News

December 31, 2008

Oilex Targets Positive Cashflow In 2009 Starting With Cambay Production Boost

Aussie explorer Oilex Ltd has been on the fund raising trail as it seeks to boost production from its Cambay field complex in India and other projects next year.

The company, which launched initial production in October 2008, hopes to be cashflow positive during 2009, with an estimated annual net operating cash flow of up to US$20 million from the year-end.

But there is a long way to go before then. To get things rolling Oilex is raising up to US$10.1 million through a share issue. The additional funds will target improved production from the onshore Cambay project, as well as initial output from the West Kampar Pendalian development project...