Oilex Ltd Cambay Field - Production Update (5799T)
July 21 2015 - 2:00AM
UK Regulatory
TIDMOEX
RNS Number : 5799T
Oilex Ltd
21 July 2015
Announcement
21 July 2015
ASX: OEX
AIM: OEX
Cambay Field: Production Update
-- Cumulative gas sales of 5.12 MMscf from Cambay-73 for 22 days to 17 July 2015
-- Cambay-73 operating at 100% availability
-- Average daily gas demand in low pressure network has increased from 250Mscfd to 320Mscfd
-- Cumulative total oil/condensate production of 336 bbls during same period
Oilex Ltd is pleased to provide an update from the Cambay Field
subsequent to the commencement of gas sales from Cambay-73 into the
low pressure network. Cambay-73 averaged 54boepd during 22 days
from 26 June 2015. Cambay-73 has achieved 100% operational
availability during this period. Its condensate to gas ratio (CGR)
is calculated to be 58bbls per MMscf, which is 26% higher than the
CGR used in the Independent Reserves Report from RISC Operations
Pty Ltd. If sustained over time and in other wells, this may have a
positive impact on the condensate/light oil included in the
Reserves. Please refer to the Oilex Announcement of 16 April 2015
for details of Oilex's independently classified Reserves and
Resource base which includes 2P gas Reserves of 206 Bcf and 2P oil
Reserves of 8 MMbbls.
Since the introduction of gas from the Cambay Field into the
local low pressure network, the average daily demand has increased
by 28% to approximately 320Mscfd. In light of the increasing local
gas demand, the Joint Venture is considering some operational
efficiencies to better service the market and encourage further
demand growth.
Managing Director of Oilex, Ron Miller, said;
"Ongoing gas production from Cambay-73 and increasing demand for
domestically produced and competitively priced gas continues to
support Oilex's objective of achieving positive cash flow from
operations in India during 2015. The availability performance of
the Cambay-73 facilities to meet daily demand is particularly
pleasing. Oilex remains focused and today's news demonstrates that
it continues to deliver on its plan of production, near-term cash
flow and reserves growth to create a sustainable business in the
midst of a robust and supportive domestic market."
Shareholder and Investor Conference Call
To discuss the recently announced Capital Raise transaction and
Oilex's exciting upcoming work programme, the Company is pleased to
invite investors to a conference call with the Managing Director
and Chief Financial Officer at 4pm (WST) / 9am (BST) on 23 July
2015. Details can be obtained from
-- Maura Hinds at oilex@oilex.com.au / +61 8 9485 3200 in Australia or
-- Alex Aleksandrov at alex.aleksandrov@vigocomms.com / +44 207 016 9598 in the UK.
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
For further information, please contact the company or its
advisors listed below:
PAC Partners Strand Hanson Vigo Communications
Pty Ltd Westhouse Securities Limited Public Relations
Australian Broker Limited Nominated Adviser UK
Andrew Shearer AIM Broker Rory Murphy Patrick d'Ancona
Email: Robert Finlay / Alastair /Ritchie Balmer / Chris McMahon
ashearer@pacpartners.com.au Stratton Email: Email:
Tel: +61 3 8633 Email: oilex@strandhanson.co.uk patrick.dancona@vigocomms.c
9862 alastair.stratton@westhousese Tel: +44 20 om
Australia curities.com 7409 3494 chris.mcmahon@vigocomms.com
Tel: +44 20 7601 UK Tel: +44 20 7016
6100 9570
UK UK
============================ ============================== ========================== ============================
Cambay-73 production facilities
http://www.rns-pdf.londonstockexchange.com/rns/5799T_-2015-7-21.pdf
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 19 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.
LIST OF DEFINITIONS
API A unit of measurement established by the American
Petroleum Institute (API) that indicates the density
of a liquid. Fresh water has an API density of
10.
----------------- ------------------------------------------------------------
bbls Barrels of oil or condensate.
----------------- ------------------------------------------------------------
Bcf Billion Cubic Feet of gas at standard temperature
and pressure conditions.
----------------- ------------------------------------------------------------
Boe Barrels of Oil Equivalent. Converting gas volumes
to the oil equivalent is customarily done on the
basis of the nominal heating content or calorific
value of the fuel. Common industry gas conversion
factors usually range between 1 barrel of oil equivalent
(BOE) = 5,600 standard cubic feet (scf) of gas
to 1 BOE = 6,000 scf.
----------------- ------------------------------------------------------------
Boepd Barrels of oil equivalent per day.
----------------- ------------------------------------------------------------
Mscfd Thousand standard cubic feet of gas per day.
----------------- ------------------------------------------------------------
MMscfd Million standard cubic feet of gas per day.
----------------- ------------------------------------------------------------
MMbbls Million barrels of oil or condensate.
----------------- ------------------------------------------------------------
MMscfe/d Million standard cubic feet equivalent of gas a
day.
----------------- ------------------------------------------------------------
MMscfe Million standard cubic feet equivalent of gas.
----------------- ------------------------------------------------------------
PSC Production Sharing Contract.
----------------- ------------------------------------------------------------
Reserves Reserves are those quantities of petroleum anticipated
to be commercially recoverable by application of
development projects to known accumulations from
a given date forward under defined conditions.
Proved Reserves are those quantities of petroleum,
which by analysis of geoscience and engineering
data, can be estimated with reasonable certainty
to be commercially recoverable, from a given date
forward, from known reservoirs and under defined
economic conditions, operating methods and government
regulations.
Probable Reserves are those additional Reserves
which analysis of geoscience and engineering data
indicate are less likely to be recovered than Proved
Reserves but more certain to be recovered than
Possible Reserves.
Possible Reserves are those additional reserves
which analysis of geoscience and engineering data
indicate are less likely to be recoverable than
Probable Reserves.
Reserves are designated as 1P (Proved), 2P (Proved
plus Probable) and 3P (Proved plus Probable plus
Possible).
Probabilistic methods
P90 refers to the quantity for which it is estimated
there is at least a 90% probability the actual
quantity recovered will equal or exceed. P50 refers
to the quantity for which it is estimated there
is at least a 50% probability the actual quantity
recovered will equal or exceed. P10 refers to the
quantity for which it is estimated there is at
least a 10% probability the actual quantity recovered
will equal or exceed.
----------------- ------------------------------------------------------------
Tight Gas The reservoir cannot be produced at economic flow
Reservoir rates or recover economic volumes of natural gas
unless the well is stimulated by hydraulic fracture
treatment, a horizontal wellbore, or by using multilateral
wellbores.
----------------- ------------------------------------------------------------
Condensate(C5(+) A natural gas liquid with a low vapor pressure
) compared with natural gasoline and liquefied petroleum
gas. Condensate is mainly composed of propane,
butane, pentane and heavier hydrocarbon fractions.
The condensate is not only generated into the reservoir,
it is also formed when liquid drops out, or condenses,
from a gas stream in pipelines or surface facilities.
----------------- ------------------------------------------------------------
mD (Millidarcy) A darcy (or darcy unit) and millidarcy
(md or mD) are units of permeability, named after
Henry Darcy. They are not SI units, but they are
widely used in petroleum engineering and geology.
Like other measures of permeability, a darcy has
dimensional units in length.
----------------- ------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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