30th Oct 2013 10:13
LONDON (Alliance News) - Oilex Limited Wednesday said production increased at its 45%-owned Cambay Field and 40%-owned Sabarmati Field in India, while a production test at its Bhandut-3 field achieved positive gas rates.
The exploration-and-development oil company said the Cambay field produced 1,316 barrels, of which 592 barrels went to Oilex, up significantly on the previous quarter in which 934 barrels were produced, with 420 barrels going to Oilex.
Oilex said it is continuing with its plan to sell a 10% participating interest in the Cambay Production Sharing Contract for USD4 million to Magna Energy Limited as previously reported.
The company also said its Sabarmati field produced 923 barrels of oil, of which 369 barrels went to Oilex, also an increase on the previous quarter in which 865 barrels were produced, with 346 barrels going to Oilex.
Oilex also said that it has received a final report on an isochronal gas production test at its Bhandut-3 field completed earlier in the year which confirmed positive gas flow at a maximum rate of 6.5 million standard cubic feet per day.
The company said it is continuing discussions with potential buyers for the sale of its gas from Bhandut.
Oilex shares were up 2.6% to 2.95 pence in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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