28th Nov 2008 07:00
28 November 2008
CAMBAY-74 OIL WELL ONSTREAM, INDIA
Cambay-74
Oilex is very pleased to report that the Cambay-74 oil production well has been brought onstream following a brief test program.
* During that test, the well flowed at an average stabilised rate of 542 barrels of oil per day (bopd) on 6.3mm choke with an average of 280 cubic feet of gas per barrel of oil (GOR 280) at a flowing tubing pressure of 722 psi. * Together with Cambay-64, the combined near-term flow rate is expected to be in the range of 500 -800 bopd again dependent upon immediate storage and transportation limitations.
CAMBAY-64 Cambay-64 workover well has continued to produce oil with no water from the Miocene MBS reservoir at rates of 180 - 300 bopd constrained by available storage tank capacity. The well tested 380 API oil from a perforated interval of 2 metres at an average rate of 310 bopd on 5.6 mm choke at a flowing tubing pressure of 660 psi.
Participants in the Cambay Production Sharing Contract are:Joint Venture Party Participating Interest Oilex Ltd (Operator) 30% Oilex NL Holdings (India) Limited (100% owned by Oilex 15% Ltd) Gujarat State Petroleum Corporation 55%
Yours sincerely,B. H. McCarthyManaging Director
For further information, please contact:
Ray Barnes Technical Director, Oilex Ltd Tel. +61 8 9485 3200 (Western Australia)
Archie Berens Director Pelham Public Relations Tel. +44 20 7743 6679 (United Kingdom)
RFC Corporate Finance Ltd acts as Oilex's Nominated Adviser, contact Stuart Laing +618 9480 2506.
The information in this report has been compiled by the Managing Director of Oilex Ltd, Bruce McCarthy B.Sc. Hons. PhD (Geology) who has over 29 years experience in petroleum geology and Ray Barnes, B.Sc. Hons. the Technical Director of Oilex Ltd who has over 35 years experience in petroleum geology and is a member of the AAPG & EAGE. Estimates of oil-in-place are reported in accordance with the standard definitions set out by the Society of Petroleum Engineers, further information on which and a glossary of terms used inthe oil and gas industryis available at www.spe.org.
vendorRelated Shares:
OEX.L