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Clarification of Energy World Article

7 May 2019 10:58

RNS Number : 2249Y
Oilex Ltd
07 May 2019
 

AIM Announcement

 

7 May 2019

 

ASX: OEX

AIM: OEX

 

Clarification of Energy World Article

 

Oilex Ltd (the Company) wishes to issue a clarification to the article published online yesterday by the India Times and titled "GSPC and Oilex JV to drill new wells in Cambay block at a cost of Rs 965 crore." The link to the article is contained below:

https://energy.economictimes.indiatimes.com/news/oil-and-gas/gspc-and-oilex-jv-to-drill-new-wells-in-cambay-block-at-a-cost-of-rs-965-crore/69203833

The article refers to the planned activities detailed in the Field Development Plan (FDP) as prepared by Oilex in late 2017 pursuant to its application for an extension of the Cambay PSC (Cambay). In April 2018, the Government of India approved the FDP when approving the ten-year extension to Cambay. The appearance of the article does not correspond to any new event and the application for the Environmental Clearance referenced in the article is a pre-requisite to implementation of the FDP activities.

Oilex is committed to unlocking the significant resource potential at Cambay by achieving commercial gas flow rates in the EP-IV formation at Cambay. The development of new oil and gas fields such as Cambay is essential to meeting the Government of India's policy to reduce reliance on imports. To ensure that the joint venture has met and continues to meet the obligations and the expectations of the national government and its industry regulator, it is essential that the all joint venture partners not only meet their share of the expenses of the joint venture but also commit to the development of Cambay. At this time, Oilex has been unable to commence the FDP programme as GSPC continues to obstruct any future joint drilling activities at Cambay, pursuant to the FDP or otherwise.

Further updates will be provided as and when appropriate.

 

For and on behalf of Oilex Ltd

 

 

Joe Salomon

Managing Director

 

 

For further information, please contact:

 

Investor Enquiries

Oilex Ltd

Joe Salomon

Managing Director

Email: oilex@oilex.com.au

Tel: +61 8 9485 3200

Australia

AIM Broker

Novum Securities

Broker

Colin Rowbury

Email: crowbury@novumsecurities.com

Tel: +44 20 7399 9427

UK

AIM Nominated Adviser

Strand Hanson Limited

Nominated Adviser

Rory Murphy/Ritchie Balmer

Email: oilex@strandhanson.co.uk

Tel: +44 20 7409 3494

UK

Media Enquires (UK)

Vigo Communications

Public Relations

Patrick d'Ancona/Chris McMahon

Email: patrick.dancona@vigocomms.com

chris.mcmahon@vigocomms.com

Tel:+ 44 20 7390 0230

UK

Media Enquiries (Aus)

Citadel-MAGNUS

Michael Weir

Email: mweir@citadelmagnus.com

Tel: +618 6160 4900

Australia

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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