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.
