19th Jan 2015 08:28
LONDON (Alliance News) - Oilex Ltd on Monday said it has received endorsement for the sale of gas from the Cambay Field from Indian authorities.
The new endorsement covers the sale of gas from the Cambay-77H well, following previous approvals for the company to sell gas from Cambay-73 and Bhandut-3.
Oilex said the joint venture working on the Cambay project will now establish the production facilities necessary to connect the 77H well to a low-pressure pipeline grid to service the local area.
Oilex shares rose around 20% on the news at the open, before paring back to be up 5.9% at 2.25 pence, still one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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