29th Apr 2016 10:35
LONDON (Alliance News) - Oilex Ltd on Friday reported growth in gas production at the Cambay field in India in the first quarter of 2016, while production commenced at the Bhandut field post quarter-end, and Oilex said it has undertaken a cost-cutting programme in response to continued low oil and gas prices.
Oilex said gas production at the Cambay field in the quarter to March grew to 248,870 standard cubic feet per day from 111,992 scfd in the preceding quarter, while producing 43 barrels of oil equivalent per day, up from 19 boepd.
At the Bhandut field, gas production commenced in early April, flowing at an expected stabilised rate of 700,000 scfd, while producing 120 boepd.
Due to low oil and gas prices and a reduced level of activity, Oilex said it has undertaken a cost-cutting programme covering field operations and office costs in India. This will result in a reduction in personnel and reduced work activity.
Shares in Oilex were trading down 2.1% at 0.710 pence on Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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