News

April 21, 2009

Oilex Ltd Announces The Spudding Of A New Well On Its Cornerstone Cambay Field in India and Some Encouraging Seismic Studies In Its Timor Sea Joint Venture

Two press releases in April from London- and ASX-quoted Oilex Ltd encapsulate what the company is all about. Drilling operations on its key Cambay field in India started on April 16. The planned total depth of the well is approximately 1,500 metres and is anticipated to take 15 days to drill with an additional 5 days for completion and initial testing. If successful, production from Cambay-75 will be added to the current production stream.

The primary objective of Cambay-75 is the Miocene Basal (MBS) oil sand which is producing in the nearby Cambay-64 and 74 wells. Cambay-75 is located to the west of these wells on the large unfaulted western flank of the field where an estimated 5-15 million barrels of oil-in-place potential is recognised. The redevelopment of the Cambay field in India is Oilex’s cornerstone project and its first producing asset. All told Oilex holds 45 per cent of the field with the Gujarat State Petroleum...