Oilex Ltd reaffirmed its commitment to unlocking the multi TCF in-place tight gas potential at its onshore Cambay Block project in India. In its quarterly results highlights for the June, the resources exploration group said it was close to executing a detailed strategy to take the Cambay project forward. It said the results to date supported a vertical well with the dual objective of targeting recovery of core from the Eocene siltstone and developing the un-depleted OS-II reservoir zone.
Gas sales from Cambay-77H continued with an average gas production rate for the quarter of 26 boepd (net 12 boepd) and with an average associated condensate & oil rate of 6 bpd (net 3 bpd). Negotiations continued with the group’s joint venture partner to address payment of outstanding cash calls, contributions to programmed activities and approval of the annual budget resulting in delays to planned activities.
The joint venture and Indian authorities approved the work programme & budget for the Bhandut Field for the Indian financial year starting April 2016. Test Gas Production at the group’s Bhandut-3 well, which commenced in April, 87 boepd (the 35 boepd) and with an average associated condensate rate of 18 bpd (net 7 bpd). During the quarter, the joint venture partner released US$302,000 towards payment of outstanding cash calls for the Indian financial year. During the quarter Oilex reached a settlement with Zeta Resources Limited that ended legal proceedings between the parties. The cash balance stood at US$5.2mln. Rob Gronkowski Authentic JerseyShare This