Oilex Limited (OEX) is an oil and gas exploration and production company, focusing on its flagship Cambay project in India and the Canning Basin of Western Australia.
INDIA: OEX has two onshore fields in the State of Gujarat, namely Cambay Field and Bhandut. The Cambay Field is located in the prolific Cambay Basin, covering 161 sqkm in the Gujarat State of India. The geology in the Cambay Asset is proven to contain hydrocarbons and has a prospective section of 2,800m. 36 wells have penetrated the Eocene Formation, a tight silt stone section with 16 vertical wells testing oil and gas to surface. The Bhandut field was discovered and developed initially by ONGC and produced 17,572 bbls of oil since acquisition. An isochronal production test of Bhandut-3 flowed at a maximum rate of 6.5MMscfd through a 10mm choke with a flowing tubing head pressure of 1,190 psia. The isochronal test was conducted to obtain more precise reservoir performance data as part of attempting to realise value from Bhandut and the test confirmed the reservoir sand has a permeability of 124mD.
AUSTRALIA: Oilex acquired a large SPA 17 AO (Special Prospecting Authority), now converted to exploration permit STP-EPA-0131, and two adjacent exploration areas, STP-EPA-0106 and STP-EPA-0107 in the onshore Canning Basin, WA with a total area of 3m acres. STP-EPA-0131 encompasses an area of 5,281 sqkm that may be prospective for oil and liquids-rich gas and is interpreted to possibly contain one of the last deep, undrilled half grabens onshore Australia. STP-EPA-0106 and STP-EPA-0107 are located onshore NW Australia in the Canning Basin. The STP-EPA-0106 area comprises 35.5 graticular blocks with an area of approximately 2844 sqkm and STP-EPA-0107 area comprises 45 graticular blocks with an area of approximately 3614 sqkm.
INDONESIA: OEX presently has a 45% interest in West Kampar PSC, located in the Central Sumatra adjacent to the most prolific oil producing province in Indonesia. Oilex continues to pursue a commercial resolution to the JV dispute with the operator in the West Kampar PSC, in parallel with considering options to enforce its Arbitration Award in Jakarta.
Highlights
OIL AND GAS FOCUS IN INDIA
1) India fastest growing large country by GDP: World’s third largest petroleum consumer
2) Government recognises criticality of energy supply: Oil and gas a key contributor to MAKE IN INDIA
3) Government proactively promoting oil and gas opportunities and foreign investment
4) Domestic production declining and LNG imports increasing
5) Opportunity to apply North American tight gas technology in India
6) Oilex operates Multi - TCF gas resource at Cambay PSC in India
