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Dec 05, 2014
Oilex Ltd (ASX: OEX, AIM: OEX) is pleased to announce it has received endorsement from the Government of India for the sale of gas from the Bhandut-3 well, which is located within the Bhandut Field. This is a critical milestone for returning the field to production, supplying gas to the local market and generating positive cash flow for the Company from a previously idle asset.
Now that endorsement of the gas sales agreement has been received, the Bhandut Joint Venture will proceed to establish the appropriate production facilities for Bhandut-3. This will include a compressed natural gas (CNG) loading facility that will enable CNG "bullet" trucks to be loaded at site for transportation of the gas to end users. Bhandut-3 gas is "lean" and therefore no material condensate production is expected.
As announced on 20 August 2013, Bhandut-3 flowed at a maximum rate of 6.5MMscfd through a 10mm choke with a flowing tubing head pressure of 1,190 psia during an isochronal test. The test confirmed the reservoir sand has a permeability of 124mD, making it a conventional reservoir. It is planned to deliver approximately 0.5-1MMscfd from the Bhandut-3 well. The Company anticipates the cost of the production facilities payback in 7 months from commencement of production based upon the contracted gas price.
Managing Director of Oilex, Ron Miller, said;
"We are very pleased to receive the endorsement from the Government of India to sell gas from Bhandut-3 and restart production from the field to provide gas to the local market. The contracted price was determined by a competitive bidding process and remains Commercial-in-Confidence. Oilex continues towards generating additional cash flow through increasing production from its assets in India."
To view the entire document, please click on the link below.
Bhandut-3 Gas Sales Agreement Endorsed
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Oilex Ltd
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CODE : OEX.AX |
ISIN : AU000000OEX8 |
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Oilex est une société d’exploration minière et de pétrole basée en Australie. Son principal projet en production est LA ROCCA-1 en Australie. Oilex est cotée en Australie. Sa capitalisation boursière aujourd'hui est 3,0 millions AU$ (2,2 millions US$, 2,2 millions €). La valeur de son action a atteint son plus haut niveau récent le 14 janvier 2011 à 0,50 AU$, et son plus bas niveau récent le 05 février 2021 à 0,00 AU$. Oilex possède 1 493 769 984 actions en circulation. |