Rookwood East-1 found oil shows over a 15-metre interval from 1,389 m to 1,404 m.
Oilex shares rocketed on the news while partner Victoria Petroleum put on a modest 6% on strong volumes. Oilex opened at $1.10 after closing at 92c on Friday. It shot up to $1.25 before easing back slightly to $1.23.
“Oilex interprets the result of Rookwood East-1 to be very encouraging in terms of the potential size of the Rookwood oilfield,” Oilex managing director David Archibald said this morning.
The field is interpreted from seismic data to have the potential to contain up to 11 million barrels of recoverable oil in the target Jurassic Boxvale Sandstone.
The first loadout of oil from the Rookwood Oil Field occurred on Friday. Current oil production is estimated at 200 BOPD.
Interests in the Rookwood Block, ATP 608P, are Oilex NL 59.06%, Victoria Petroleum NL 29.69% and private interests 11.25%.
