oilex data confirms gas

Oilex says Cambay-23Z well to drill ahead after data confirms gas

04.08.08, 4:57 AM ET

LONDON (Thomson Financial) - Oilex Ltd. said its Cambay-23Z well in India is preparing to drill ahead after data from coring operations at the Oligocene OS-II reservoir confirm that the reservoir is gas-bearing.

Following the coring operations at Oligocen, the well will be deepened to core and evaluate the Eocene EP-IV reservoir, the primary target, the company said.

Gujarat State Petroleum Corp. has a 55 percent participating interest in the Cambay-23Z and its operator Oilex has a 30 percent interest.

The company also said the Ghadaq-1 well in Oman, the second of a 3 well exploration program in Block 56, is preparing to conduct the first of two cased hole tests of anomalous zones in the lower Haima and the Al Khlata sandstones which are interpreted to be oil-bearing.

Oilex Oman Ltd, India's Videocon Industries Ltd and GAIL (India) Ltd each hold 25 percent stakes in block 56, while Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd own 12.5 percent each.

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