5th Nov 2014 08:49
LONDON (Alliance News) - Oilex Ltd shares rose on Wednesday morning after the company said it has started the production test at the Cambay-77H well in India.
The company said a five-day shut-in period preceded the test in order to allow the well to stabilise following around 85 days of flowback production. The group intends to announce the start of the shut-in period and successful recovery of instrumentation and data.
"The flowback and production test results are critical, and Oilex is confident that insights from this well, when incorporated into future designs, will lead to optimised production wells," said Oilex Managing Director Ron Miller.
"We look forward to announcing the flowback operations and production test results subsequent to completing analysis of the test data," he added.
Oilex shares were up 8.7% to 3.40 pence on the news, making it one of the best performers on the AIM All-Share in early morning trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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