20th Jan 2014 11:03
LONDON (Alliance News) - Oilex Ltd Monday said the Essar LR-4 drilling rig to drill its Cambay 77H site In India has arrived in Mumbai and been cleared through customs.
The exploration-and-development oil company said the rig consists of 149 packages which are all anticipated to have arrived at site within the next 14 days.
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.
"This is another important milestone for the Company as it continues preparations to drill the Cambay 77H well in order to meet growing energy demands in the region. The Company is pleased to have secured Essar's LR-4 Rig," the company's Managing Director Ron Miller said.
Oilex shares were up 15.8% to 3.62 pence, putting it in the top ten AIM movers Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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