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From: vireya7/21/2006 10:39:39 AM
   of 37387
 
re OILEX:

RE: SEISMIC SURVEY COMPLETED IN OTWAY BASIN OFFSHORE PERMIT EPP 27.

Oilex, as Operator of the joint venture, is pleased to advise that a 2D seismic survey conducted by M.V. Pacific Titan in the offshore Otway Basin permit EPP 27 has been completed. During the survey, a total of approximately 1300 line kilometres of data were acquired, extending an existing seismic grid and covering eight leads identified in the southeastern part of the permit.

The survey is the first phase of the work programme that Oilex, Gujarat State Petroleum Corporation Ltd (“GSPC”) and Videocon Industries Ltd (“Videocon”) are conducting as part of the farmin agreement signed with Great Artesian Oil & Gas Ltd (“GOG”) in February. The purpose is to refine the maps with the new data, determine the leads that may be upgraded to prospects and define optimal drilling locations on those prospects.

The processing and interpretation of the data is planned to be completed by October 2006, with the aim of drilling a well at the earliest opportunity thereafter, depending on the availability of a suitable drilling rig.

Oilex (Operator), Videocon and GSPC are funding the programme 33.3% each as part of their commitment to earn 20% each in the permit. GOG holds the balance of 40% equity in the permit.
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