RISC Releases Resource Report for Oilex-Operated Cambay Field in India

As announced March 9, the approved budget for 2015/16 incorporates 2 firm wells, 2 contingent wells and up to 5 firm workovers. The firm wells target increasing production to a level that justifies selling gas into the high pressure market through a nearby gas pipeline network. One of the contingent wells in the 2015/16 budget targets upgrading X and Y Zone Contingent Resources. Additional drilling and facilities expansion will be planned for delivery in subsequent budget years subject to Joint Venture and Government of India approvals.

The Cambay Field is located approximately 6.2 miles (10 kilometers) from the gas pipeline network with spare capacity. The pipeline connection to the high pressure grid will be constructed and owned by a third party, which may be an affiliate of Oilex’s joint venture partner, Gujarat State Petroleum Corporation (GSPC). Timing of construction has yet to be determined.

The 2P Reserves are anticipated to support a plateau gas production rate of ~50 million standard cubic feet per day (MMscf/d), whilst the 2P + 2C combined volumes may support a plateau gas production rate of 125 – 250 MMscf/d. Studies, yet to be completed, will determine an optimum field gas production profile and incorporate data from wells drilled as part of the 2015/16 budget.

Managing Director of Oilex, Ron Miller, said;

“The work by RISC has resulted in first Eocene formation Reserves for Oilex in India and recognizes the success of our 2014 work program. These Reserves provide a strong foundation for the immediate development of the Cambay Field and achievement of our key corporate goals of increasing production, cash flow and reserves. Oilex’s first mover advantage in opening Cambay Basin (and India) to development of its significant tight oil and gas resources, places the Company on a strong growth trajectory in a robust energy market.”


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