Oilex Ltd Award of Well Management Services Contract (7350Q)
29 October 2021 - 08:40PM
UK Regulatory
TIDMOEX
RNS Number : 7350Q
Oilex Ltd
29 October 2021
ASX AIM Announcement
29 October 2021
ASX: OEX
AIM: OEX
Award of Well Management Services Contract for Cambay field,
India development
Oilex Ltd (Oilex or the Company) is pleased to announce the
execution of a well management contract with a consortium
comprising Manan Oilfield Services and Bedrock Drilling.
Under the Project Management Consultant (PMC) contract, Manan /
Bedrock will manage the re-fraccing of the existing C-77H
horizontal well during Q1 2022 and the drilling of two new fracced
horizontal wells (C-78H and C-79H) during H2 2022.
The aim of the re-fraccing of the C-77H well is to demonstrate
the ability to achieve production rates of 3-5 times the well's
current production capacity, providing a model for the highest
commercial returns from a full development of the EP-IV tight
siltstone reservoir. The contingent resources of the EP-IV
reservoir have been estimated at 930 BCF of gas and 61 million
barrels of condensate (RISC 2015).
Successful re-fraccing of the C-77H well will be followed by the
drilling and fraccing of two new horizontal wells in the second
half of 2022 with a view to establishing gas sales into the high
pressure grid. All project plans are subject to securing the
necessary funding and Government of India ratification of the
transfer of 55% participating interest from GSPC to Oilex.
Oilex's Head of India Assets, Mr Ashish Khare said:
"The signing of the PMC contract marks an important milestone
for the Company. After extensive technical reviews and analysis,
the Company is moving into the execution phase ahead of full
development of the EP-IV resources strongly supported by high
domestic gas demand and prices. The Manan / Bedrock consortium
combines solid well management, technical and operational
expertise. We look forward to collaboration with our established
PMC partners."
Oilex's CEO, Roland Wessel said:
"The award of the PMC contract follows an extensive review of
the field development options and an assessment of the technical
and operational requirements for the successful development of the
extensive EP-IV resources. I am confident that the Manan / Bedrock
consortium and Oilex partnership will result in the "unlocking" of
the value of the Cambay field."
For and on behalf of Oilex Limited
Roland Wessel
CEO
Qualified Petroleum Resources Evaluator Statement
Pursuant to the requirements of Chapter 5 of the ASX Listing
Rules, the information in this annoucement relating to petroleum
reserves and resources is based on and fairly represents
information and supporting documentation prepared by or under the
supervision of Mr Joe Salomon, Executive Chairman employed by Oilex
Ltd. Mr Salomon has over 32 years experience in petroleum geology
and is a member of the Society of Petroleum Engineers and AAPG. Mr
Salomon meets the requirements of a qualified petroleum reserve and
resource evaluator under Chapter 5 of the ASX Listing Rules and
consents to the inclusion of this information in this report in the
form and context in which it appears. Mr Salomon also meets the
requirements of a qualified person under the AIM Note for Mining,
Oil and Gas Companies, and consents to the inclusion of this
information in this report in the form and context in which it
appears.
For further information, please contact:
Investor Enquires AIM Broker AIM Nominated Media Enquires
Oilex Ltd Novum Securities Adviser (UK)
Joe Salomon B roker Strand Hanson Vigo Consulting
Executive Chairman Colin Rowbury Limited Investor Relations
Email: oilex@oilex.com.au Email: Nominated Adviser Patrick d'Ancona/Chris
Tel: +61 8 9485 crowbury@novumsecurities.co Rory Murphy/Ritchie McMahon
3200 m Balmer Email:
Australia Tel: +44 20 Email: patrick.dancona@vigoconsult
7399 9427 oilex@strandhanson.co.uk ing.com
UK Tel: +44 20 7409 chris.mcmahon@vvigoconsulti
3494 ng.com
UK Tel:+ 44 20 7390
0230 UK
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