News

January 19, 2009

Investors Await News Of Next Steps In Oman After Oilex Completes Four Well Programme On Its Promising Onshore Block 56

Despite a precipitous slide in its share price over the course of the last year, Aussie oil junior Oilex has started 2009 with some promising drillbit-led news that in other times would surely put some momentum behind the stock. The AIM-quoted firm, which at the end of last year initiated production from its Cambay brownfield development in India, has announced the results from its Block 56 drilling programme in Oman, where the company was looking to confirm that the oilfields in the Eastern Flank Salt Basin extended into its acreage.

That now seems certain, with three of the four wells drilled over the second half of last year, the second phase of drilling on the block, delivering solid results for the firm, which is also listed on the ASX.  All the wells – one appraisal well and three exploration wells - encountered hydrocarbons and one, the Umq-1 wildcat, pointed to the prospectivity in a previously undrilled area.

The first well was an appraisal of the previous Sarha discovery, made in early 2008 as part...