16th Apr 2015 10:18
LONDON (Alliance News) - Oilex Ltd on Thursday said RISC Operations Pty Ltd has completed an independent report on the Cambay Field in India and has provided reserve estimates for the X and Y zones at the site.
The report has estimated gross proved and probable reserves of 206 billion cubic feet of gas and 8 million barrels of condensate in the Y zone at Cambay. Oilex's net working interest in the reserves are 93 billion cubic feet of gas and 3.6 million barrels of condensate.
Across the X and Y zones, the report estimates unrisked contingent resources of 720 billion cubic feet of gas and 52.8 million barrels of condensate.
The reserves validate the forward programme for commercial development at the field, the company said.
Shares in Oilex were up 7.1% to 3.75 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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