30th Apr 2007 07:01
OILEX LTD
30 April 2007
Centralised Company Announcements Office
Australian Stock Exchange Limited
10th Floor20 Bond StreetSydney NSW 2000Dear Sir,
subject: OILEX SIGNS LETTER OF AWARD FOR CAMBAY DRILLING RIG
Cambay Basin Drilling Rig - Oilex Ltd is pleased to advise that a Letter of Award for provision of a land drilling rig has been signed with Dewanchand Ramsaran Industries of India. Drilling services, using a newly built rig, will be provided for a firm period of nine months with an option to extend the contract for up to two years.
The rig will be used initially to conduct the approved Phase 2 drilling campaign of 6 wells at the Cambay field and 2 wells planned at the Bhandut field in Gujarat, India. This firm drilling program is estimated to be completed within the initial 9 month term of the contract and, in addition to these firm wells, further drilling is contemplated to follow up on the numerous locations identified from recent mapping of newly acquired 3D seismic data on Cambay Field.
On completion of the firm program and subject to acquiring the necessary approvals, Oilex expects to continue drilling development wells as part of the field re-development plans that are being prepared for each of the Cambay, Sabarmati and Bhandut Fields.
Yours sincerely,B. H. McCarthyManaging Director
For further information, please contact:
Ray Barnes, Technical Director, Oilex Ltd Tel. +61 8 9226 5577 (Western Australia)
Archie Berens, Director Pelham Public Relations Tel. +44 20 7743 6679 (United Kingdom)
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 26 years experience in petroleum geologyand Ray Barnes, B.Sc. (Hons)the Technical Director of Oilex Ltdwho has over 35 years experience in petroleum geology and is a member of the AAPG.
ABN 50 078 652 632 Level 3, 50 Kings Park Road West Perth WA 6005 Australia, PO Box 588 West Perth
WA 6872 Australia Telephone: (+61 8) 9226 5577 Facsimile: (+61 8) 9226 2108 Email: [email protected] Web: www.oilex.com.au
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