Oilex Ltd Cambay-73 - Construction of Oil & Gas Facilities (5011I)
March 26 2015 - 3:00AM
UK Regulatory
TIDMOEX
RNS Number : 5011I
Oilex Ltd
26 March 2015
26 March 2015
ASX: OEX
AIM: OEX
Cambay-73 - construction of oil and gas production
facilities
Oilex Ltd is pleased to provide an update on construction of the
oil and gas production facilities at Cambay-73.
Overall progress of the project is 77% complete. The electrical
system installation is almost complete while mechanical fabrication
is 82% complete. Various pre-commissioning activities should
commence next week and costs are forecast to be within budget
despite some delays in equipment delivery. Connection of the low
pressure gas pipeline system to the plant is the responsibility of
the gas buyer and is expected to be completed during April
2015.
Cambay-73 is a frac'd vertical well located 1.2km SSE of
Cambay-77H, the first multistage frac'd horizontal well to be
successfully production tested in the Cambay Basin. Cambay-73 and
Cambay-77H have intersected the same Y zone reservoir and both have
produced gas and light oil/condensate. Gas composition analyses
conclude that gas from Cambay-77H and Cambay-73 is almost identical
with minimal processing required to reach pipeline specification.
Cambay-73 will supply gas to a low pressure gas market in the
vicinity of the Cambay Field and is expected to produce
approximately 50-60boepd of gas and condensate. The condensate will
be separated at the field and trucked to a nearby refinery together
with other Cambay crude oil.
Managing Director of Oilex, Ron Miller, said;
"Oilex is very pleased with construction progress at Cambay-73
which should enable the Joint Venture to commence production during
May 2015. This will be the first gas produced and sold from the Y
zone formation within the Cambay Contract Area and it will be the
first gas sold from the Cambay Field in over 23 years. Commercial
production from Cambay-73 is a key initial step to achieving the
Company's objective of becoming cash flow positive from operations
in India in H2 2015."
http://www.rns-pdf.londonstockexchange.com/rns/5011I_-2015-3-26.pdf
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
For further information, please contact:
Oilex Ltd Westhouse Securities Strand Hanson Tavistock Communications
Ron Miller, Limited Limited Ed Portman
Managing Director AIM Broker Nominated Adviser Email:
Email: oilex@oilex.com.au Robert Finlay / Alastair Rory Murphy / eportman@tavistock.co.uk
Tel: +61 8 9485 Stratton Ritchie Balmer Tel: +44 20 7920
3200 Email: Email: 3150
Australia Alastair.stratton@westhousese oilex@strandhanson.co.uk UK
curities.com Tel: +44 20 7409
Tel: +44 20 7601 3494
6100 UK
UK
[INSERT PDF HERE]
Qualified Petroleum Reserves and Resources Evaluator
statement
Pursuant to the requirements of Chapter 5 of the ASX Listing
Rules, the information in this report relating to petroleum
reserves and resources is based on and fairly represents
information and supporting documentation prepared by or under the
supervision of Mr. Peter Bekkers, Chief Geoscientist employed by
Oilex Ltd. Mr. Bekkers has over 17 years experience in petroleum
geology and is a member of the Society of Petroleum Engineers and
AAPG. Mr. Bekkers meets the requirements of a qualified petroleum
reserve and resource evaluator under Chapter 5 of the ASX Listing
Rules and consents to the inclusion of this information in this
report in the form and context in which it appears. Mr. Bekkers
also meets the requirements of a qualified person under the AIM
Note for Mining, Oil and Gas Companies and consents to the
inclusion of this information in this report in the form and
context in which it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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