Oilexco awarded multiple new licencesOilexco Awarded Multiple New Licenses in UK North Sea
CALGARY, ALBERTA--(Marketwire - Nov. 13, 2008) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX:OIL)(LSE:OIL) is pleased to announce that it has been awarded 8 new licenses in the 25th UK Offshore Licensing Round by the Department of Energy and Climate Change. Five of the blocks were awarded to Oilexco 100%, and for the remaining three blocks the Company was awarded 50% interests.
Arthur Millholland, President and CEO commented, "This particular licensing round was considered by many in the industry to have the most desirable properties available in the last number of years. We are extremely pleased that we were able to obtain so many of the Licences we bid on, and our reputation as being the most active driller in the UK since 2004 no doubt assisted our efforts."
The blocks awarded to Oilexco have a number of qualities consistent with the Company's overall strategy including ones containing previous oil discoveries, close proximity to existing Company properties (Bugle and Kildare for example), and availability of 3D seismic. The specific blocks are listed in the table below:
---------------------------Block Equity Interest---------------------------14/30b 50%---------------------------15/23e 50%---------------------------29/1c 50%---------------------------15/26e 100%---------------------------15/30b 100%---------------------------21/24b 100%---------------------------23/26c 100%---------------------------29/7b 100%---------------------------