20th July 2011
Company Announcements Office ASX Limited 4th Floor 20 Bridge Street Sydney NSW 2000CAMBAY-76H ?TIGHT? RESERVOIR WELL REPORT NO 7Oilex Ltd (?Oilex? ASX: OEX, AIM: OEX) advises that the mobilization and rigging up for the large volume multi-stage fracture stimulation of the Y Zone tight gas reservoir is progressing well and all equipment is expected to be on site and rigged up within the next few days.
The demobilisation of the Black Pearl drilling rig is also nearing completion. After rigging up of the fracture stimulation equipment is completed, a fracture stimulation program comprising 8 stages with two fracture initiation points per stage will commence. The well will then be flowed to surface to clean up, removing stimulation fluids from the well bore prior to conducting the flow test. The monsoon season has commenced in Gujarat and the progress of operations is contingent on variable weather conditions. To date there have been some minor interruptions to activities due to weather.Report date | 19th July 2011 |
Status | Mobilising fracture stimulation equipment |
Past Week?s Operations | ? Demobilising drilling rig ? Mobilising fracture stimulation equipment |
Objective | Cambay Eocene ?tight? reservoir Y Zone |
Total Depth (TD) | 2,740 metres |
Note: All depths refer to measured depth below rig rotary table (?MD?)
The participating interests in the Cambay PSC are:
JOINT VENTURE PARTY | PARTICIPATING INTEREST |
Oilex Ltd (Operator) Oilex NL Holdings (India) Limited Gujarat State Petroleum Corporation Ltd | 30% 15% 55% |
ABN 50 078 652 632
Ground Floor, 26 Colin Street, West Perth WA 6005 Australia, PO Box 588 West Perth WA 6872 Australia
Telephone: (+61 8) 9485 3200 Facsimile: (+61 8) 9485 3290
Email: oilex@oilex.com.au Web: www.oilex.com.au
For further information, please contact:Oilex Ltd +61 (0)8 9485 3200 (Western Australia) Bruce McCarthy Managing Director oilex@oilex.com.auBen Clube Finance Director oilex@oilex.com.au
Ambrian Partners Limited (Nominated Adviser and AIM Broker)Matthew Einhorn Anthony Rowland | matt.einhorn@ambrian.com anthony.rowland@ambrian.com | +44 (0) 20 7634 4860 +44 (0) 20 7634 4858 | (UK) (UK) |
Read Corporate Nicholas Read | nicholas@readcorporate.com.au | +61 (0)8 9388 1474 | (Western Australia) |
Tavistock Communications Paul Youens | pyouens@tavistock.co.uk | +44 (0)207 920 3150 +44 (0)7843 260 623 | (UK) (UK) |
Ed Portman | eportman@tavistock.co.uk | +44 (0)7791 892 509 | (UK) |
This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Oilex Ltd?s planned exploration program and other statements that are not historic facts. When used in this document, the words such as ?could?, ?plan?, ?estimate? ?expect?, ?intend?, ?may?, ?potential?, ?should? and similar expressions are forward-looking statements. Although Oilex Ltd believes that its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.?
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