Oilex Updates on Operations at Upstream Assets in India, Australia

Australia-based Oilex Ltd. provided Tuesday an operational update on its upstream assets, comprising the Cambay field and Bhandut field in India as well as its Wallal Graben assets in Western Australia.

Cambay Field, India

Cambay-73 well continues to produce gas for the low pressure market in the immediate vicinity of the field at ~26 barrels of oil equivalent per day (boepd) with 100 percent availability. A temporary pipeline from Cambay-77H site to Cambay-73 production facility has been completed as part of a gas gathering system to assist in meeting market demand. Three legacy wells have been connected to this pipeline and provide additional gas to the low pressure market via the Cambay-73 production facility.

In addition, subsequent to the installation of a production tree and production tubing, Cambay-77H will be connected to the temporary pipeline to service the low pressure market via Cambay-73, without having to construct a dedicated low pressure production facility at the Cambay-77H site. It is estimated this will result in a saving of ~$150,000 after eventually replacing the temporary pipeline with a permanent pipeline during 2016.

Preparation of the 5 well workover campaign is nearing completion and field work is anticipated to commence during September. The workover campaign is targeting both oil and gas production which will make a contribution to generating operating cashflow to assist in the Indian operations becoming cashflow positive.

The contracting and procurement process for the 2015/16 drilling campaign is nearing completion. Technical and commercial evaluations for 13 of 14 major tenders are finished and final evaluation and approval processes are in progress. Interest from top-tier service providers is high and excellent responses have been received on all tenders, including the drilling rig.

Gas marketing activities have commenced for the volume of gas equivalent to the gross 1P Reserves of 90 billion cubic feet (Bcf). In conjunction with the marketing effort, a field development plan has been prepared for the initial gross 20 Bcf that is anticipated to be established and produced through a 5 million standard cubic feet per day (MMscf/d) gas treatment plant located near the Cambay-77H site.

Bhandut Field, India

Subsequent to completion of the design and procurement activities, field construction has commenced at Bhandut. The field work is estimated to require ~80 days for the contractor to complete, including commissioning activities.


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