| Quarterly Report 30 June 2015 | |
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Jul 31, 2015
Highlights
CAMBAY PSC, ONSHORE GUJARAT, INDIA
• Maiden Reserves achieved for the Cambay Field
o Gross 2P Reserves of 206 Bcf gas and 8.0 MMbbls of condensate (C5+) in the Y zone
(Oilex net working interest 93 Bcf gas and 3.6 MMbbls of C5+)
o Gross 3P Reserves of 377 Bcf gas and 17.3 MMbbls of condensate (C5+) in the Y zone
(Oilex net working interest 170 Bcf gas and 7.8 MMbbls of C5+)
o Gross 2C Unrisked Contingent Resources of 720 Bcf gas and 52.8 MMbbls of C5+ in the X and Y zones
(Oilex net working interest 324 Bcf gas and 23.8 MMbbls of C5+)
• 2P Reserves validate Oilex's programme for commercial development of the Cambay Field
• Establishment of Reserves provides a strong foundation for the expedited development of the Cambay Field to achieve key corporate objectives of increasing reserves, production and cashflow
• Cambay-73 production facilities completed, with gas sales commenced in June 2015 and Cambay-77H production expected to commence during August 2015
• Targeting cash flow positive operations in India by the end of 2015
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
• During the quarter scope of works was completed and the tendering process was initiated and completed for the construction of the gas production facility. Bids received have been technically and commercially evaluated. Bhandut-3 production anticipated to commence in September 2015.
CORPORATE
• Subsequent to the end of the quarter, Oilex announced a two tranche placement and underwritten rights issue to raise US$23 million (A$30 million) (Capital Raising)
First tranche placement completed to raise US$1.4 million (A$1.8 million)
Fully underwritten rights issue to raise US$5.3 million (A$7.0 million), in progress
Second tranche placement completed to raise US$16.3 million (A$21.2 million), subject to shareholder approval at a General Meeting to be held on 12 August 2015
• Upon successful completion of the Capital Raising, Oilex will be fully funded to deliver the Cambay Field 2015/16 work programme, a transformational event for the Company
June 2015 Quarterly Report
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Oilex Ltd
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CODE : OEX.AX |
ISIN : AU000000OEX8 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Oilex is a and oil exploration company based in Australia. Its main asset in production is LA ROCCA-1 in Australia. Oilex is listed in Australia. Its market capitalisation is AU$ 3.0 millions as of today (US$ 2.2 millions, € 2.2 millions). Its stock quote reached its highest recent level on January 14, 2011 at AU$ 0.50, and its lowest recent point on February 05, 2021 at AU$ 0.00. Oilex has 1 493 769 984 shares outstanding. |