground.$10.usa=$13.50can
Lets say what ever they put in a news release on the the total barrels
in the ground lets do some math.
These # 's are based on barrels in the ground
not pumping up a hole(up the hole is $45 canadian boe)
100 mill boe x$13.5=$1.35 bill div 105 mill shares=$12.85 asset value
150 mill boe x$13.5=$2.02 bill div 105 mill shares=$19.28 asset value
200 mill boe x$13.5=$2.70 Bill div 105 mill shares=$25.70 asset value
250 mill boe x$13.5=$3.37 Bill div 105 mill shares=$32.15 asset value
300 mill boe x$13.5=$4.05 Bill div 105 mill shares=$38.55 asset value
350 mill boe x$13.5=$4.73 Bill div 105 mill shares=$44.98 asset value
Oilexco arranges 16-million-pound-sterling financing
Oilexco Inc OIL
Shares issued 65,973,588 Apr 2 close $2.38
Mon 5 Apr 2004 News Release
Mr. Arthur Millholland reports
Oilexco has entered into an engagement letter with Canaccord Capital
(Europe) Ltd. for a private placement of up to 19 million special warrants,
on a reasonable efforts basis. The special warrants will be priced at 0.84
pound sterling each or $2.02 (Canadian) with gross proceeds of the private
placement anticipated to be up to 16.0 million pounds sterling or
$38.3-million (Canadian).
Each special warrant is exercisable into a unit consisting of one common
share of Oilexco and one common share purchase warrant exercisable for an
additional common share at 0.99 pound sterling or $2.38 (Canadian), for a
total of up to 19 million common shares (approximately 18.8 million pounds
sterling or $45.1-million (Canadian)). The warrants must be exercised
within seven business days after the earlier of the issue of a receipt for
a final prospectus qualifying the issue of the common shares or the third
business day after the expiry of the four-month Canadian hold period.
It is anticipated that all subscribers will be institutions located outside
of Canada. Closing is expected to occur on Thursday, April 8, 2004. The
proceeds of the special warrants will be paid at closing and immediately
released to the company. Oilexco intends to use the proceeds of this
private placement to continue its previously announced appraisal program on
the Brenda oil find located on block 15/25b in the United Kingdom North
Sea.
The private placement is subject to regulatory approval.
(c) Copyright 2004 Canjex Publishing Ltd. http://www.stockwatch.com
Click here for company snapshot:
http://new.stockwatch.com/swnet/utilit/utilit_snapsh_result.aspx?action=go®ion=C&symbol=O...
Click here for recent SEDAR documents:
http://new.stockwatch.com/swnet/newsit/newsit_sedar_result1.aspx?searchtype=C&pagesize=200&s...
BBC & Charlie Sharp from Canaccord Capital (Europe
last Updated: Tuesday, 23 March, 2004, 16:11 GMT
E-mail this to a friend Printable version
Oil firm's lucky North Sea strike
The Brenda oilfield, where reserves are said to be significant
A Canadian energy company has made a "significant" oil discovery in the North Sea, it has emerged.
Oilexco believes the Brenda field in the Outer Moray Firth could yield 150 million barrels of oil.
The Calgary-based firm has carried out two operations on the prospect but the site's true potential is not expected to emerge until the summer.
Experts believe the find could be one of the biggest in the North Sea in recent times.
Further exploration
Charlie Sharp, oil analyst with Canaccord Capital (Europe), said: "It is potentially very significant.
"We are talking about potentially 150 million barrels or more but it is early days. There is more drilling to be done to determine how big it is.
"Most of the discoveries in the last several years have involved 20 million to 30 million barrels."
On Oilexco's plans, Mr Sharp: "The company are expecting to drill one more well in April and probably another one or two in the summer.
"After that the picture will become clearer."
A statement on Oilexco's website confirmed the Brenda oil find "to be a signification stratigraphic oil accumulation in the central UK North Sea."
The biggest discovery in the last decade was the Buzzard oil field in the Inner Moray Firth in 2001.
It contains an estimated 400 million barrels of oil.
Pressandjournal.co.uk
NEW FIELD TO SPARK JOB HOPES
MIKE FAIRGRIEVE
16:00 - 23 March 2004
An Oilfield seven times the size of most North Sea finds has been discovered off the North-east.
Canadian firm Oilexco believes the Brenda field, 120 miles off the Moray coast, could have reserves of 150 million barrels.
Its size compares with average North Sea finds of just 20 million barrels.
Arthur Millholland, president of the Calgary-based firm, said: "We don't yet know how big the field is. We have drilled two appraisal wells to date on Brenda, but will have to do more.
"We could have 150 million barrels of oil in place, but it could be larger."
Oilexco has been assessing the field since the start of the year.
Graham Tran, regional officer with offshore union Amicus, said: "If this turns out to be correct, this is excellent news, but it's not going to turn things around overnight.
"You have to remember we have lost 1,200 drilling jobs in the last year." He said it was too early to say what it could mean in terms of jobs, but added: "Any news like this is welcome."
Rhodri Thomas, a European oil analyst with Wood Mackenzie, said: "This appears to be a large discovery.
"The average discovery size in the North Sea in the last 10 years is just 20 million barrels."
Oilexco employs 10 staff in Canada, plus contractors on both sides of the Atlantic.
Production from the field at a rate of more than 20,000 barrels of oil might start as early as next year.
Oilexco plans are also likely to include opening an office in Aberdeen.
This year North-east oil job losses include 260 at Aberdeen-based KCA Deutag back in January and, last month, around 35 at Wood Group Pressure Control, which has bases in Aberdeen and Peterhead.
Oilexco's Brenda well flow tests 4,785 bbl/d
Oilexco Inc OIL
Shares issued 64,453,088 Mar 19 close $2.63
Mon 22 Mar 2004 News Release
Mr. Arthur Millholland reports
OILEXCO TESTS 4,785 BBL/D ON THIRD WELL OF 2003-2004 UK NORTH SEA DRILLING
PROGRAM; TEST CONFIRMS THE 'BRENDA' OIL FIND TO BE A SIGNIFICANT
STRATIGRAPHIC OIL ACCUMULATION IN THE CENTRAL UK NORTH
Oilexco's well 15/25b-8 (Brenda), the third well of its United Kingdom
North Sea drilling program, flow tested 4,785 barrels per day of 40-degree
oil from the Paleocene Forties sand during production testing operations.
The 15/25b-8 well was tested over 23 hours on multiple choke settings. The
maximum flow rate achieved during the test was 4,785 bbl/d. The oil flow
was through a 56/64-inch choke at 408 pounds per square inch flowing
wellhead pressure, from 39 feet of perforations at the top of a 69-foot pay
section. This rate was limited by the testing equipment available. No water
or sand was produced during the test period.
The 15/25b-8 well is the second appraisal well to the Brenda oil find,
originally made in 1990 by the well 15/25b-3. The test results from the
latest well are significantly better than the first well drilled by Oilexco
15/25b-6, which tested 2,980 bbl/d of 40-degree oil through a 40/64-inch
choke at 458 pounds per square inch flowing wellhead pressure from the
Forties sandstone in late January. Productivity indexes from the test of
the 15/25b-6 well suggest a maximum production rate for this well of 12,000
bbl/d to 17,000 bbl/d, when produced with the assistance of artificial
lift. The 15/25b-8 well exhibits substantially better reservoir properties,
and therefore should have a higher potential production rate.
The test results from the 15/25b-8 well add further confirmation the Brenda
oil find is a potentially significant stratigraphic trap. Additional
appraisal locations identified by Oilexco from its seismic interpretation
will define the limits and reserves of the Brenda oil accumulation.
Drilling on the first of these additional appraisal locations, the fourth
well of Oilexco's U.K. North Sea drilling program, will commence on the
first week of April. The well will be directionally drilled to a
bottom-hole location one kilometre southwest of the bottom-hole location of
the 15/25b-8 well from a surface location 50 feet from the 15/25b-8
wellhead. Oilexco will suspend its drilling program for 60 days after
completion of operations of this next appraisal well. This will allow
Oilexco to complete plans for the Brenda appraisal program, and to initiate
engineering studies for development. Drilling operations on additional
appraisal wells at Brenda are planned to recommence in July. Oilexco's U.K.
North Sea drilling program is located on licence P1042 (100-per-cent
working interest), Block 15/25b in the Outer Moray Firth, targeting oil in
the Paleocene Forties sandstone.
(c) Copyright 2004 Canjex Publishing Ltd. http://www.stockwatch.com
Click here for company snapshot:
http://new.stockwatch.com/swnet/utilit/utilit_snapsh_result.aspx?action=go®ion=C&symbol=O...
Click here for recent SEDAR documents:
http://new.stockwatch.com/swnet/newsit/newsit_sedar_result1.aspx?searchtype=C&pagesize=200&s...
Calculations..On cash flow & Reserves
10,000boe x $40.00 can=$400,000 a day
20,000boe x $40.00 can=$800,000 a day
$400,000 (can)x 350 days=$140 mill Div 65 mill shares=$2.15 EPS
Now which #x EPS should we use 4,5,10 etc = shareprice
>Remember there is no royalty payments to the uk gov on north sea production.
Based on oil in the ground.
Lets say what ever they put in a news release on the the total barrels
in the ground lets do some math.
These # 's are based on barrels in the ground
not pumping up a hole(up the hole is $45 canadian boe)
10 mill boe x$15=$150 mill div 65 mill shares =$ 2.30+ asset value
50 mill boe x$15=$750 mill div 65 mill shares =$11.55+ asset value
100 mill boe x$15= 1.5 Bill div 65 mill shares =$23.07+ asset value
200 mill boe x$15= 3.0 Bill div 65 mill shares =$46.15+ asset value
All of the above is based on canadian dollors.
Oilexco to start production test of third Brenda well
Oilexco Inc OIL
Shares issued 64,453,088 Mar 12 close $2.03
Mon 15 Mar 2004 News Release
Mr. Arthur Millholland reports
OILEXCO COMMENCES TESTING ON THIRD WELL OF 2003-2004 UK NORTH SEA DRILLING
PROGRAM, AND CONFIRMS THE 'BRENDA' OIL FIND TO BE A SIGNIFICANT
STRATIGRAPHIC OIL ACCUMULATION IN CENTRAL UK NORTH SEA
Oilexco Incorporated will proceed with production testing of the well
15/25b-8 (Brenda), the third well of its United Kingdom North Sea drilling
program. The 15/25b-8 well intersected a Paleocene Forties channel sand
exhibiting excellent reservoir characteristics, having 56 feet of
high-quality oil pay. An interval in the upper portion of the reservoir
will be perforated and flow tested for a sufficient period to evaluate the
production characteristics of the reservoir. Completion and testing
operations on the 15/25b-8 well are planned to be completed over the next
10 days.
The 15/25b-8 well is the second appraisal well to the Brenda oil find,
originally made in 1990 by the well 15/25b-3. The well 15/25b-6, the first
well drilled by Oilexco, tested 2,980 barrels per day of 40-degree oil
through a 40/64-inch choke under stable flowing conditions from the Forties
sandstone in late January. The intersection of a significant oil column in
a seismically defined channel sand lacking structural closure by the
15/25b-8 well, has confirmed the Brenda oil find to be a stratigraphic trap
of significant proportion. Oilexco has identified additional appraisal
locations from its seismic interpretation to further define the limits and
reserves of the Brenda oil accumulation.
Oilexco's United Kingdom North Sea drilling program is a minimum three-well
program on licence P1042 (100-per-cent working interest), block 15/25b in
the Outer Moray Firth, targeting oil in the Paleocene Forties sandstone.
(c) Copyright 2004 Canjex Publishing Ltd. http://www.stockwatch.com
Click here for company snapshot:
http://new.stockwatch.com/swnet/utilit/utilit_snapsh_result.aspx?action=go®ion=C&symbol=O...
Click here for recent SEDAR documents:
http://new.stockwatch.com/swnet/newsit/newsit_sedar_result1.aspx?searchtype=C&pagesize=200&s...
Oilexco to start production test of third Brenda well
Oilexco Inc OIL
Shares issued 64,453,088 Mar 12 close $2.03
Mon 15 Mar 2004 News Release
Mr. Arthur Millholland reports
OILEXCO COMMENCES TESTING ON THIRD WELL OF 2003-2004 UK NORTH SEA DRILLING
PROGRAM, AND CONFIRMS THE 'BRENDA' OIL FIND TO BE A SIGNIFICANT
STRATIGRAPHIC OIL ACCUMULATION IN CENTRAL UK NORTH SEA
Oilexco Incorporated will proceed with production testing of the well
15/25b-8 (Brenda), the third well of its United Kingdom North Sea drilling
program. The 15/25b-8 well intersected a Paleocene Forties channel sand
exhibiting excellent reservoir characteristics, having 56 feet of
high-quality oil pay. An interval in the upper portion of the reservoir
will be perforated and flow tested for a sufficient period to evaluate the
production characteristics of the reservoir. Completion and testing
operations on the 15/25b-8 well are planned to be completed over the next
10 days.
The 15/25b-8 well is the second appraisal well to the Brenda oil find,
originally made in 1990 by the well 15/25b-3. The well 15/25b-6, the first
well drilled by Oilexco, tested 2,980 barrels per day of 40-degree oil
through a 40/64-inch choke under stable flowing conditions from the Forties
sandstone in late January. The intersection of a significant oil column in
a seismically defined channel sand lacking structural closure by the
15/25b-8 well, has confirmed the Brenda oil find to be a stratigraphic trap
of significant proportion. Oilexco has identified additional appraisal
locations from its seismic interpretation to further define the limits and
reserves of the Brenda oil accumulation.
Oilexco's United Kingdom North Sea drilling program is a minimum three-well
program on licence P1042 (100-per-cent working interest), block 15/25b in
the Outer Moray Firth, targeting oil in the Paleocene Forties sandstone.
(c) Copyright 2004 Canjex Publishing Ltd. http://www.stockwatch.com
Click here for company snapshot:
http://new.stockwatch.com/swnet/utilit/utilit_snapsh_result.aspx?action=go®ion=C&symbol=O...
Click here for recent SEDAR documents:
http://new.stockwatch.com/swnet/newsit/newsit_sedar_result1.aspx?searchtype=C&pagesize=200&s...
Oilexco Inc OIL
Shares issued 63,589,790 Feb 20 close $1.90
Mon 23 Feb 2004 News Release
Mr. Arthur Millholland reports
OILEXCO UPDATES OPERATIONS ON SECOND WELL OF 2003-2004 UK NORTH SEA
DRILLING PROGRAM
The sidetrack 15/25b-7Z of the well 15/25b-7 (Sheryl), the second well of
Oilexco's U.K. North Sea drilling program, has been abandoned. The well
encountered a very porous forties sand with a thin oil column at the top of
the sand. The results of the sidetrack suggest that the Sheryl structure is
separate from the Brenda oil accumulation which is at a structurally lower
position.
Oilexco's U.K. North Sea drilling program is a minimum three-well program
on licence P1042 (100-per-cent working interest), block 15/25b in the Outer
Moray Firth, targeting oil in the Paleocene Forties Sandstone. The surface
location of 15/25b-7 is approximately four kilometres northwest of the
15/25b-6 Brenda oil find announced by Oilexco in Stockwatch on Jan. 26,
which tested 2,980 barrels per day of 40-degree oil from the Forties
Sandstone from 56 feet of perforations.
The third well of the program will commence drilling operations later this
week after abandonment operations are completed at Sheryl. This well will
be Oilexco's first appraisal well at Brenda. This purpose of this well is
to define the limits, reserves and production potential of the Brenda oil
find.
(c) Copyright 2004 Canjex Publishing Ltd. http://www.stockwatch.com
Click here for company snapshot:
http://new.stockwatch.com/utilit/utilit_snapsh_result.pasp?action=go®ion=C&symbol=OIL
Click here for recent SEDAR documents:
http://new.stockwatch.com/newsit/newsit_sedar_result1.pasp?searchtype=C&pagesize=200&symbol=...
There will be more of these big ups and downs, I'm in until at least well #3 comes in. The thread on stockhouse actually got pretty useful last night for a change, picked up this link of a map of the North Sea liscenses/fields/lines/wells from a post by hoppin. You might need to check off all the options you want to see and redraw the map (top right).
http://www.ukdeal.co.uk/gis/DEAL/viewer.htm?Title=DEAL
Then reflector posted this map he created. The next post describes its creation/accuracy and I've cut/pasted it below.
The graphic is a composite. The white overlay is an AVO impedence map scanned from an Oilexco brochure by Stockgoddess3 and sent to me as a bitmap file. The back ground image is a section of the UK north sea taken from the UK DTI website. The two were combined with Adobe Photoshop.
During the overlay combination, the images were resized, but attention was paid to strictly maintaining proportions in x & y. The two images were tied together using the southern tip of the MacCulloch field and the edge of the Blenheim field. Both fields are named in both images and I am quite sure I have used the correct reference points.
While the tip of the MacCulloch field is a perfect overlay, the Blenheim feature is not quite perfect. I chose to maximize the east-west alignment, at the expense of perfect north-south alignment, for reasons that will become apparent later. Please note that the Blenheim field contour as shown on the UK map appears to be a composite that includes the AVO feature of this field with a circular extension to the east. The circular form seems to be a typical representation on these UK maps for an inferred field based upon a single well. This may explain the lack of agreement between the Blenheim field contour on the UK map and its AVO signature.
The purpose of all this is to locate the main Oilexco AVO anomaly with respect to the property boundaries of the Oilexco concession. What follows is subject to possible inaccuracies that I took pains to minimize, as described above.
1. The bulk of the green area constituting the northern portion of the Oilexco AVO anomaly actually falls on the Conoco side of the line, in Block 15/25a;
2. Neither Brenda nor Cheryl appear to target the AVO anomaly;
3. Located at 1.1 km SW of Brenda, well #3 appears to target the largest green area in the southern portion of the AVO anomaly;
4. It is questionable whether a deviated hole section, drilled from Cheryl, can be a proper test of the northern section of the AVO anomaly, without violating the Conoco property boundary;
5. I personally believe that this overall play cannot be considered as dead until the AVO anomaly is properly drilled and disproven as oil-bearing, or otherwise explained in geological terms.
Yep they still have well 3 & i think i heard a well #4 also.My plan was to try & hold till well#3,but hard ride we have been on.
Not over yet. This second hole may have missed, possibly temorarily, but on the bright side it allowed me to enter at a much better price. I thought I had missed this one when it started to run away, now I just get to play it with the results of the second hole behind me. We still have the first well and another well to drill, not to mention that in 6-days we will will know if the sidetrack on this second well is a hit or miss.
In at 2.00 even (thank god I slept in that morning).
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: OILEXCO INCORPORATED
LSE-AIM SYMBOL - OIL
TSX VENTURE SYMBOL: OIL
FEBRUARY 11, 2004
Oilexco Updates Operations on Second Well of 2003-2004 UK North
Sea Drilling Program
LONDON, UNITED KINGDOM--Oilexco Incorporated ("Oilexco") (TSX-V: OIL;
LSE-AIM: OIL) announces the well 15/25b-7 ("Sheryl"), the second well of
its UK North Sea drilling program has been drilled to total depth. The
15/25b-7 well which commenced drilling on February 1, 2004, encountered
clean porous Paleocene Forties sand with oil shows in samples and mud log
gas response. The well is currently being evaluated with open-hole
wire-line logs and formation fluid sampling tools. Oilexco expects this
process to be completed within the next 24 hours.
Oilexco's UK North Sea drilling program is a minimum three (3) well
program on Licence P1042 (100% working interest), Block 15/25b in the
Outer Moray Firth, targeting oil in the Paleocene Forties Sandstone. The
surface location of 15/25b-7 is approximately 4 kilometers northwest of
the 15/25b-6 "Brenda" oil find announced by Oilexco on January 26, which
tested 2,980 bbl/d of 40 degrees oil from the Forties Sandstone from 56
feet of perforations.
The third well of the program will be drilled immediately after completion
of the 15/25b-7 well. This well will be the next appraisal well to the
"Brenda" oil accumulation. The well location will be 1.1 kilometers
southwest of the 15/25b-6 well.
Oilexco is listed on the Alternative Investment Market of the London Stock
Exchange plc ("LSE-AIM") and the TSX Venture Exchange ("TSX-V"), trading
under the symbol OIL.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Oilexco Incorporated
Arthur S. Millholland
President
(403) 262-5441
or
Oilexco Incorporated
Brian L. Ward
Chief Financial Officer
(403) 262-5441
Website: www.oilexco.com
Links to the fields in the uk that oilexco has at present.
http://www.og.dti.gov.uk/information/bb_updates/maps/plate10e.pdf
http://www.og.dti.gov.uk/information/bb_updates/appendices/images/plate8es.gif
All there land is on trend for oil or gas,can only get better from here.
bcjt
Major Gas Discoveries Next To Oilexco
http://www.oilandgasinternational.com/departments/eploration...
Oilexco has 49/25B south next door to 49/20B & ALL of
50/21 east next door to 49/20B.
Oilexco sides two sides of the discoveries,this is fact & not guessing
about what is going on.
If the link does not work here is the press release & Map.
Shell & ExxonMobil score discoveries in adjoining UK Blocks
The Mærsk Enhancer.
(2/6/2003 - OGI: London) Royal Dutch/Shell and its partner ExxonMobil report having discovered gas in the neighboring UK North Sea Blocks 49/20a and 49/20b near Shell's Brigantine Field. The jackup Mærsk Enhancer was employed to drill the discovery wells in both blocks.
Neither Shell nor ExxonMobil have announced the find in the southern UK gas basin, but it was revealed today by the UK Department of Trade and Industry when it announced the approval of Shell's development plan for the Carrack Field in nearby Block 49/14b.
Followers
|
8
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
95
|
Created
|
02/03/04
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |