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IN BRIEF: Oilex completes fundraise and stabilises gas production

Wed, 04th May 2022 21:59

Oilex Ltd - Perth-based developer of natural gas assets - Completes GBP2.5 million fundraise. Raises funds through issue of shares at a price GBP0.20 each. Chief Executive Roland Wessel says: "The placing price of GBP0.20 pence represents no discount to the current price and shows confidence that these shareholders see significant value going forward. We are now fully funded for the July re-frac of C-77H and we also look forward to increasing daily production rates."

Company adds that, after a lengthy shut-in of production, gas production and sales have stabilised from one well, named C-73, at its Cambay field. Says current production rates demonstrate stable wellhead pressures. Plans to co-mingle production from the C-77H horizontal.

Current stock price: 0.21 pence

12-month change: down 16%

By Heather Rydings; heatherrydings@alliancenews.com

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4 Apr 2022 12:34

UPDATE: Oilex shares bounce back after GPCB revokes production halt

(Alliance News) - Oilex Ltd shares bounced back on Monday after the company said that the Gujarat Pollution Control Board has authorised the use of the early gas facility and revoked the production halt at the Cambay field.

4 Apr 2022 12:04

Oilex working to resolve local authority dispute at Cambay

(Sharecast News) - Oilex updated the market on its operations in India on Monday, after local authorities put the kibosh on the restart of operations at the Cambay field.

4 Apr 2022 11:06

Oilex falls as pollution control board query prevents Cambay restart

(Alliance News) - Oilex Ltd shares fell on Monday after the firm said that a licensing issue is preventing the restart of production at its Cambay field in India.

16 Mar 2022 14:30

IN BRIEF: Oilex says two wells ready to restart at Cambay field

Oilex Ltd - Perth-based developer of natural gas assets - Expects to complete acquisition transaction of Cambay Field PSC at the end of March, and expects approval from the Gujurat Pollution Control Board to come imminently, which will greenlight the recommencement of production at the site. Two wells, C-73 and C-77H, are ready to re-commence as soon as approval is received, having passed the necessary safety checks.

11 Mar 2022 12:32

Oilex shares fall as it posts swing to interim loss on increased costs

(Alliance News) - Shares in Oilex Ltd fell on Friday after the company swung to an interim loss on increased exploration and administrative expenses.

4 Mar 2022 20:53

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10 Feb 2022 16:07