Oilex to Commercialize Cambay-76H

Oilex has announced that operations at the Cambay-76H well have been suspended and a work programme to commercialise the value of the work completed on Cambay-76H at the earliest opportunity is being prepared.

Once all data is gathered, Oilex will also seek an independent review to ensure that the maximum value is derived from the work undertaken at Cambay-76H for its wider Cambay assets and work programme

Large volume of information was collected from the well that is also being analysed and will be applied to the next phase of work.

Oilex and its joint venture partner, Gujarat State Petroleum Corporation, are working closely together to formulate a drilling programme for the next phases of work on Cambay Field.

The first stage of work will comprise a well to be drilled from the Cambay-76H pad with the intention of re-entering and maximising the value of the large stimulated rock volume around the 610 metre well bore at Cambay-76H. The detailed design and precise location of the well will be finalised once engineering feasibility studies have been completed over the coming weeks and an update will be provided once drilling plans are finalised.

Following demonstration of hydrocarbon flow from this well, the intention is to proceed with a three well work programme. This subsequent phase is designed to acquire cores, modern wireline logs, reservoir fluid information and production test data that would assist the independent certifier to move contingent resources to reserves, generate sales of oil and gas for local markets as well as evaluating the significant potential of the deeper, tight reservoirs at Cambay Field.