5th May 2009 07:00
4 May 2009
Cambay-75 Operations report - Gujarat, India
Oilex advises that the Cambay-75 appraisal/development well has reached a depth of 1,510 metres and current operation is running wireline logs. Mudlogs indicated that 5-10 metres of sandstone was encountered in the Miocene Basal Sand (MBS) reservoir primary objective with elevated gas readings and some oil shows. Depending on the evaluation of the wireline logs and assessment of the condition of the wellbore, a decision will be made on deepening the well to 1,600 metres to assess the Oligocene OS II secondary objective and on running casing and testing the MBS and any other zones with indications of hydrocarbons.
The MBS reservoir is producing in the nearby Cambay-64 and -74 wells. Cambay-75 is located to the west of these wells on the large unfaulted western flank of the field where an estimated 5-15 million barrels of oil in place potential resource is recognised.
Participants in the Cambay Production Sharing Contract are:
Joint Venture Party Participating Interest Oilex (Operator) 45% Gujarat State Petroleum Corporation Limited 55%
* Oilex participating interest held by Oilex Ltd (30%) and its wholly owned subsidiary Oilex NL Holdings (India) Limited(15%).
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 in the oil and gas industry is available at www.spe.org.
ABN 50 078 652 632 Level 2, 50 Kings Park Road West Perth WA 6005 Australia, PO Box 588 West Perth
WA 6872 Australia Telephone: (+61 8) 9485 3200 Facsimile: (+61 8) 9485 3290 Email: [email protected] Web: www.oilex.com.au
vendorRelated Shares:
OEX.L