I think the people saying this is old news may be mistaken.
Cambay 75 was only suspended for testing and evaluation with the option to reenter. Preliminary tests showed low oil but gas shows.. here is an extract for the 07/05 announcement
"Whilst oil was the primary objective at Cambay -75 the discovery of gas in this part of the block at MBS provides an additional reservoir target which in combination with gas already discovered at other geological levels and the MBS in the northern part of the block could form the basis of a future gas project at Cambay"
The testing was to asses the MBS reservoir quality and migration of hydrocarbons.
Sounds like to me they have reentered. Couple that they they have new wells currently being drilled and are drilling deeper on existing wells I would not be surprised at the reentry of Cambay 75.
OEX Price at posting:
16.0¢ Sentiment: LT Buy Disclosure: Held
