24th Jul 2014 10:59
LONDON (Alliance News) - Oilex PLC Thursday, in an end of quarter report, said its net oil production in the second quarter more than doubled following lost time injuries the previous quarter.
The oil and gas exploration and development company said net oil production for the three months ended June 30 was 665 barrels, a substantial increase from 244 barrels in the first quarter, when the company saw a lost time incident at its Cambay-77H drilling operations in India's Gujarat.
The company said it received 355 barrels from its 45% owned Cambay field and 310 barrels from the Sabarmati field, which is also in Gujarat state.
Oilex has seen a good period of trading following the development of its Cambay-77H well, which began controlled flow back of fracking fluids with oil and condensate being recovered to surface on Monday. The company said at the time that following carefully monitored well flow-back operations, the well continues to show the characteristics of a high performance multi-stage fracked horizontal well.
The company said in Thursday that net cash at the end of the quarter was AUD7.5 million.
Oilex shares were up 9.0% to 11.58 pence, putting them in the top five AIM All-Share risers on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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