25th Aug 2015 08:51
LONDON (Alliance News) - Oilex Ltd said Tuesday that following its recent fund-raising it continues to focus on increasing production and cashflow in India, whilst working to bring down costs and develop additional hydrocarbon production for its legacy wells at Cambay.
The company raised USD30 million in a placing and rights issue earlier this month.
At the Cambay Field, India, its Cambay-73 well continues to produce gas for the low pressure market in the immediate vicinity of the field. It has completed a temporary pipeline from the Cabay-77H site to Cambay-73 production facility. Cambay-77H will be connected to the temporary pipeline to service the low pressure market via Cambary-73, the company said.
Oilex expects this to lead to a saving of USD150,000 after eventually replacing the temporary pipeline with a permanent pipeline during 2016.
Preparation for a five-well work-over campaign at the field is near completion with field work expected to begin during September 2015.
Shares in Oilex were up 4.5% at 1.67 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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