30th Oct 2015 08:49
LONDON (Alliance News) - Oilex Ltd Friday said it has largely completed the preparation work ahead of its planned drilling programme on the Cambay field and said the construction of the gas production facility at the Bhandut field should be completed before the end of November.
The Indian-based oil company said the Cambay 73 well is now on continuous production, and it has attached a temporary pipeline from its Cambay-77H well to the Cambay-73 well to allow the wells to begin producing.
In the quarter ended September 30, Oilex connected three legacy wells at the Cambay field to that temporary pipeline, which are now supplying gas on an "intermittent basis".
All the preparation work for the 2015 to 2016 drilling programme has been completed and Oilex has evaluated around 13 to 14 tenders for the campaign, it said.
At the Bhandut field, the company began constructing the gas processing plant in the quarter and said it will be completed before the end of November. The test results from the most recently drilled well on the field, Bhandut-3, also resulted in its internal 2C contingent resources being upgraded to 425.0 million standard cubic feet of gas, of which around 170.0 million is net to Oilex.
Oilex shares were up 1.8% to 1.40 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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