Oilex Secures Rig for Cambay Basin Campaign

Oilex Ltd. has signed a letter of award with Dewanchand Ramsaran Industries of India to secure drilling services using a newly built land rig for nine months with an option to extend the contract for up to two years.

The rig will be used initially to conduct the approved Phase 2 drilling campaign of six wells at the Cambay field and two wells planned at the Bhandut field in Gujarat, India. This firm drilling program is estimated to be completed within the initial 9-month term of the contract and, in addition to these firm wells, further drilling is contemplated to follow up on the numerous locations identified from recent mapping of newly acquired 3D seismic data on Cambay Field.

On completion of the firm program and subject to acquiring the necessary approvals, Oilex expects to continue drilling development wells as part of the field re-development plans that are being prepared for each of the Cambay, Sabarmati and Bhandut Fields.