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Oilex preps for drilling at Cambay following turbulent quarter

Tue, 30th Apr 2019 10:09

(Sharecast News) - Exploration and production outfit Oilex told investors on Tuesday that the 2019-20 work programme and budget for its Cambay asset were "well advanced" and now included the drilling of two vertical wells.Oilex plans to prioritise testing the drilling and stimulation recommendations from a study on zone surrounding Cambay, with any early production set to utilise existing processing and storage facilities.If successful, a larger drilling programme will follow, with the aim of aggregating sufficient production volumes to connect to high-pressure pipelines offering greater offtake stability and improved gas prices.Still at Cambay, which was voluntarily shut-in during the quarter, Oilex was notified by India's Gujarat Pollution Control Board that its joint venture in the region had contravened water pollution requirements."The company disputes the GPCB notice and in any event, production from the gas facilities was nominal and had voluntarily ceased," said Oilex.Elsewhere, Oilex's Bhandut field was placed under care and maintenance in the quarter, with only ongoing nominal production and exploration potential. Oilex's GSPC joint-venture has commenced a formal process to dispose of its 40% participating interest in Bhandut.In the Timor Sea, the ANPM, the body responsible for managing and regulating petroleum and mining activities in the Timor-Leste area, has kicked off arbitration between Oilex and its JV partners on the project through the International Chamber of Commerce in Singapore, while over in West Kampar, the AIM-listed group remains in dispute with the now bankrupt operating company, PT Sumatera Persada Energi.As of 1010 BST, Oilex shares had tumbled 13.33% to 0.20p.

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26 Jul 2018 13:14

Oilex Secures AUD300,000 Loan From Existing Investors

LONDON (Alliance News) - Oilex Ltd said Thursday that it has secured a AUD300,000, or around GBP168,875, one-year loan from existing investors.The unsecured loan bears interest rate of 5% a

29 May 2018 12:15

Oilex Issues USD3 Million Default Notice To Cambay Licence Partner

LONDON (Alliance News) - Oilex Ltd said Tuesday that it has issued a USD3.1 million default notice to Gujarat State Petroleum Corp in regards to the Cambay production sharing contract.The a

30 Apr 2018 17:26

Oilex Raises USD500,000 Through Placing As Indian Wells Begin Work (ALLISS)

LONDON (Alliance News) - Oilex Ltd said Monday it has entered into placement agreements to issue 125 million new shares at an issue price of 0.004 cents.The prospective USD500,000 raised is

4 Apr 2018 09:58

Oilex: Indian Government Approves Application For Contract Extensions

LONDON (Alliance News) - Oilex Ltd said on Wednesday that it has received notice that the Ministry of Petroleum and Natural Gas has approved the proposal for the grant of ten

13 Dec 2016 10:01

Oilex Submits Offer To Buy Remaining 55% Stake In Cambay Field

13 Dec 2016 07:58

Oilex bids for remaining 55% stake in India oil field

(ShareCast News) - Australian explorer Oilex has made a formal offer to buy the remaining 55% stake that it does not already own in the Cambay oil field in India. The company's partner, state-owned Gujarat State Petroleum Corporation, is selling its interest in Cambay, subject to regulatory approval

17 Oct 2016 10:29

Oilex inks agreement with Gujarat State Petroleum over planned Well C-78

(ShareCast News) - Shares in Oilex Ltd have are up more than 13% after it executed an agreement with Gujarat State Petroleum Corporation Ltd on the next planned vertical well in the Cambay Field (Well C-78). Oilex, which is GSPC's JV partner, said the agreement was a key milestone towards the propos

24 Jun 2016 10:37

Oilex Reaffirms Commitment To Unlocking Value In Cambay Field, India

10 Jun 2016 15:26

Oilex appoints Mark Bolton as CFO

(ShareCast News) - Petroleum resource developer Oilex announced the appointment of Mark Bolton as its chief financial officer and company secretary on Friday, with immediate effect. The AIM and ASX-traded firm said Bolton has worked as a CFO and secretary for a number of resource companies since 200

8 Jun 2016 09:41

WINNERS & LOSERS SUMMARY: Croma Security Sinks After Overstating Profit

8 Jun 2016 07:38

Oilex Reaches Settlement To End Legal Dispute With Zeta Resources

24 May 2016 08:13

Oilex Chief Financial Officer Chris Bath Resigns With Immediate Effect

29 Apr 2016 10:35

Oilex Gas Production Increases In Quarter As It Undertakes Cost Cuts

8 Apr 2016 11:04

Oilex celebrates first production at Bhandut-3

(ShareCast News) - Oilex was celebrating the start of gas production from its Bhandut Field on Friday, located onshore Gujarat, India. The board of the AIM-traded company said the Bhandut-3 well was currently flowing at the expected stabilised rate of 120 barrels of oil equivalent per day, through a

8 Apr 2016 09:56

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