very last one...
Kildare-project in our neighborhood is a full success:
Company OILEXCO INCORPORATED
TIDM OIL
Headline Drilling Report
Released 07:00 19-Mar-07
Number AFXUK37878
FOR: OILEXCO INCORPORATED
TSX, AIM SYMBOL: OIL
March 19, 2007
Oilexco Makes Oil Discovery at Kildare
CALGARY, ALBERTA--(CCNMatthews - March 19, 2007) - Oilexco Incorporated (\'Oilexco\') (TSXerstauntIL) (AIMerstauntIL)
announces that it has made an oil discovery in its 50% owned Kildare Prospect in Block 15/26b in the UK Central
North Sea. Nexen Petroleum UK Ltd owns the remaining 50% interest in the block, which was awarded jointly to
the two companies in the 23rd UK Offshore Licensing Round.
The 15/26b-9 well was drilled to a total depth of 14,330 feet. A significant reservoir section was encountered
in the Upper Jurassic sand at a depth of 13,705 feet. A total of 91 feet of net pay from a gross section of 132
feet from the Upper Jurassic sand was penetrated by this well. Both well logs and wireline pressure
measurements indicated that the entire Upper Jurassic reservoir sand was oil-bearing. No oil-water contact was
intersected by the well. Oil samples were also successfully extracted from the wireline downhole sampler.
An Upper Jurassic sand interval of 125 feet was perforated and drill-stem tested. The test flowed oil at a rate
of 4,216 Bbls/d and associated gas at a rate of 3.1 MMcf/d through a 64/64 inch choke with a flowing tubing
pressure of 460 psia. There was no water or sand produced during the test. Oilexco and its partner are
currently discussing when to return to Kildare in order to drill additional appraisal wells to determine the
size of the oil accumulation.
The discovery in the Upper Jurassic sand is in addition to the oil-bearing Ettrick sand that was encountered
with the 15/26b-9 well. Oil samples were recovered and reservoir pressures were successfully recorded that tied
this sand with the Ettrick sand in the original 15/26b-5 find made in the block in 1988 by another operator.
The original 15/26b-5 well flowed oil at a rate of 2,650 Bbls/day and associated gas at a rate of 3.5 MMcf/d
from the Ettrick sand and is located approximately two kilometres north of the 15/26b-9 well drilled by Oilexco
and its partner.
\'We are very pleased with the results from the Kildare test\', said Oilexco President and CEO Arthur
Millholland. \'The find also confirms our decision to secure the Ocean Guardian semi-submersible for a two year
contract. Given the number of exploration and appraisal properties that Oilexco has, having two drilling
vessels working full time will allow us to quickly convert discoveries into developments and eventually into
production\', he said.
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