Oilex Ltd provides the following operations update for WA-388-P in offshore Western Australia.

Apache Northwest Pty Ltd (Apache), the Operator of the WA-388-P permit, has proposed to the Joint Venture to start drilling the first exploration well in WA-388-P in April 2011. The well will target the “La Rocca” prospect in the Intra Mungaroo channel zone. The well had been scheduled to start drilling as early as mid-February but has been delayed due to significant cyclone activity in the North West Shelf area during the first quarter of 2011.

Permit The WA-388-P permit is located north of the Pluto, Wheatstone, Gorgon and North West Shelf Project fields, offshore Western Australia. The WA-388-P permit contains a portfolio of play types and seven prospects have been identified ranging in potential size from 0.3 to 2.8 trillion cubic feet (TCF) of prospective gas resource (recoverable best estimate, 100% basis). Seismic amplitude anomalies evident in the 3D seismic data are likely Direct Hydrocarbon Indicators, suggesting the presence of gas by analogy with nearby fields and discoveries.

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