Oilex Ltd advises that after finishing on the Loré-1 well, the Songa Mercur rig will move to the Lolotoe prospect, the second well of a 2 well program in the Timor Sea contract area JPDA 06-103.

The Loré-1 wireline logging program has now been completed and confirms that there are no zones of significant movable hydrocarbons in the well. After the plug and abandonment operations are complete the rig will mobilise to the Lolotoe well location.

The Lolotoe prospect is a robust 3 way dip faulted anticline having about 300 metres of vertical relief. The prospect is targeting a mean prospective oil resource of 90 million barrels (100% basis) in the primary objective Elang/Plover formations. The water depth at the proposed well location is 105 metres.

Upon completion of Pan Pacific Petroleum's farmin obligations and subject to ANP approval the participating interests will be; Pan Pacific Petroleum (JPDA 06-103) Pty Ltd: 15% Oilex (JPDA 06-103) Ltd (Operator): 10% Global Energy Inc: 20% GSPC (JPDA) Ltd: 20% Bharat PetroResources JPDA Limited: 20% Japan Energy E&P JPDA Pty Ltd: 15%

Tags: Oilex