Oilex announce updates on Cambay field, onshore India
Cambay Field – Reserves and Contingent Resources
X and Y Zones – Summary
C-77H-Oil SampleGross Proved + Probable (2P) Reserves of 206 Bcf gas and 8.0 MMbbls of condensate (C5+) in the Y zone (Oilex net working interest 93 Bcf gas and 3.6 MMbbls of C5+)
Gross 2C Unrisked Contingent Resources of 720 Bcf gas and 52.8 MMbbls of C5+ in the X and Y zones (Oilex net working interest 324 Bcf gas and 23.8 MMbbls of C5+)
2P Reserves validate Oilex’s forward program for commercial development of the Cambay Field
Oilex is pleased to announce that RISC Operations Pty Ltd (RISC), an Australian based, internationally recognised independent petroleum advisory group, has completed an independent Resource Report of the Eocene Formation of the Cambay Field.
This work follows on from its evaluation of Cambay-77H flowback and test data in December 2014. RISC has evaluated 2 of 6 potential Eocene reservoirs, the X and Y Zones. Full Report: Cambay Field – Reserves and Contingent Resources
Managing Director of Oilex, Ron Miller, said;
“The work by RISC has resulted in first Eocene formation Reserves for Oilex in India and recognises the success of our 2014 work program. These Reserves provide a strong foundation for the immediate development of the Cambay Field and achievement of our key corporate goals of increasing production, cash flow and reserves.
Oilex’s first-mover advantage in opening Cambay Basin (and India) to development of its significant tight oil and gas resources, places the Company on a strong growth trajectory in a robust energy market.