OEX 0.00% 0.2¢ oilex ltd

cash flow positive 09 article..

  1. 5,609 Posts.
    Friday, November 21, 2008
    Oilex chairman says company progressing with plan to become cash-flow positive by mid-2009

    Oilex chairman Max Cozijn told shareholders at the group’s AGM that the company continues to guard its cash resources and ongoing operating costs, as the company progresses its emerging oil production with a view to becoming cashflow positive by mid 2009.

    Oilex is exploring all avenues to minimize expenditure and attract ongoing support for its operations in the current tight economic climate, he said.

    Initial oil discoveries in each of Indonesia, India and Oman have resulted from the work programs undertaken over the past 12 months. Of those discoveries, the Pendalian field in Indonesia is anticipated to be brought into production by the first quarter 2009, at a rate of 700 to 1,000 barrels of oil per day (bopd) from the suspended discovery well Pendalian-3, coupled with the drilling of Pendalian 4 which is estimated to add another 700 to 1,000 bopd to this project.

    At Cambay in India Oilex has previously announced a new discovery in the Miocene Basal Sands at Cambay 64 with a flow rate of 300 bopd, coupled with Cambay 74 with an indicated flow rate of more than 500 bopd. Cambay 64 is in production and Cambay-74 will resume production when the rig leaves the site, the chairman said.

    Sarha-1 exploration well in Block 56 Oman flowed oil to surface from one of four heavy oil bearing zones and has been appraised by a horizontal well which has been suspended while technical problems related to production equipment are sorted out, Coziin said.

    “India appears very promising with the current shallow oil production and potential oil production from an additional deeper zone to complement the oil flows from earlier wells. There have obviously been some disappointments, with Indian drilling operations being delayed by 5 months and slow progress on the wells at Cambay. Presently we are seeking to fast track development of the Cambay Field and ongoing review, assessment, workovers and drilling activity will continue in the new year,” the chairman added.
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