This is a good growth oil company - its Block 56 in Oman have significant oil bearing structures. it said that the possible presence of a thicker sedimentary section in the eastern area implied a more extensive distribution of the Ara Salt unit into Block 56 and raised the possibility of salt related structures similar to those producing to the west in the main salt basin.

24 August 2011
Cambay-76H "Tight" Reservoir Well Report No 12

Oilex Ltd ("Oilex" ASX: OEX, AIM: OEX) advises that operations to prepare for
well clean-up flow and production testing are continuing. Some delays have been
experienced during coil tubing unit interventions to open up the remaining
fracture stimulation stages.

After clean-up operations a flow test will be conducted.

31 August 2011

Cambay-76H "Tight" Reservoir Well Report No 13
Oilex Ltd advises that operations to prepare for well clean-up flow and production testing are continuing. The coil tubing unit was not able to retrieve milling tools being used to open the second fracture stimulation stage. Consequently, it is planned to mobilise a work-over rig to the well location to retrieve the milling tools. Following this, operations will resume to open up the remaining fracture stimulation stages so that clean-up operations and a flow test can be conducted.

The Cambay-76H "proof of concept" horizontal well is evaluating the production potential of the Y Zone interval of the extensive deep Eocene "tight" reservoirs in the onshore Cambay Production Sharing Contract area, Gujarat, India.

Oil & Gas Sector: Oilex up after successful operation to retrieve equipment at Cambay well


Shares in Oilex (LON:OEX) jumped after it revealed a successful operation to retrieve the stuck milling assembly and coiled tubing at the Cambay-76H horizontal well onshore Gujarat, India.

Oilex said the well was currently being prepared for resumption of milling of the seven remaining fracture stimulation stages and when this operation was completed, production tubing would be run and the well would be flowed to surface for clean-up and production testing.

waiting for the right time to buy

Placing was underwritten and was around 100% dilution at 2p so I'm seeing 1180m and a cap of around £16m, about £15m of that being cash

IMO both OEX and Zeta should grow up and settle their differences amicably and in compliance with Gov of India, without all the Aussie courtroom drama.

With India fast becoming a huge O&G consumer over the next few decades, both OEX & Zeta stand to benefit substantially from their partnership. OR is there more to this than meets the eye; are strategic and tactical moves being played out in pursuit of 'A Cunning Plan'.

Something does not smell right in this sudden turn of events.

IMO
DYOR
HAb