Oilex Pushes Forward on Well Development in Second Quarter

Australian firm Oilex has released its second quarter earnings report, with special attention paid to its exploration successes. The firm has a number of payable wells either producing, about to produce, or reserved for future development.

The Cambay-19Z oil discovery at Cambay Field successfully flowed oil at a stabilized rate of 120 barrels per day in the first in a sequence of drill stem tests. Testing of an additional 12 meter zone with similar characteristics is planned in addition to shallower zones that are also interpreted to be oil bearing.

The company's Cambay-23Z was drilled and suspended as a potential future gas production well.
The Pendalian field resource upgraded to 13.7 million barrels oil in place, with production of 1,800-2,000 anticipated in Q4 2008.

Oilex's Sarha-1 oil discovery in Oman to be appraised with a well in next phase of drilling anticipated to start August. Oil in place ranges from 20-70 million barrels.

The firm was happy to report that there were zero lost-time incidents throughout operations centers.

Finally, Oilex announced retained cash and receivables of approximately A$37.5 million.