OEX 0.00% 0.2¢ oilex ltd

atp 608p - rookwood oil field - review

  1. 31,084 Posts.
    Level 2, 50 Kings Park Road West Perth Western Australia 6005 P.O. Box 588 West Perth Western Australia 6872 Telephone
    (61 8) 9226 5577 Facsimile (61 8) 9226 2108 email: [email protected] www.oilex.com.au
    1 February 2005
    Centralised Company Announcement Office
    Australian Stock Exchange Limited
    10th Floor, 20 Bond Street
    Sydney, NSW 2000
    Dear Sir,
    As part of the current review of the appraisal drilling and production testing undertaken over the
    Rookwood Oil Field, preliminary results of a “Field performance Review” indicate that although
    the pre-development drilling geophysical data and interpretation indicated a commercial oil
    reserve of some potential size, the Rookwood Oil Field now appears to be of a very limited size
    and commercial oil production may not be sustainable.
    An alternative interpretation for the production below that initially forecast, with the benefit of the
    subsequent limited production history for the Rookwood South-1 well, is that the oil bearing
    reservoir has limited pressure support and the reservoir pressure is depleting with production.
    While the production results and current indicated size of the oil reserves in the Rookwood Oil
    Field are disappointing, the discovery of oil at Rookwood South-1 is significant as this well
    opens up a new exploration play and trend in the permit, and ongoing assessment of drilling
    targets along trend from this discovery are being determined.
    Interests in ATP 608P are:
    Oilex NL 59.06% 66.75%
    Victoria Petroleum NL 29.69% 24.00%
    Private Interests 11.25% 9.25%
    Yours faithfully,
    David Archibald
    Managing Director
    cc: Directors – MC/GIJ
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