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Specifically Oilex will expedite the drilling of its next two wells being Connolly-1, on ATP 545P, and Rookwood South-1, on ATP 608P.
Oilex will earn a 55% interest in ATP 545P following a farmin agreement with Roma Petroleum, which will contribute $100,000 of the drilling costs.
Roma said assuming a 20 metre net sand, the Connolly prospect is large enough to hold potential recoverable reserves of up to 26 million barrels of oil.
ATP 545P is also subject to a 10% government royalty and a five percent privately owned royalty of which 3.95% is owned by Roma.
Oilex also farmed into Victoria Petroleum's interests in ATP608P under an agreement to fund and operate one well to earn a 65.3%interest in the Rookwood Block.
