News

August 12, 2009

Aussie Junior Oilex Finds A Farm In Partner For Its Highly Prospective Exploration Acreage In The Timor Sea

When we wrote about ASX listed Oilex Ltd last month we said there had been various disappointments over the past year and the company had had to restructure operations in all its key project areas in order to reduce costs. However, there was one bright prospect on its radar that should hold investors attention.

The disappointments included a lack of output from the Pendalion field on the West Kampar PSC in Sumatra, Indonesia because of a spat with the operator, PT Sumatera Persada Energi (SPE). The company had hoped Pendalion would be producing by now. Another setback if, a small one, was that the Cambay 75A appraisal well on the company’s cornerstone  redevelopment of the Cambay onshore field, India, was plugged and suspended with oil and gas shows after failing to find commercial oil. There was...