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Oil Quest Resources (OILQ)

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Monday 09 May, 2005

Oil Quest Resources

Independent Evaluation

Oil Quest Resources PLC
09 May 2005


                            OIL QUEST RESOURCES plc
                                 (Ticker: OILQ)

              INDEPENDENT EVALUATION OF SOUTH OF ENGLAND LICENCES

                                CORPORATE UPDATE


The Board of Oil Quest Resources plc ('Oil Quest' or  'the Company'), the AIM
quoted oil and gas exploration company, is pleased to announce the results of an
independent evaluation by Exploration Consultants Limited ('ECL') of a number of
Weald and Wessex Basin licence interests held by the Company.

The report does not cover Licences PEDL 151 and 152 in the Wessex Channel and
PEDL 154 in the Weald Basin, in which the Company also holds interests.

The ECL findings are as follows:


Net Oil Quest Recoverable Reserves

Reserve Category                                                   Total
                                                             (million barrels)

Proven                                                              0.16
Proven + Probable                                                   1.29
Proven + Probable + Possible                                        7.59


Net Oil Quest NPV 10%
(Net Present Value calculated using a 10% discount rate)

Reserve Category                                            Total (£million)

Proven                                                              0.62
Proven + Probable                                                   6.30
Proven + Probable + Possible                                       36.71


In addition to the above, Oil Quest holds a 15 per cent. interest in PEDL 068
located in the Cleveland Basin, North Yorkshire, an onshore continuation of the
offshore Southern Gas Basin.  This licence contains two prospects at Kirkleatham
and Westerdale which have potential gross reserves of 43bcf and 49bcf
respectively.  The Licence Group comprising the Operator, Sterling Resources
(UK) Limited, Egdon Resources plc and Oil Quest has committed to drill two wells
to test these prospects.  Planning consent has been granted in respect of these
wells.

During the past year, Oil Quest has pursued a strategy of the acquisition of
interests in low to medium risk onshore exploration licences with high potential
in proven hydrocarbon basins.  The Company currently holds interests in 11
hydrocarbon licences with a total of 15 prospects, many at a drill-ready stage.
In addition there is also considerable upside from a number of prospects and
leads being further evaluated.

Our drilling programme is shortly to commence with two wells, the Sandhills-2
appraisal well and the Bouldnor Copse-1 exploration well, on the Isle of Wight.
The Operator is Northern Petroleum (GB) Limited.

It is the intention of the Company to acquire further onshore UK interests and
to expand its exploration portfolio into the offshore UK sector.  A number of
these opportunities available to Oil Quest are currently under technical review.



For further information:

David Bramhill                             Dominic Barretto / Maxine Barnes
Oil Quest Resources plc                    Bishopsgate Communications Ltd
+44 (0) 117 957 3666                       +44 (0) 20 7430 1600
[email protected]                        [email protected]
www.oilquest.net

Tim Feather / Bill Staple
Westhouse Securities LLP
+44 (0)20 7601 6101
[email protected]



Notes to Editors:

Oil Quest Resources plc is quoted on the AIM market of the London Stock
Exchange.  The Company's focus is to acquire interests in UK onshore exploration
licences, with high upside potential in proven hydrocarbon producing basins.

The main acquisition criteria are that drill-ready prospects are present on the
licence area.  This enables shorter lead times for drilling activity.  The
Board's objective is to add value by discovery and development.

For further information: www.oilquest.net


                      This information is provided by RNS
            The company news service from the London Stock Exchange                              

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