25th Sep 2006 12:34
25 September 2006OILEX LTD3rd Flr, 50 Kings Park RoadWest PerthWESTERN AUSTRALIATele: 618+ 9226-5577 email: [email protected] RELEASERE: WEEKLY OPERATIONS UPDATE - CAMBAY FIELD DRILLING PROGRAMME, GUJARAT, INDIAOilex is pleased to advise that at 00:00 hrs (Indian Standard Time) on 25September 2006, the Cambay-72 appraisal/development well was at total depth of1751.5 metres TVDSS(1) and completing the wireline logging programme prior torunning casing. On completion of these operations the well will be suspendedfor testing of potential oil and gas bearing horizons and the rig will bereleased to drill the second appraisal/development well, Cambay-71. The testingprogramme on the current well (Cambay-72) will be undertaken using a workoverrig during October.Participants in the Cambay Production Sharing Contract ("PSC") are:Current Interest Post-approval Interest (2)Oilex Ltd (Operator) 30% (3) 45%Gujarat State Petroleum Corporation Ltd (GSPC) 46.67% (4) 55%Niko Resources Ltd 23.33% - 1. True Vertical Depth Subsea 2. Approval is pending for 3. and 4. from the Government of India. 3. Oilex is acquiring an additional 23.33% equity interest in the PSC from Niko, 4. GSPC is acquiring an additional 8.33% equity interest in the PSC from Oilex. For and on behalf of the Board,B. H. 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)ENDOILEX LTDRelated Shares:
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