Oilexco pleased with Moth well results

Tue 22 Jul 2008
LONDON (ShareCast) - Oilexco (OIL.TO - news) said it is pleased with the results of the Moth well, which it believes has the potential to become a significant producing asset for the company.

The group said it has successfully flow tested gas-condensate at "significant rates" from its Moth discovery.

"Oilexco will now evaluate the timing of additional appraisal of the Moth structure and development options in the near future with our co-venturers," said Arthur Millholland, President and CEO of Oilexco.

"Our objective at Moth is the same as our other exploration successes in the North Sea; an effective and efficient appraisal programme followed by early development to rapidly commercialise our expansive portfolio," he added.

Source: http://uk.biz.yahoo.com/080721/214/i3jyi.html