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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.

     

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