4th Apr 2014 15:48
LONDON (Alliance News) - Oilex Ltd Friday said that its drilling rig on Cambay-77H has been repaired and is operational.
The oil and gas development and production company said that the rig has stopped operations to check drill string components.
Oilex said the rig will return to drilling operations at 1626.5 metres depth, and drill ahead to the selected casing point of 1653 metres depth.
The Cambay-77H is next to Cambay-76H, which was suspended prior to testing due to mechanical problems.
"Although the mechanical breakdown was unfortunate, the rig has been repaired within the anticipated time and the well bore appears to have remained in good condition... Operational activities to date have been completed in line with estimated budget durations," said Managing Director Ron Miller in a statement.
Oilex Shares closed 6.1% lower Friday at 3.64 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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