15 Jun 2011 07:00
15th June 2011
Cambay-76H "Tight" Reservoir Well Report No 2
Oilex Ltd advises that at 14th June 2011 the Cambay-76H horizontal well was drilled to a depth of 601 metres and is preparing to drill ahead.
Report date 14th June 2011 Status Preparing to drill ahead Operations * Spudded well on 8th June * Drilled 17 ½" hole to 601 metres * Set 13 â...œ" casing to 599 metres Objectives Cambay Eocene "tight" reservoir Y Zone Kick off point for Approximately 1,100 metres deviation
Planned Total Depth (TD) Approximately 2,885 metres
Days to TD: Approximately 35 days on a trouble free basis
All depths refer to measured depth below rig rotary table ("MD")
Cambay Eocene Tight ReservoirsThe Company is making progress in unlocking the potential of the Cambay "tight"Eocene reservoirs that extend across the 161 km2 Cambay Production SharingContract ("PSC") area in onshore Gujarat, India. The Company intends toevaluate and exploit these reservoirs using horizontal drilling and fracturestimulation technology that has been developed and proven in North America.The Cambay-76H "proof of concept" horizontal well will evaluate the productionpotential of the Y Zone interval of these "tight" reservoirs. An 8 stagefracture stimulation program will be conducted and after well clean-up, it isanticipated that a long term production test will be performed to determineflow rates, quality of hydrocarbons and commercial viability.
The participating interests in the Cambay PSC are: Joint Venture Party
Participating Interest Oilex Ltd (Operator) 30% Oilex NL Holdings (India) Limited 15% Gujarat State Petroleum Corporation Ltd 55%
For further information, please contact:
Oilex Ltd +61 (0)8 9485 3200 (Western
Australia)
Bruce McCarthy Managing Director
oilex@oilex.com.au Ben Clube Finance Director oilex@oilex.com.au
Ambrian Partners Limited (Nominated Adviser and AIM Broker)
Matthew Einhorn +44 (0) 20 7634 4860 (UK) matt.einhorn@ambrian.com Read Corporate Nicholas Read +61 (0)8 9388 1474 (Western Australia) nicholas@readcorporate.com.au Tavistock Communications +44 (0)207 920 3150 (UK) Paul Youens +44 (0)7843 260 623 (UK) pyouens@tavistock.co.uk Ed Portman +44 (0)7791 892 509 (UK) eportman@tavistock.co.uk This document may include forward-looking statements. Forward-lookingstatements include, but are not necessarily limited to, statements concerningOilex Ltd's planned exploration program and other statements that are nothistoric facts. When used in this document, the words such as "could", "plan","estimate" "expect", "intend", "may", "potential", "should" and similarexpressions are forward-looking statements. Although Oilex Ltd believes thatits expectations reflected in these are reasonable, such statements involverisks and uncertainties, and no assurance can be given that actual results willbe consistent with these forward-looking statements."
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