timor sea well spudded

OILEX SPUDS FIRST TIMOR SEA WELL
Oilex Ltd advises that the Loré-1 well, the first well of a 2 well program in the Timor Sea contract area JPDA
06-103, was spudded at 13:15 hours (WST) on 20 November 2009.
The Loré-1 well is targeting a prospect with mean prospective oil resources of 195 million barrels (100%
basis). The planned total depth of the well is approximately 3,670 metres and is anticipated to be completed
by late December 2009.
The “Songa Mercur” drilling rig arrived on location in JPDA 06-103 on 18 November and laid anchors ahead
of schedule after mobilising from Dampier. The rig is contracted to drill two wells in JPDA 06-103 (with an
option of one additional well). After drilling the Loré-1 well the rig will drill the Lolotoe prospect which is
targeting mean prospective oil resources of 90 million barrels respectively (100% basis).
JPDA 06-103 is a highly prospective offshore oil exploration block and has the potential to host significant
oil reserves. It is located near to a number of existing producing fields as well as Eni’s recent Kitan oil
discovery currently under development.
Oilex is the Operator of the JPDA 06-103 Joint Venture. The participating interests are:
Joint Venture Party Participating Interest
Oilex (JPDA 06-103) Ltd (Operator) 10%
Global Energy Limited (Videocon) 25%(1)
GSPC (JPDA) Ltd 25%(1)
Bharat PetroResources JPDA Limited 25%(1)
Japan Energy E&P JPDA Pty Ltd 15%
(1) Pan Pacific Petroleum has recently signed conditional farmin deals with Global Energy Limited, Bharat PetroResources JPDA Ltd and GSPC
(JPDA) Ltd to acquire a 15% participating interest in JPDA 06-103.