17th Nov 2015 14:03
LONDON (Alliance News) - Oilex Ltd said Tuesday that the workover of the Cambay-20 well in India was completed on schedule and under budget.
Installation of a hydraulic lift pump unit and downhole pump has begun at Cambay-20 to optimise production from the well, Oilex said.
A workover campaign at Cambay-77H has begun, the company said, and a workover of Cambay-60 will begin after the completion of Cambay-77H. Other candidates for possible workover, which Oilex will decide on after Cambay-60, include Cambay-70, which is located adjacent to Cambay-77H, and Cambay-15, a former gas producer that may still be capable of servicing the low-pressure market.
"The Cambay workover campaign continues with the successful completion of activities at Cambay-20 on schedule and under budget," said Managing Director Ron Miller. "Gas at surface, sufficient to run the Hydraulic Lift Pump unit, is a positive sign and a significant cost reduction compared to purchasing liquefied petroleum gas. These workovers deliver low cost increases to our gas sales and cash flow and the performance of the Operations team to deliver them on schedule and under budget is very pleasing."
Shares in Oilex were down 8.3% at 0.550 pence Tuesday afternoon.
Last week, Oilex said trading had been suspended in its Australian-listed shares whilst it evaluates documents it has received from Zeta Resources Ltd containing information about allegations made against the company in the Federal Court of Australia. Oilex said Zeta had accused the company of failing to "disclose material information" prior to Zeta investing in the company in July.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
OEX.L