21st Aug 2014 08:50
LONDON (Alliance News) - Oilex Ltd saw it shares boosted Thursday after it said it continues to recover light oil and fracking fluids at the Cambay-77H project in India.
Oilex shares were up 7.0% to 9.50 pence on Thursday, putting is among the biggest risers in the AIM All-Share index.
The oil and gas explorer said crude oil recovered from the Cambay-77H project is now being transported to a nearby refinery for sale.
The firm said samples of the oil, gas and water from the site had been shipped to facilities for analysis and said preliminary analyses of the recovered water confirms it is consistent with frac water and not formation water.
"It is a nice sweetener to continue production of crude oil which sells for an attractive price during flow-back and clean-up as some North American wells only flow water during early clean-up," said Oilex Managing Director Ron Miller.
"To date, the data collected continues to support Cambay-77H as capable of being a high performance well compared to previous well designs consisting of vertical or deviated wells with single fracs in the Cambay Basin," Miller added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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