9th Oct 2006 07:00
OILEX LTD9 October 2006WEEKLY OPERATIONS UPDATE - CAMBAY FIELD DRILLING PROGRAM GUJARAT, INDIACambay 71; Oilex Ltd is pleased to announce that at 0600 hrs (Indian StandardTime) on 09 September 2006 the Cambay-71 appraisal/development well had reachedTotal Depth of 1600 metres. Current operations are rigging up to run wirelinelogs.The well intersected a section similar to that of Cambay-72 and the mainobjectives were encountered as predicted in the geological prognosis.Cambay 3D Seismic Program; A Letter of Award has been issued to Geofysika Torunfor the acquisition of a 3D seismic program over the Cambay Production ContractArea. Mobilisation of field personnel has commenced. Participants in the Cambay Production Area are: Current Interest Post-approval Interest 3 Oilex Ltd (Operator) 30% 1 45% Gujarat State Petroleum Corporation Ltd 46.67% 2 55% (GSPC) Niko Resources Ltd 23.33% - 1. Oilex is acquiring an additional 23.33% equity interest in the PSC from Niko, 2. GSPC is acquiring an additional 8.33% equity interest in the PSC from Oilex. 3. Approval is pending for 1. and 2. from the Government of India. Yours sincerely,Bruce McCarthyManaging DirectorFor further information, please contact:Ray Barnes, Technical Director, Oilex Ltd Tel. +61 8 9226 5577 (WesternAustralia)Archie Berens, Director Pelham Public Relations Tel. +44 20 7743 6679 (UnitedKingdom) ENDSOILEX LTDRelated Shares:
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