30th Apr 2015 10:27
LONDON (Alliance News) - Oilex Ltd Thursday said it continued to work towards putting three historical wells in the Cambay field, India, into production in 2015 during the first quarter of the year.
The company said that production from these wells will be "a substantial step" towards cash positive operations in India.
Following the end of the quarter an independent resource report on the Cambay field was completed, indicating gross proven plus probable reserves of 206 billion cubic feet gas and 8.0 million barrels of condensate in the Y zone.
During the quarter to end-March the Cambay field delivered net oil production of 211 barrels.
At the end of the quarter Oilex had cash of USD2.7 million, and it said it is currently reviewing its funding options for its work program at Cambay.
Shares in Oilex are trading up 0.4% at 3.89 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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