1. Most Discussed
  2. Gainers & Losers
OEX 0.3¢

News: Oilex reports significant progress in first half

  1. Oilex (ASX:OEX, LON:OEX) highlighted significant progress at the Cambay field in its results statement for the twelve months to December 31.

    During the period the company achieved its proof of concept goals for the Cambay 77-H well, and advanced efforts to commercialise gas production from the property.

    Positive gas pricing, a result of strong regional demand for gas, means the economics for production are favourable and the company is currently in the process of ramping up the field’s development.

    “Oilex is continuing its transition to an early mover unconventional energy producer,” the company said in a statement.

    “The company is evaluating and commercialising the extensive tight reservoirs in its onshore Cambay Field project, in the state of Gujarat, India, where energy market fundamentals are attractive.”

    Elsewhere, Oilex also has substantial acreage position in the increasingly high profile Canning Basin, onshore Western Australia.

    It is currently in the process of upgrading its exploration permit applications (EPA) into formal exploration permits. At the moment that involves negotiations over native title agreements with traditional owners.

    In terms of financials, for the six month period, Oilex has reported a loss of US$3.1mln and revealed it had US$5.4mln of cash on December 31.

    Some US$1.05mln of the loss can be attributed to exploration expenditure, while US$1.7mln was employee and administration expenditure. The company said it continues to focus on reducing costs, while avoiding impact upon technical and commercial capabilities.


Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.