Oilex Ltd. reported Thursday that RISC Operations Pty Ltd. (RISC), an Australian based, internationally recognized independent petroleum advisory group, has completed an independent Resource Report of the Eocene Formation of the Cambay field in Gujarat, India. This work follows on from its evaluation of Cambay-77H flowback and test data in December 2014. RISC has evaluated 2 of 6 potential Eocene reservoirs, the X and Y Zones, and the results for Reserves and Contingent Resources are summarized below.
Table 1: Estimated Cambay Field Reserves (Y Zone)
*Gross 90 Bcf of gas and 2.9 MMbbls of condensate (Oilex net working interest of 40.5 Bcf of gas and 1.3 MMbbls of condensate) would be categorized as 1P subject to securing finance for the development, according to the PRMS guidelines. These quantities are included in the 1C Contingent Resources in Table 2.
Table 2: Unrisked Cambay Field Contingent Resource Estimates (X and Y Zones)
**Includes Oilex net working interest of 40.5 Bcf of gas and 1.3 MMbbls of condensate that would be categorized as 1P subject to securing finance for the development.
Notes to Tables
The Reserves are attributed to an area of the Cambay Field having multiple vintage and modern well intersections of the X and Y Zones with hydrocarbon flows. The area encompasses recent Oilex operated drilling and production testing activity including the successful Cambay-77H well, the first successfully production tested multi-stage frac’d horizontal well in India. Gas is currently marketed on a competitive tender basis to buyers and will be sold into a low pressure local market, commencing with Cambay-73. Contractual commitments are in place from previous tendering activities and cover gas sales for up to 2 years.
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