21st Jul 2015 08:54
LONDON (Alliance News) - Oilex Ltd Tuesday said it it made cumulative gas sales of 5.12 million metric standard cubic feet at the Cambay-73 field in India for 22 days to July 17.
The oil company said that Cambay-73 averaged 54 barrels of oil equivalent per day during 22 days from June 26 and has achieved 100% operational availability during that period.
Its condensate to gas ratio is calculated to be 58 barrels per mmscf, which is 26% higher than the CGR used in the independent reserves report from RISC Operations Pty Ltd, Oilex said, adding that if this is sustained over time and in other wells, it may have a positive impact on the condensate/light oil included in the reserves.
Oilex added that since the introduction of gas from the Cambay field into the local low pressure network, the average daily demand has increased 28% to approximately 320 mmscf per day.
"Ongoing gas production from Cambay-73 and increasing demand for domestically produced and competitively priced gas continues to support Oilex's objective of achieving positive cash flow from operations in India during 2015. The availability performance of the Cambay-73 facilities to meet daily demand is particularly pleasing. Oilex remains focused and today's news demonstrates that it continues to deliver on its plan of production, near-term cash flow and reserves growth to create a sustainable business in the midst of a robust and supportive domestic market," Managing Director Ron Miller said in a statement.
Shares in Oilex were trading down 0.3% at 2.00 pence Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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