OILCORP INCREASES DEBELLA RESOURCE BY 84% to 1.27bn – 1.70bn BARRELS OF OIL

OILCORP PTY LIMITED is pleased to announce a substantial resource estimate upgrade for its Debella Project, with 581 million bbls – 778 million bbls being added to the JORC Resource estimate. The total Debella JORC Resource is now 1,276 million – 1,704 million barrels of oil.

Highlights

• 84% increase in JORC Resource Target for Debella
• Shallow resource with an average strip ratio of 1:1.7
• Substantially increases life of mine and project economics

The additional 581 million – 778 million bbl resource is located directly adjacent to the existing Debella resource and mine plan area. Managing Director Thomas Northcott said, “The results and resource upgrade further strengthen the economics of the Debella Project and provide an increased resource base to commence the pre-feasibility study on the project.”

 

Substantial Increase to Debella JORC Resource