Oilexco Chart & fundamentals

Well, at least that drilling was quick. Canaccord must be feeling rather sick though. I wonder how they are getting on with placing 35 million shares.

Palomino next:

"After plugging and abandoning operations are complete, the Sedco 712 will move to the Palomino prospect located in Block 21/6a. Oil in Jurassic Fulmar sands will be targeted for this prospect, with Oilexco paying 84.21% of the initial test well cost for a 50% interest in the project."

"Wells at Muness (Block 21/4b) targeting gas condensate, Palomino (Block 21/6a)
targeting oil, and Tay (Block 21/23a) targeting oil, will be drilled consecutively after operations are concluded at Black Horse in mid November. If drilling operations on these projects are extended due to weather or other delays, the drilling of the well at Tay (Block 21/23a) will be deferred until after the drilling of the production wells at Brenda and Nicol, which are due to commence operations in early February."

"Sedco 712 will then drill the Jurassic Palomino prospect in Block 21/6a, which Millholland describes as "a dandy, a nice four-way dip closure".

Oilexco will earn a 50% stake in this Premier Oil-operated block, where reserves potential has previously been put at 150 million barrels. If the initial Palamino well works, the rig can stay on to drill one or two appraisal wells."