Oilexco provides Huntington and Mallory updates

Oilexco North Sea and its partners have completed the first phase of the appraisal of the Paleocene Forties sand and the Upper Jurassic Fulmar sand in multiple zone light oil discovery on the Huntington Prospect in block 22/14b in the North Sea.

Offshore staff

CALGARY, Canada -- Oilexco North Sea and its partners have completed the first phase of the appraisal of the Paleocene Forties sand and the Upper Jurassic Fulmar sand in multiple zone light oil discovery on the Huntington Prospect in block 22/14b in the North Sea.

TheSedco 712 semisubmersible spudded the Huntington 22/14b-8 on Dec. 18, 2007 and drilling was complete on January 28, 2008.

A thick sequence of Upper Jurassic Fulmar sand was encountered in the 22/14b-8 well bore at an elevation well below the top of the Fulmar sand intersected in the 22/14b-5 discovery well, according to Oilexco. Wireline logs indicate an apparent oil/water contact was intersected approximately 310 ft (94 m) below the "oil down to" level present in the discovery well, the company says.

These results suggest a minimum 452 ft (138 m) oil column is present in the Huntington Fulmar oil accumulation, as the crest of the structure has yet to be drilled.

To further delineate the extent of the reservoir, additional appraisal of the Huntington Fulmar oil accumulation is being planned using one of Oilexco's two long-term contracted semisubmersible drilling rigs during the second half of 2008.

Reservoir and development studies have been initiated for the Huntington field to identify fast track development solutions. Current work includes scoping of production facility and export options, including subsea tie-backs, floating production vessels and fixed platforms. Tenders for long-lead items are being issued and it is anticipated that a field development plan can be documented and submitted to the DBERR in mid-2008.

Mallory Exploration Update

The company also drilled the Mallory 22/14a-7 exploratory well targeting oil in Upper Jurassic Fulmar sands. The 22/14a-7 well is northeast of the Huntington oil discovery in the adjacent block 22/14a.

The 22/14a-7 well encountered Upper Jurassic Fulmar sands with an apparent oil/water contact within 12 ft (3.7 m) in elevation to the apparent oil/water contact intersected by the Huntington 22/14b-8 appraisal well, according to Oilexco. This indicates the oil accumulations at Mallory and Huntington are possibly common, the company says. Further appraisal drilling is planned to evaluate the commercial extent of the oil accumulation.

02/11/2008

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