LONDON (Alliance News) - Oilex Ltd on Friday said the Cambay Field delivered net oil and gas production of 324 barrels and 5.5 million standard cubic feet of gas for the three months to the end of December.
That was a decrease of 115 barrels on the previous quarter, reflecting "lower offtake from small variations in the buyer consumption" over the quarter.
The company declared the workover on Cambay-77H complete. Production from Cambay-77H has gradually increased from 51 barrels of oil equivalent per day to average 70 barrels of oil equivalent per day by end of December 2015.
Cambay-19z is now producing oil and associated gas from the Eocene Formation and is performing to expectations, the company said, while the Cambay-20 workover successfully completed and the workover rig demobilised.
With regards to the Bhandut Field, onshore Gujarat, India, construction of the gas production facility is complete and ready for start-up, Oilex said.
"The gas buyer is responsible for construction of a pipeline to deliver the gas for further processing and had undertaken to have the pipeline completed no later than 31 December 2015. The buyer has now estimated the pipeline will be complete by the end of January 2016. The company anticipates that Bhandut-3 commercial production may commence around mid-February," Oilex said.
Shares in Oilex were up 6.0% at 0.530 pence on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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