17 February 2004 Centralised Company Announcements Office Australian Stock Exchange Limited 10th Floor, 20 Bond Street SYDNEY NSW 2000
Dear Sir, RE: OILEX NL- PROGRESS- GILIGULGUL NORTH-1 WELL Release No: 03 Time of Reporting: 17 February 2004 0900 hours, Western Standard Time
Introduction: Oilex NL (the Operator) advises that Giligulgul North-1 was at 0800 hrs WST on 17 February 2004, at 770 metres and drilling ahead.
Giligulgul North-1 is updip and 730 metres north of the 1964 Union Oil Co well Giligulgul-1, which encountered an interpreted 4 metre oil column in the Jurassic Precipice Sandstone.
Giligulgul North-1 will test the Giligulgul Prospect interpreted from seismic data to have the potential to contain up to 16 million barrels of recoverable oil, if oil is present.
Well Name: Giligulgul North-1 Permit: ATP 574 P Location of Permit: Surat Basin, QLD Location of Well: Lat: 26 deg 21' 06" Long: 149 deg 56' 08" SpudDate: 13 Feb 2004 Proposed Depth: 1440 metres Reservoir Targets: Primary – Precipice Sandstone (1300m); Secondary - Hutton (859m) and Evergreen (1116m) Sandstones
Well Depth: 770 metres Hydrocarbon Indications: n/a Operations Operations in last Reporting Period: Drilling ahead. Operations in next 24 Hours: Drilling ahead in the Walloon Formation.
Expect to hit Primary and Secondary Targets within the next 2 days.
Participating Interest: Oilex NL (Operator) 34.5% Victoria Petroleum NL 30% (Carried interest for this well) Arrow Energy NL 12.5% Private Interests 23%
Yours faithfully, David Archibald Managing Director
VPE Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
