Oilexco is a high impact exploration and production company poised for significant growth. In Q2 2007, our Brenda/Nicol Fields came onto production and have produced between 18,000 boe/d to more than 30,000 boe/d based on full days of production, which places us in the top quartile of all companies in the UK North Sea.

In addition to our Brenda/Nicol development, we have a large portfolio of quality prospects we plan to drill.  Any discoveries of commercial quantities will have a significant impact on the Company as we continue our aggressive growth plans.

Two key parts of our strategy include our long term contracts for the Sedco 712 and Ocean Guardian semi-submersible drilling vessels. We have contracted the Sedco 712 until the end of March 2010, and the Ocean Guardian until July 2011. These long term contracts give us the ability to drill what we want, where we want and when we want. This access provides us with incredible opportunities at a time when such vessels are difficult to procure because of high demand and shrinking supplies.