timor sea lore-1 update

TIMOR SEA DRILLING UPDATE – LORÉ-1 WELL
Oilex Ltd (ASX/AIM: OEX) advises that drilling of the Loré-1 well, the first well of a 2 well program in the
Timor Sea contract area JPDA 06-103, is continuing. At 16.00 (WST) on 25 November the “Songa Mercur”
rig was drilling ahead in 17 ½” hole at 2,189 metres after the setting of 30” surface casing at 428 metres.
The well is drilling the Loré prospect and is targeting mean prospective oil resources of 195 million barrels
(100% basis). The Loré-1 well was spudded at 13:15 (WST) on 20 November 2009. 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” 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 (100% basis).
JPDA 06-103 is a highly prospective offshore oil exploration block and is located near to a number of
existing producing fields as well as Eni’s recent Kitan oil discovery currently under development.
Oilex’s next update on the Loré-1 well will be on 3 December and thereafter on a weekly basis