27th Jan 2014 09:36
LONDON (Alliance News) - Oilex Ltd Monday said all of the drilling services tenders are complete for the Cambay-77H site in India, and successful contractors are preparing to mobilise.
The exploration-and-development oil company said the assembly of parts for its Essar LR-4 rig has commenced as components continue to arrive from Mumbai.
The company announced on January 20 that the rig consists of 149 packages, which were all anticipated to arrive within 14 days.
Oilex said the site is now estimated to go into test production between February 22 and March 9.
The well includes a 350 metre lateral section which will be fracture stimulated to test the deliverability of one of the key zones at the site.
The company has a 30% interest in the Cambay production sharing contract, after selling a 5% interest to Magna Energy Ltd for USD2 million at the end of December.
Oilex shares were up 9.7% to 5.62pence, putting them among the top AIM gainers in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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