Bugle appraisal extends discovery

Oilexco North Sea has successfully drilled an appraisal well on the Bugle discovery.

Offshore staff

CALGARY, Canada -- Oilexco North Sea has successfully drilled an appraisal well on the Bugle discovery. The semisubmersible rig Ocean Guardian re-entered the original 15/23d-13 well and drilled an appraisal sidetrack well downdip.

Oil bearing dirk sandstone and oil bearing upper galley sandstone were encountered, establishing at least 282 and 280 ft (85.9 and 85.3m) of oil column respectively, and significantly increasing the size of the Bugle oil accumulation.

The rig will now move to block 23/21 to drill the Moth exploration prospect. During 2008, Oilexco and its co-venturers will drill a production well with appraisal sidetracks on the Bugle discovery in block 15/23d, to identify the oil/water contact point and determine the extent of the reservoir.

The joint venture participants will review development options for Bugle targeting first oil in 2010.

02/27/2008

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