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Regulatory News
March 2018 Quarterly Report
Mon, 30th Apr 2018 10:19
RNS Number : 5540M
Oilex Ltd
30 April 2018
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oilex ltd
MARCH 2018 QUARTERLY REPORT
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HIGHLIGHTS
CAMBAY FIELD, ONSHORE GUJARAT, INDIA
��� As anticipated, the Ministry of Petroleum and Natural Gas (MoPNG) approved the proposal for the grant of a ten-year extension to the Cambay PSC on 3 April 2018.
��� In support of the PSC extension application process, the Field Development Plan (FDP) was approved by the Joint Venture Management Committee (MC) in January 2018.
��� The amended Cambay PSC contract, reflecting the new expiry date of 2029, is now pending finalisation.
��� A revised 2018-19 work programme and budget is being prepared inclusive of two vertical wells. Upon the approval by the MC and securing adequate financing, the Company will proceed to order the long lead items.
��� Gas production continues from C-73 at the Cambay Field.
��� The Joint Venture had approximately 3,160 bbls of oil (gross) on hand as at 31 March 2018.
��� During the quarter, the Joint Venture partner, GSPC, made no payments towards outstanding cash calls. The Company continues to maintain a dialogue with GSPC to resolve the payment of the outstanding cash calls.
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
��� As anticipated, the Ministry of Petroleum and Natural Gas approved the proposal for the grant of a ten-year extension to the Bhandut PSC on 3 April 2018.
��� In support of the PSC extension application process, the FDP was approved by the MC in January 2018.
��� Potential opportunities for the sale of the PSC continue to be advanced.
��� During the quarter, the Joint Venture partner, GSPC, made no payments towards outstanding cash calls.
CORPORATE
��� Cash resources at 31 March 2018 were approximately $0.7 million.
��� General Meeting of Shareholders in March 2018 approved the conditional Tranche 2 capital raising to secure funding of up to $1.75 million (�0.99 million) and ratified Tranche 1 which raised $0.6 million (�0.34 million) in January 2018.
��� As at 30 April 2018, the substantial majority of subscribers have agreed to extend the date for extension of the Tranche 2 conditions precedent to 31 July 2018. The Company anticipates that the remaining subscribers will consent to the extension shortly.
��� Managing Dir