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Oilex shares up as starts tender for Cambay-77 well

Published: 04:19 29 Apr 2013 EDT

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Work has begun on getting a drill rig for Oilex's (LON:OEX) Cambay 77 well, onshore India, the firm said.

Shares were lifted over 3% on Monday morning after the firm posted its report for the three months to March 31 this year.

Oilex also said a gas sales agreement had been inked for off-spec gas from the Cambay-73 well and was submitted to the Indian government for endorsement.

During the quarter, three well work-overs have been completed at the project, where the company is the operator and has a 40% stake.

Notably, post period end, the company also received approval from the regulatory authorities in India for its work programme and budget activities to the end of March.

"Oilex continues its transition to an unconventional energy producer, focused on projects where the company has first mover advantage to assets with significant tight reservoir potential," the company told investors in the statement.

As at the end of the quarter, the firm had A$5.778 mln in cash.

 

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