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OILEX LTD - Dual Listed Oil & Gas Explorer (OEX)
Alex 36 - 01 Nov 2012 11:04
Oilex Ltd was incorporated in Australia. Its operations are based out of five offices - our Perth head office, where geotechnical work, financial management and control are located; two in India focused on operations and government relations; and one in each in Muscat, Oman and Dili, Timor-Leste for field logistic, administration and finance support and government liaison. Currently Oilex's main country of operation for the purposes of AIM Rule 26 is India.
The Company is directing its efforts towards opportunities that have the potential to provide an exceptional return on investment. Our focus remains on searching for exploration and production assets in the prospective hydrocarbon basins of India , Australia - particularly in the Northwest Shelf and in the Timor Sea, and in the countries of Southeast and South Asia and near Middle East around the rim of the Indian Ocean. With eight permits/interests in prospective basins, Oilex has rapidly compiled a significant portfolio of oil and gas acreage that has a well-balanced mix of risk and reward.
Oilex now has interests in three field re-development and exploration projects in India; two exploration permits offshore Australia; one production sharing contract in the Joint Petroleum Development Area between Timor-Leste and Australia; one exploration and production sharing agreement onshore Oman and one production sharing contract onshore Sumatera Indonesia. Oilex is the operator of joint ventures comprising major Indian energy companies in all areas save for Indonesia. In Indonesia Oilex is non operator in a joint venture with an Indonesian company.
Website
http://www.oilex.com.au/index.cfm
Quarterly Report ( 31st October 2012 )
http://tinyurl.com/9ge6tx3
banjomick
- 25 Nov 2015 07:52
- 184 of 293
25 November 2015
ASX: OEX
AIM: OEX
Corporate Presentation November 2015
Oilex Ltd advises that a copy of an Oilex Corporate Presentation dated November 2015 can be viewed by clicking on the below link.
http://www.rns-pdf.londonstockexchange.com/rns/8565G_-2015-11-25.pdf
http://www.moneyam.com/action/news/showArticle?id=5160415
ASX: OEX
AIM: OEX
Corporate Presentation November 2015
Oilex Ltd advises that a copy of an Oilex Corporate Presentation dated November 2015 can be viewed by clicking on the below link.
http://www.rns-pdf.londonstockexchange.com/rns/8565G_-2015-11-25.pdf
http://www.moneyam.com/action/news/showArticle?id=5160415
banjomick
- 25 Nov 2015 07:54
- 185 of 293
25 November 2015
ASX: OEX
AIM: OEX
Chairman's Address to Shareholders
Good morning ladies and gentlemen, and welcome to the 2015 Oilex Annual General Meeting.
We regret to advise that, as previously announced, Mr Sundeep Bhandari has withdrawn his nomination for re-election as a director pursuant to Resolution 3 of the Notice of Annual General Meeting. In addition, there has been a large negative vote recorded against all of the resolutions covering the remuneration report (Resolution 1), replacement of the Constitution (Resolution 2) and the re-election of Jeffrey Auld as an Independent Non-Executive Director (Resolution 4), all of which will be decided by a poll. Should Resolution 4 not be carried at this meeting, this will necessitate the appointment of an additional director following this AGM to ensure the Company complies with Australian Corporations Law requirements.
The remaining Board members recognise the dissatisfaction demonstrated by these votes, and we are setting in train the following measures to address some of those concerns;
· The Company is reviewing its strategic plan and financing of our core asset at Cambay.
· Progress negotiation of a commercial resolution of the Cambay Joint Venture program, cash calls and potential joint venture restructure.
· Defending the Zeta litigation with the assistance of external counsel.
· Review existing board structure and participants, and appoint suitably qualified and experienced directors.
· Reviewing Executive management and staffing levels appropriate to the current amended development timetable, including review of ongoing operating costs.
The current year has seen a continuation in the softening of the global resources and energy markets. During this challenging time the Board and management has continued the transformation of the Company into an emerging energy supplier in the Cambay Basin located in Gujarat State, India.
2014/15 has been a landmark year for your company with the delivery of the proof-of-concept well, Cambay 77-H, and the reporting of significant independently certified reserves. Oilex is the first company to successfully apply proven North American drilling and completion technology to tight oil and gas in India in the Cambay Basin, India. The success of this step-change technology has resulted in an upgrade to the reserves and contingent resources of our Cambay Field.
Alongside this technological success at Cambay, the Company has made significant progress on the work-over component of the approved 2015/16 work programme.
The Cambay Field is located adjacent to an existing gas pipeline grid with surplus capacity in the State of Gujarat and this should facilitate cost-effective commercialisation of Cambay natural gas. While global energy markets are experiencing significant price constraints, being close to existing infrastructure and growing local energy demand should ensure that domestic prices will be somewhat resilient to external price pressures.
With delivery of the proof of concept well at Cambay, Oilex is now progressing the transition from junior explorer to producer. This transition will not be without its challenges. Having achieved the technical proof of concept and independently certified reserves, the focus and priorities of the Board and management are increasingly concentrated on the commercial, regulatory and funding challenges that commencing the next phase of production from Cambay will bring. In addition to addressing the structural joint venture funding issues that have arisen.
In July 2015, we announced a capital funding programme to raise A$30 million (before expenses) to fund the approved 2015/16 work programme in India, estimated minimum work commitments in the Canning Basin and working capital requirements. This included a A$9.4 million deferred settlement component with Zeta Resources Limited, who currently have a 10.3% shareholding in Oilex.
Earlier this month we advised that Zeta had failed to settle the subscription for the deferred settlement portion of its placement and convertible note and was pursuing legal action against Oilex. With the assistance of external legal counsel, we are presently considering the remedies available to us and we will act in the best interests of all shareholders to defend any legal action.
This development has obviously had a significant impact on the company's share price, however in the short term our focus is to complete the current Cambay work-overs and the Bhandut-3 production facilities to increase our net revenue stream. Both programmes are in progress at present and completion of these activities is an important step in transforming Oilex into a sustainable business based upon production, cash flow and reserves growth.
In the medium to longer term our focus remains the commercialisation of significant hydrocarbon reserves located in an energy market with strong fundamentals. While the schedule for the approved 2015/16 drilling campaign at Cambay is currently being reconsidered with our Joint Venture partner, in addition to their outstanding cash calls, we anticipate that these wells will be commercially viable and the first steps in the field development plan, and should ultimately create significant value for all shareholders and stakeholders through delivering domestically sourced energy to the India market offsetting imported LNG. The Board is also actively reviewing alternative funding opportunities to assist in realising these goals.
Your Board believes that India offers a compelling investment proposition as the world's fourth largest energy consumer with a large unsatisfied gas demand. India is forecast to be the world's fastest growing large economy over the next two years. Strong growth, combined with a growing middle class forecast to be ~475 million people by 2030 is anticipated to result in significant growth in energy and natural gas consumption.
On behalf of the Board I wish to record our appreciation for the support and dedication of our Executive Management, staff, Joint Venture partners, contractors, local communities, shareholders and stakeholders during the year and look forward to the successful restructuring of the Board, capital structure and commercialisation of the Cambay Field.
In addition, I would like to record mine and the Board's appreciation for the significant contribution made by Mr Sundeep Bhandari who has decided to retire as a non-executive director from the close of this Annual General Meeting.
Yours Sincerely,
MDJ Cozijn
Chairman
http://www.moneyam.com/action/news/showArticle?id=5160414
ASX: OEX
AIM: OEX
Chairman's Address to Shareholders
Good morning ladies and gentlemen, and welcome to the 2015 Oilex Annual General Meeting.
We regret to advise that, as previously announced, Mr Sundeep Bhandari has withdrawn his nomination for re-election as a director pursuant to Resolution 3 of the Notice of Annual General Meeting. In addition, there has been a large negative vote recorded against all of the resolutions covering the remuneration report (Resolution 1), replacement of the Constitution (Resolution 2) and the re-election of Jeffrey Auld as an Independent Non-Executive Director (Resolution 4), all of which will be decided by a poll. Should Resolution 4 not be carried at this meeting, this will necessitate the appointment of an additional director following this AGM to ensure the Company complies with Australian Corporations Law requirements.
The remaining Board members recognise the dissatisfaction demonstrated by these votes, and we are setting in train the following measures to address some of those concerns;
· The Company is reviewing its strategic plan and financing of our core asset at Cambay.
· Progress negotiation of a commercial resolution of the Cambay Joint Venture program, cash calls and potential joint venture restructure.
· Defending the Zeta litigation with the assistance of external counsel.
· Review existing board structure and participants, and appoint suitably qualified and experienced directors.
· Reviewing Executive management and staffing levels appropriate to the current amended development timetable, including review of ongoing operating costs.
The current year has seen a continuation in the softening of the global resources and energy markets. During this challenging time the Board and management has continued the transformation of the Company into an emerging energy supplier in the Cambay Basin located in Gujarat State, India.
2014/15 has been a landmark year for your company with the delivery of the proof-of-concept well, Cambay 77-H, and the reporting of significant independently certified reserves. Oilex is the first company to successfully apply proven North American drilling and completion technology to tight oil and gas in India in the Cambay Basin, India. The success of this step-change technology has resulted in an upgrade to the reserves and contingent resources of our Cambay Field.
Alongside this technological success at Cambay, the Company has made significant progress on the work-over component of the approved 2015/16 work programme.
The Cambay Field is located adjacent to an existing gas pipeline grid with surplus capacity in the State of Gujarat and this should facilitate cost-effective commercialisation of Cambay natural gas. While global energy markets are experiencing significant price constraints, being close to existing infrastructure and growing local energy demand should ensure that domestic prices will be somewhat resilient to external price pressures.
With delivery of the proof of concept well at Cambay, Oilex is now progressing the transition from junior explorer to producer. This transition will not be without its challenges. Having achieved the technical proof of concept and independently certified reserves, the focus and priorities of the Board and management are increasingly concentrated on the commercial, regulatory and funding challenges that commencing the next phase of production from Cambay will bring. In addition to addressing the structural joint venture funding issues that have arisen.
In July 2015, we announced a capital funding programme to raise A$30 million (before expenses) to fund the approved 2015/16 work programme in India, estimated minimum work commitments in the Canning Basin and working capital requirements. This included a A$9.4 million deferred settlement component with Zeta Resources Limited, who currently have a 10.3% shareholding in Oilex.
Earlier this month we advised that Zeta had failed to settle the subscription for the deferred settlement portion of its placement and convertible note and was pursuing legal action against Oilex. With the assistance of external legal counsel, we are presently considering the remedies available to us and we will act in the best interests of all shareholders to defend any legal action.
This development has obviously had a significant impact on the company's share price, however in the short term our focus is to complete the current Cambay work-overs and the Bhandut-3 production facilities to increase our net revenue stream. Both programmes are in progress at present and completion of these activities is an important step in transforming Oilex into a sustainable business based upon production, cash flow and reserves growth.
In the medium to longer term our focus remains the commercialisation of significant hydrocarbon reserves located in an energy market with strong fundamentals. While the schedule for the approved 2015/16 drilling campaign at Cambay is currently being reconsidered with our Joint Venture partner, in addition to their outstanding cash calls, we anticipate that these wells will be commercially viable and the first steps in the field development plan, and should ultimately create significant value for all shareholders and stakeholders through delivering domestically sourced energy to the India market offsetting imported LNG. The Board is also actively reviewing alternative funding opportunities to assist in realising these goals.
Your Board believes that India offers a compelling investment proposition as the world's fourth largest energy consumer with a large unsatisfied gas demand. India is forecast to be the world's fastest growing large economy over the next two years. Strong growth, combined with a growing middle class forecast to be ~475 million people by 2030 is anticipated to result in significant growth in energy and natural gas consumption.
On behalf of the Board I wish to record our appreciation for the support and dedication of our Executive Management, staff, Joint Venture partners, contractors, local communities, shareholders and stakeholders during the year and look forward to the successful restructuring of the Board, capital structure and commercialisation of the Cambay Field.
In addition, I would like to record mine and the Board's appreciation for the significant contribution made by Mr Sundeep Bhandari who has decided to retire as a non-executive director from the close of this Annual General Meeting.
Yours Sincerely,
MDJ Cozijn
Chairman
http://www.moneyam.com/action/news/showArticle?id=5160414
banjomick
- 25 Nov 2015 10:52
- 186 of 293
Oilex to review strategy after shareholder AGM revolt
Jamie Ashcroft
08:24 25 Nov 2015
“The remaining board members recognise the dissatisfaction demonstrated by these votes,” chairman Max Cozijn said.
Oilex (LON:OEX, ASX:OEX) has launched a review of its strategy and financing plans after shareholders voted down all resolutions at the company’s AGM in Australia today.
The vote means Jeffrey Auld has not been re-elected as an independent director, nor has Sundeep Bhandari who withdrew his nomination. Shareholders also voted against resolutions relating to director remuneration and changes to the company’s constitution.
“The remaining board members recognise the dissatisfaction demonstrated by these votes,” chairman Max Cozijn said in a stock market statement.
Cozijn told investors that the company would now review its strategic plan and financing of the Cambay field, its core asset.
It will progress negotiation of a commercial resolution to Cambay joint venture, to address its partner’s outstanding cash calls and a potential restructuring, he added.
And he said the company is also going to review its existing board structure, as well as its executive management and staffing levels.
The company must also defend the Zeta litigation, with the assistance of external counsel.
“Earlier this month we advised that Zeta had failed to settle the subscription for the deferred settlement portion of its placement and convertible note and was pursuing legal action against Oilex,” Cozijn said.
“With the assistance of external legal counsel, we are presently considering the remedies available to us and we will act in the best interests of all shareholders to defend any legal action.
“This development has obviously had a significant impact on the company's share price, however in the short term our focus is to complete the current Cambay work-overs and the Bhandut-3 production facilities to increase our net revenue stream.”
Jamie Ashcroft
08:24 25 Nov 2015
“The remaining board members recognise the dissatisfaction demonstrated by these votes,” chairman Max Cozijn said.
Oilex (LON:OEX, ASX:OEX) has launched a review of its strategy and financing plans after shareholders voted down all resolutions at the company’s AGM in Australia today.
The vote means Jeffrey Auld has not been re-elected as an independent director, nor has Sundeep Bhandari who withdrew his nomination. Shareholders also voted against resolutions relating to director remuneration and changes to the company’s constitution.
“The remaining board members recognise the dissatisfaction demonstrated by these votes,” chairman Max Cozijn said in a stock market statement.
Cozijn told investors that the company would now review its strategic plan and financing of the Cambay field, its core asset.
It will progress negotiation of a commercial resolution to Cambay joint venture, to address its partner’s outstanding cash calls and a potential restructuring, he added.
And he said the company is also going to review its existing board structure, as well as its executive management and staffing levels.
The company must also defend the Zeta litigation, with the assistance of external counsel.
“Earlier this month we advised that Zeta had failed to settle the subscription for the deferred settlement portion of its placement and convertible note and was pursuing legal action against Oilex,” Cozijn said.
“With the assistance of external legal counsel, we are presently considering the remedies available to us and we will act in the best interests of all shareholders to defend any legal action.
“This development has obviously had a significant impact on the company's share price, however in the short term our focus is to complete the current Cambay work-overs and the Bhandut-3 production facilities to increase our net revenue stream.”
banjomick
- 26 Nov 2015 11:03
- 187 of 293
26 November 2015
Oilex Ltd
ASX Trading Halt
Oilex Ltd (ASX: OEX, AIM: OEX) wishes to advise that its shares have been placed in a trading halt on the Australian Securities Exchange ("ASX") pending the release of an announcement in relation to the appointment of a new director to satisfy its obligations under the Australian Corporations Act. Oilex shares will continue to trade on AIM during this period.
The below text was released on the ASX regarding the trading halt:
26 November 2015
Ms Frieda Orr
Australian Securities Exchange Limited
Level 40, Central Park
152-158 St George's Terrace
PERTH WA 6000
By email: tradinghaltsperth@asx.com.au
Trading halt request
Oilex Ltd (ASX: OEX, AIM: OEX) (Oilex) requests a trading halt in the quotation of its ordinary shares effective immediately.
Pursuant to ASX Listing Rule 17.1, Oilex provides the following information:
· the trading halt is requested pending release of an announcement concerning the appointment of a new director to satisfy its obligations under the Corporations Act;
· Oilex requests the trading halt remain in place until the earlier of such time as it is in a position to make an announcement in relation to the above matter and commencement of trading on Monday 30 November 2015; and
· Oilex is not aware of any reason why the trading halt should not be granted, or of any other information available at this stage that is necessary to inform the market or the ASX about the trading halt.
Yours faithfully
Chris Bath
Chief Financial Officer and Company Secretary
http://www.moneyam.com/action/news/showArticle?id=5161620
Oilex Ltd
ASX Trading Halt
Oilex Ltd (ASX: OEX, AIM: OEX) wishes to advise that its shares have been placed in a trading halt on the Australian Securities Exchange ("ASX") pending the release of an announcement in relation to the appointment of a new director to satisfy its obligations under the Australian Corporations Act. Oilex shares will continue to trade on AIM during this period.
The below text was released on the ASX regarding the trading halt:
26 November 2015
Ms Frieda Orr
Australian Securities Exchange Limited
Level 40, Central Park
152-158 St George's Terrace
PERTH WA 6000
By email: tradinghaltsperth@asx.com.au
Trading halt request
Oilex Ltd (ASX: OEX, AIM: OEX) (Oilex) requests a trading halt in the quotation of its ordinary shares effective immediately.
Pursuant to ASX Listing Rule 17.1, Oilex provides the following information:
· the trading halt is requested pending release of an announcement concerning the appointment of a new director to satisfy its obligations under the Corporations Act;
· Oilex requests the trading halt remain in place until the earlier of such time as it is in a position to make an announcement in relation to the above matter and commencement of trading on Monday 30 November 2015; and
· Oilex is not aware of any reason why the trading halt should not be granted, or of any other information available at this stage that is necessary to inform the market or the ASX about the trading halt.
Yours faithfully
Chris Bath
Chief Financial Officer and Company Secretary
http://www.moneyam.com/action/news/showArticle?id=5161620
banjomick
- 30 Nov 2015 07:55
- 188 of 293
30 November 2015
ASX: OEX
AIM: OEX
Director Appointment
Oilex Ltd has pleasure in announcing the appointment of Jonathan (Joe) Salomon as an Independent Non-Executive Director of the Company with immediate effect.
Mr Salomon has over 30 years experience working for upstream energy companies. He was previously the General Manger Exploration and New Ventures for Australia and then Vietnam at Murphy Oil Corporation, an independent international oil and gas company listed on the New York Stock Exchange. Prior to this, Mr Salomon was Global Head of Geoscience at RISC PL, an independent oil and gas consultancy firm. Joe acted in executive director roles for Strategic Energy Resources, Norwest Energy and Nido Petroleum between 2000 and 2009. From 1990 until 1996, he was a Senior Explorationist for Ampolex and, after its takeover by Mobil, was New Exploration and Producing Ventures Team Leader for Mobil.
At various times in his career, Mr Salomon has acted as an independent consultant for a number of oil & gas companies, including New Standard Energy and Pacrim Energy. Joe first worked on Indian projects in 1994 while at Ampolex and since that time has maintained connection with the Indian industry, at various times bidding in India's exploration and field development rounds and working with Indian companies as joint venture partners, both in India and internationally. Joe graduated from the University of Southern Queensland with a Bachelor degree in Applied Science and is a member of the American Association of Petroleum Geologists, Petroleum Exploration Society of Australia and South East Asian Petroleum Exploration Society.
The appointment of Mr Salomon facilitates the lifting of the Trading Halt on the ASX that was put in place on Thursday 26 November 2015.
Additional Information on Mr Jonathan (Joe) Salomon
The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:
Jonathan (Joe) Arnold Salomon (aged 59)
Current Directorships/Partnerships-None
Past Directorships/Partnerships (last 5 years)-None
There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.
For and on behalf of Oilex Ltd
Max Cozijn
Chairman
http://www.moneyam.com/action/news/showArticle?id=5163025
ASX: OEX
AIM: OEX
Director Appointment
Oilex Ltd has pleasure in announcing the appointment of Jonathan (Joe) Salomon as an Independent Non-Executive Director of the Company with immediate effect.
Mr Salomon has over 30 years experience working for upstream energy companies. He was previously the General Manger Exploration and New Ventures for Australia and then Vietnam at Murphy Oil Corporation, an independent international oil and gas company listed on the New York Stock Exchange. Prior to this, Mr Salomon was Global Head of Geoscience at RISC PL, an independent oil and gas consultancy firm. Joe acted in executive director roles for Strategic Energy Resources, Norwest Energy and Nido Petroleum between 2000 and 2009. From 1990 until 1996, he was a Senior Explorationist for Ampolex and, after its takeover by Mobil, was New Exploration and Producing Ventures Team Leader for Mobil.
At various times in his career, Mr Salomon has acted as an independent consultant for a number of oil & gas companies, including New Standard Energy and Pacrim Energy. Joe first worked on Indian projects in 1994 while at Ampolex and since that time has maintained connection with the Indian industry, at various times bidding in India's exploration and field development rounds and working with Indian companies as joint venture partners, both in India and internationally. Joe graduated from the University of Southern Queensland with a Bachelor degree in Applied Science and is a member of the American Association of Petroleum Geologists, Petroleum Exploration Society of Australia and South East Asian Petroleum Exploration Society.
The appointment of Mr Salomon facilitates the lifting of the Trading Halt on the ASX that was put in place on Thursday 26 November 2015.
Additional Information on Mr Jonathan (Joe) Salomon
The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:
Jonathan (Joe) Arnold Salomon (aged 59)
Current Directorships/Partnerships-None
Past Directorships/Partnerships (last 5 years)-None
There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.
For and on behalf of Oilex Ltd
Max Cozijn
Chairman
http://www.moneyam.com/action/news/showArticle?id=5163025
banjomick
- 02 Dec 2015 09:43
- 189 of 293
2 December 2015
ASX: OEX
AIM: OEX
ASX: ZER
Zeta Legal Proceedings Update
Oilex Ltd (Oilex or the Company) provides an update on the previously announced legal proceedings (announcement dated 13 November 2015 and 25 November 2015), commenced by Zeta Resources Limited (Zeta).
Oilex has today provided notice to the Court and Zeta of its intention to defend the legal proceedings and agreed a timetable with Zeta by which Oilex will file and serve its defence and cross claim by 16 December 2015.
The parties are presently engaged in discussions to explore options for a commercial resolution of the dispute, the subject of the legal proceedings. The parties have further agreed with the approval of the Court, not to take further steps in the legal proceedings until 1 March 2016 (other than filing and serving the defence and cross claim).
http://www.moneyam.com/action/news/showArticle?id=5166084
ASX: OEX
AIM: OEX
ASX: ZER
Zeta Legal Proceedings Update
Oilex Ltd (Oilex or the Company) provides an update on the previously announced legal proceedings (announcement dated 13 November 2015 and 25 November 2015), commenced by Zeta Resources Limited (Zeta).
Oilex has today provided notice to the Court and Zeta of its intention to defend the legal proceedings and agreed a timetable with Zeta by which Oilex will file and serve its defence and cross claim by 16 December 2015.
The parties are presently engaged in discussions to explore options for a commercial resolution of the dispute, the subject of the legal proceedings. The parties have further agreed with the approval of the Court, not to take further steps in the legal proceedings until 1 March 2016 (other than filing and serving the defence and cross claim).
http://www.moneyam.com/action/news/showArticle?id=5166084
banjomick
- 08 Dec 2015 08:00
- 190 of 293
8 December 2015
ASX: OEX
AIM: OEX
Cambay Workover Update
l Cambay-77H gas is being sold at a peak rate exceeding 110 boepd, via Cambay-73 facilities
l Cambay-19z oil production ~12 bopd plus associated gas
l Cambay-20 Hydraulic Lift Pump (HLP) installed
Oilex Ltd is pleased to provide the following workover update:
Production from the Cambay Field is now ~75 boepd and may increase in line with demand from the local low pressure gas market now that Cambay-77H is online.
Cambay-77H
The Cambay-77H workover is complete and, based upon cumulative production since restarting the well, is now averaging ~51boepd via the flowline connection to Cambay-73 facilities. The well is producing through a 1/64 inch choke and the tubing head pressure is ~2,600 psig and steady. Production from Cambay-77H is meeting the demand from the local low pressure gas market, including a peak demand rate of ~0.500MMscfd for ~1 hour period that occurs twice daily. At peak demand, gas is being sold from Cambay-77H at greater than 110boepd using the average condensate to gas ratio (CGR) of ~55bbls/MMscf since restarting the well.
The well performance is being closely monitored subsequent to recommencing production and a fuller understanding of its deliverability potential will be gained from ongoing production. Although demand for local gas fluctuates according to peak demand times as noted above, it is anticipated that overall gas demand from the local low pressure gas market may gradually increase now that Cambay-77H is online. An increase in the market overall will be dependent on successful marketing efforts in India. This marketing is underway.
As anticipated, the newly installed production tubing has improved the flow performance of the well compared to flowback and testing operations during 2014. The workover rig installed the production tubing without having to kill the well, this is believed to be the first time this activity has been successfully accomplished in a horizontal multi-stage frac'd well in India.
Cambay-19z
Cambay-19z is now producing oil at ~12 bopd plus associated gas from the Eocene (EP IV) formation, and is within expectations. The associated gas is used at site to power the pump. The operation to reposition the downhole pump has been successful. The well has also been fitted with a chemical injection system to improve flow performance. Cambay-19z is located approximately 1.4 km to the west of Cambay-77H.
Cambay-20
Installation of the HLP unit and downhole pump is complete and pumping out of the brine has commenced. Gas has been detected at surface in a similar manner to Cambay-19z. Cambay-20 has previously been an intermittent oil and gas producer without using a downhole pump. It is located approximately 200 metres from Cambay-77H and associated gas not used to power the pump is transmitted to the Cambay-73 gas treatment facilities.
Other potential workover candidates
The future possible workover list has ~ 6 new candidates for consideration. As previously announced, subject to ongoing discussions with our Joint Venture Partner regarding cashcall payments, a decision will be made in relation to further workovers after the Cambay-60 workover is complete.
Managing Director of Oilex, Ron Miller, said;
"The Cambay workover campaign continues to deliver positive results with oil production from Cambay-19z meeting expectations and the deliverability of Cambay-77H gas production enhanced with successful installation of the production tubing. Overall, in relation to the Cambay Field, Oilex is now focussing on its objective of achieving a production rate target of ~150 boepd."
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
http://www.moneyam.com/action/news/showArticle?id=5169766
ASX: OEX
AIM: OEX
Cambay Workover Update
l Cambay-77H gas is being sold at a peak rate exceeding 110 boepd, via Cambay-73 facilities
l Cambay-19z oil production ~12 bopd plus associated gas
l Cambay-20 Hydraulic Lift Pump (HLP) installed
Oilex Ltd is pleased to provide the following workover update:
Production from the Cambay Field is now ~75 boepd and may increase in line with demand from the local low pressure gas market now that Cambay-77H is online.
Cambay-77H
The Cambay-77H workover is complete and, based upon cumulative production since restarting the well, is now averaging ~51boepd via the flowline connection to Cambay-73 facilities. The well is producing through a 1/64 inch choke and the tubing head pressure is ~2,600 psig and steady. Production from Cambay-77H is meeting the demand from the local low pressure gas market, including a peak demand rate of ~0.500MMscfd for ~1 hour period that occurs twice daily. At peak demand, gas is being sold from Cambay-77H at greater than 110boepd using the average condensate to gas ratio (CGR) of ~55bbls/MMscf since restarting the well.
The well performance is being closely monitored subsequent to recommencing production and a fuller understanding of its deliverability potential will be gained from ongoing production. Although demand for local gas fluctuates according to peak demand times as noted above, it is anticipated that overall gas demand from the local low pressure gas market may gradually increase now that Cambay-77H is online. An increase in the market overall will be dependent on successful marketing efforts in India. This marketing is underway.
As anticipated, the newly installed production tubing has improved the flow performance of the well compared to flowback and testing operations during 2014. The workover rig installed the production tubing without having to kill the well, this is believed to be the first time this activity has been successfully accomplished in a horizontal multi-stage frac'd well in India.
Cambay-19z
Cambay-19z is now producing oil at ~12 bopd plus associated gas from the Eocene (EP IV) formation, and is within expectations. The associated gas is used at site to power the pump. The operation to reposition the downhole pump has been successful. The well has also been fitted with a chemical injection system to improve flow performance. Cambay-19z is located approximately 1.4 km to the west of Cambay-77H.
Cambay-20
Installation of the HLP unit and downhole pump is complete and pumping out of the brine has commenced. Gas has been detected at surface in a similar manner to Cambay-19z. Cambay-20 has previously been an intermittent oil and gas producer without using a downhole pump. It is located approximately 200 metres from Cambay-77H and associated gas not used to power the pump is transmitted to the Cambay-73 gas treatment facilities.
Other potential workover candidates
The future possible workover list has ~ 6 new candidates for consideration. As previously announced, subject to ongoing discussions with our Joint Venture Partner regarding cashcall payments, a decision will be made in relation to further workovers after the Cambay-60 workover is complete.
Managing Director of Oilex, Ron Miller, said;
"The Cambay workover campaign continues to deliver positive results with oil production from Cambay-19z meeting expectations and the deliverability of Cambay-77H gas production enhanced with successful installation of the production tubing. Overall, in relation to the Cambay Field, Oilex is now focussing on its objective of achieving a production rate target of ~150 boepd."
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
http://www.moneyam.com/action/news/showArticle?id=5169766
banjomick
- 18 Dec 2015 07:52
- 191 of 293
18 December 2015
ASX: OEX
AIM: OEX
Zeta Legal Proceedings Update
Oilex has now filed its defence in the Federal Court proceedings initiated by Zeta Resources Limited (Zeta). Oilex has also filed a cross-claim against Zeta seeking orders of specific performance requiring Zeta to perform its obligations and complete the relevant share subscription and convertible note agreements (or otherwise pay damages to Oilex).
Oilex will proceed to strongly defend the action and prosecute its cross-claim against Zeta if no resolution is reached in the discussions which will now occur between the parties as announced in OEX's ASX release of 3 December 2015.
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
http://www.moneyam.com/action/news/showArticle?id=5177706
ASX: OEX
AIM: OEX
Zeta Legal Proceedings Update
Oilex has now filed its defence in the Federal Court proceedings initiated by Zeta Resources Limited (Zeta). Oilex has also filed a cross-claim against Zeta seeking orders of specific performance requiring Zeta to perform its obligations and complete the relevant share subscription and convertible note agreements (or otherwise pay damages to Oilex).
Oilex will proceed to strongly defend the action and prosecute its cross-claim against Zeta if no resolution is reached in the discussions which will now occur between the parties as announced in OEX's ASX release of 3 December 2015.
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
http://www.moneyam.com/action/news/showArticle?id=5177706
banjomick
- 21 Dec 2015 08:04
- 192 of 293
21 December 2015
ASX: OEX
AIM: OEX
India Operations Update
l Cambay-77H produced ~715 boe during first 10 days, ~2.7MMscf gas and 252 bbls of condensate
l Cambay-77H gas sales averaged ~0.267MMscfd with a maximum peak rate of 0.572MMscfd
l The Bhandut-3 well and the associated gas production facilities are ready for start-up
Oilex Ltd is pleased to provide the following update:
Cambay-77H
Since restarting production, the Cambay-77H initial average production rate for 10 days (IP10) was ~71.5boepd. Although demand for gas fluctuates on a regular basis, as anticipated, production from Cambay-77H has gradually increased from 51boepd as previously announced on 7 December 2015. The well continues producing through a 1/64 inch choke and the average tubing head pressure for the same period was ~2,400psig. The condensate gas ratio (CGR) increased to an average of ~92.5bbls/MMscf from the previously reported 55bbls/MMscf. It is expected that with further production, the CGR may decrease to the anticipated 40-50bbls/MMscf as the tubing head pressure decreases.
Gas is sold into the low-pressure market in the immediate vicinity of the field. The well continues to meet the local low pressure market including a peak demand rate of ~0.500MMscfd for ~1 hour that occurs twice daily. Further increases in the overall market will be dependent on successful marketing efforts that are currently underway.
Ongoing production from Cambay-77H will allow a fuller understanding of its deliverability potential from the Y zone and the longer term CGR. This production data will be used to update the numerical simulation model created as part of the Independent Resource Assessment completed by RISC in April 2015 (refer ASX announcement dated 16 April 2015).
Cambay 73
Cambay-73 remains shut in, as Cambay 77H can meet current demand from the low-pressure market.
Bhandut Field
The Bhandut-3 well and the associated gas production facilities are ready for start-up (see attached photographs). The gas buyer is responsible for construction of a flowline to deliver the gas for further processing. This work has commenced and is estimated to be complete in early January 2016 at which time Bhandut-3 will commence commercial production. It is planned that Bhandut-3 will start-up at 0.7MMscfd and its performance will be closely monitored.
Joint Venture Matters
Oilex is continuing to work closely with our joint venture partner via regular meetings to resolve the outstanding receivable amount owed to the joint venture, and rescheduling the drilling of Cambay-78H and Cambay-80H wells.
Managing Director of Oilex, Ron Miller, said;
"Cambay continues to deliver positive results with Cambay-77H gas production gradually increasing as the low pressure gas market demand permits. While the higher than anticipated CGR at present is positive, ongoing production data is necessary to determine its sustainability. Another major milestone for 2015 has been achieved with Bhandut-3 and the gas production facilities ready for start-up. Oilex continues to focus on growing production and cashflow in India underpinned by a significant independently assessed Reserve and Resource base."
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
http://www.moneyam.com/action/news/showArticle?id=5179973
ASX: OEX
AIM: OEX
India Operations Update
l Cambay-77H produced ~715 boe during first 10 days, ~2.7MMscf gas and 252 bbls of condensate
l Cambay-77H gas sales averaged ~0.267MMscfd with a maximum peak rate of 0.572MMscfd
l The Bhandut-3 well and the associated gas production facilities are ready for start-up
Oilex Ltd is pleased to provide the following update:
Cambay-77H
Since restarting production, the Cambay-77H initial average production rate for 10 days (IP10) was ~71.5boepd. Although demand for gas fluctuates on a regular basis, as anticipated, production from Cambay-77H has gradually increased from 51boepd as previously announced on 7 December 2015. The well continues producing through a 1/64 inch choke and the average tubing head pressure for the same period was ~2,400psig. The condensate gas ratio (CGR) increased to an average of ~92.5bbls/MMscf from the previously reported 55bbls/MMscf. It is expected that with further production, the CGR may decrease to the anticipated 40-50bbls/MMscf as the tubing head pressure decreases.
Gas is sold into the low-pressure market in the immediate vicinity of the field. The well continues to meet the local low pressure market including a peak demand rate of ~0.500MMscfd for ~1 hour that occurs twice daily. Further increases in the overall market will be dependent on successful marketing efforts that are currently underway.
Ongoing production from Cambay-77H will allow a fuller understanding of its deliverability potential from the Y zone and the longer term CGR. This production data will be used to update the numerical simulation model created as part of the Independent Resource Assessment completed by RISC in April 2015 (refer ASX announcement dated 16 April 2015).
Cambay 73
Cambay-73 remains shut in, as Cambay 77H can meet current demand from the low-pressure market.
Bhandut Field
The Bhandut-3 well and the associated gas production facilities are ready for start-up (see attached photographs). The gas buyer is responsible for construction of a flowline to deliver the gas for further processing. This work has commenced and is estimated to be complete in early January 2016 at which time Bhandut-3 will commence commercial production. It is planned that Bhandut-3 will start-up at 0.7MMscfd and its performance will be closely monitored.
Joint Venture Matters
Oilex is continuing to work closely with our joint venture partner via regular meetings to resolve the outstanding receivable amount owed to the joint venture, and rescheduling the drilling of Cambay-78H and Cambay-80H wells.
Managing Director of Oilex, Ron Miller, said;
"Cambay continues to deliver positive results with Cambay-77H gas production gradually increasing as the low pressure gas market demand permits. While the higher than anticipated CGR at present is positive, ongoing production data is necessary to determine its sustainability. Another major milestone for 2015 has been achieved with Bhandut-3 and the gas production facilities ready for start-up. Oilex continues to focus on growing production and cashflow in India underpinned by a significant independently assessed Reserve and Resource base."
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
http://www.moneyam.com/action/news/showArticle?id=5179973
banjomick
- 06 Jan 2016 09:53
- 193 of 293
6 January 2016
ASX: OEX
AIM: OEX
Expiry of Unlisted Options
Oilex Ltd wishes to advise that 3,000,000 employee options with an exercise price of $0.15 and an expiry date of 17 December 2015 have expired unexercised.
For and on behalf of Oilex Ltd
Chris Bath
Chief Financial Officer and Company Secretary
http://www.moneyam.com/action/news/showArticle?id=5187905
ASX: OEX
AIM: OEX
Expiry of Unlisted Options
Oilex Ltd wishes to advise that 3,000,000 employee options with an exercise price of $0.15 and an expiry date of 17 December 2015 have expired unexercised.
For and on behalf of Oilex Ltd
Chris Bath
Chief Financial Officer and Company Secretary
http://www.moneyam.com/action/news/showArticle?id=5187905
banjomick
- 29 Jan 2016 08:00
- 194 of 293
I'll split the Report into two posts but please read complete document to review in full, link at BOP:
29 January 2016
OILEX LTD - DECEMBER 2015 QUARTERLY REPORT
HIGHLIGHTS
CAMBAY FIELD, ONSHORE GUJARAT, INDIA
» Workover on Cambay-77H completed, production from Cambay-77H has gradually increased from 51 boepd to average 70 boepd by end of December 2015
» Cambay-19z is now producing oil and associated gas from the Eocene Formation and is performing to expectations
» Cambay-20 workover successfully completed and workover rig demobilised
» Negotiations continue with our joint venture partner to address payment of outstanding cash calls, contributions to workovers, timetable and contribution to drilling of Cambay-78H and Cambay-80H wells resulting in delays to planned activities and cashflows
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
» Construction of the gas production facility completed and ready for start up
» Gas buyer responsible for construction of pipeline and estimates completion by end of January 2016
» Bhandut-3 commercial production is anticipated to commence mid-February
CORPORATE
» During the quarter, the Company commenced a review of its organisational structure, overhead and corporate costs, with cost savings of between ~15%-20% per annum identified and being implemented in Q1 2016
» Appointed Joe Salomon as Independent NED, having ~30 years' experience in the oil and gas industry, in November 2015
» With the retirement of two non-executive directors pursuant to the AGM, the Board is reviewing the existing Board structure and the appointment of additional suitably qualified and experienced directors
» Zeta Resources Limited (10.3% shareholder) defaulted on its deferred funding commitment of $9.4 million and commenced legal action against the Company. The Company filed its defence and counterclaim on 16 December 2015. The parties have agreed to a standstill on legal action until 1 March 2016 for parties to explore a possible commercial resolution.
OPERATIONS REVIEW
OVERVIEW
Despite the depressed global oil price, the Company continues to focus on completion of the Cambay workovers and production from Bhandut-3 to improve its short term revenue stream, as imported LNG is the only major competitor for the Company's Indian domestic gas production and therefore gas prices have remained somewhat resilient. The Company continues to seek a solution to progress the development of the broader Cambay project, taking into account the joint venture partner funding arrears and the difficult financial markets for funding early stage development projects.
HEALTH, SAFETY, SECURITY AND ENVIRONMENT
No Lost Time Incidents recorded during the quarter.
TOTAL NET OIL AND GAS PRODUCTION - 324 BBLS and 5.5 MMscf for the quarter (~1,278 boe)
The Cambay Field delivered net oil and gas production of 324 bbls and 5.5 MMscf for the three months to 31 December. This is a decrease of 115 boe on the previous quarter, reflecting lower offtake from small variations in the buyer consumption over the quarter.
At the end of the quarter, Bhandut Field production had not commenced due to a delay by the gas buyer in completing the pipeline installation.
During 2015 the Company implemented a plan to target a daily production rate of 340 boepd gross from Cambay and Bhandut Fields. Production during the December quarter was below the plan due to the delay in commencement of Bhandut-3 production, delays in undertaking workovers as a result of unpaid cash calls and constraints on the existing gas buyer. The Company will assess a new targeted daily production rate after commencement of Bhandut-3 production and an assessment of the local economic parameters.
CAMBAY FIELD, GUJARAT, INDIA
(Oilex: Operator and 45% interest)
The India workover campaign is targeting incremental oil and gas production from existing wells that will contribute cash flow to the Indian operations. Cambay-19z is now producing oil at ~12 bopd plus associated gas from the Eocene (EP-IV) formation, and is within expectations. The associated gas is used at site to power the pump. The operation to reposition the downhole pump was successfully completed during the quarter. The well has also been fitted with a chemical injection system to improve flow performance. Cambay-19z is located approximately 1.4 km to the west of Cambay-77H.
During the quarter, installation of the HLP unit and downhole pump at Cambay-20 was completed and pumping out of the brine had commenced. Gas had been detected at surface in a similar manner to Cambay-19z and influx from the reservoir to the well bore is still being assessed. Cambay-20 has previously been an intermittent oil and gas producer without using a downhole pump.
Production and Facilities
Cambay-73
Cambay-73 remains shut in, as Cambay-77H can meet gas buyer's current demand in the low-pressure market. Pressure and production volume measurements are continually recorded to provide further information about the Y Zone reservoir.
Cambay-77H
During the quarter, the Company completed the workover at Cambay-77H which included replacement of the frac tree with a production tree and installation of production tubing.
Since restarting production, Cambay-77H has gradually increased from 51 boepd. The initial average production rate for 10 days (IP10) was ~71.5 boepd and average IP10 condensate gas ratio (CGR) was ~92.5 bbls/MMscf. Production for 30 days was achieved on 4 January 2016 and Cambay-77H averaged ~70 boepd, meeting the buyer's demand, with an average tubing head pressure of 1,851psig and the CGR remained stable averaging ~90 bbls/MMscf. With further production, it is still expected that the CGR may decrease to the anticipated 40-50 bbls/MMscf as the tubing head pressure decreases.
Cambay-78H and Cambay-80H
As previously advised, our joint venture partner has formally indicated to the Company that it wished to vary the approved work programme. In light of this and the change in the Company's funding arrangements resulting from non-receipt in November 2015 of the deferred settlement portion of the capital raising from Zeta Resources Limited, approved by Shareholders on 12 August 2015, the commencement of the approved two well drilling programme, including tendering, will be delayed. Any change to the approved work programme for the Joint Venture agreed between the parties requires subsequent approval by the Government of India (GOI), under the terms of the Cambay Production Sharing Contract, and will be announced to the market at that time.
Cambay Gas Market
Cambay-77H gas continues to be sold into the low-pressure gas market in the immediate vicinity of the field partially serviced by the gas buyer and has a peak demand rate of ~0.57 MMscfd. The Company has been monitoring the licensing process by the GOI for expansion of a City Gas Distribution Network for the Anand Geographical Area (Area) which is ~1,900 km2. The Cambay Field is located within the Area and has a natural competitive advantage to imported LNG, which is currently used to supply gas within the Area.
The award of the license to upgrade and enhance the gas distribution network is anticipated to be made during Q1 2016. Under these arrangements, existing and new commercial/industrial customers having a gas demand up to ~2.5 MMscfd are expected to be supplied by the licensee who sources gas from upstream producers, such as the Cambay Joint Venture.
http://www.moneyam.com/action/news/showArticle?id=5202599
29 January 2016
OILEX LTD - DECEMBER 2015 QUARTERLY REPORT
HIGHLIGHTS
CAMBAY FIELD, ONSHORE GUJARAT, INDIA
» Workover on Cambay-77H completed, production from Cambay-77H has gradually increased from 51 boepd to average 70 boepd by end of December 2015
» Cambay-19z is now producing oil and associated gas from the Eocene Formation and is performing to expectations
» Cambay-20 workover successfully completed and workover rig demobilised
» Negotiations continue with our joint venture partner to address payment of outstanding cash calls, contributions to workovers, timetable and contribution to drilling of Cambay-78H and Cambay-80H wells resulting in delays to planned activities and cashflows
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
» Construction of the gas production facility completed and ready for start up
» Gas buyer responsible for construction of pipeline and estimates completion by end of January 2016
» Bhandut-3 commercial production is anticipated to commence mid-February
CORPORATE
» During the quarter, the Company commenced a review of its organisational structure, overhead and corporate costs, with cost savings of between ~15%-20% per annum identified and being implemented in Q1 2016
» Appointed Joe Salomon as Independent NED, having ~30 years' experience in the oil and gas industry, in November 2015
» With the retirement of two non-executive directors pursuant to the AGM, the Board is reviewing the existing Board structure and the appointment of additional suitably qualified and experienced directors
» Zeta Resources Limited (10.3% shareholder) defaulted on its deferred funding commitment of $9.4 million and commenced legal action against the Company. The Company filed its defence and counterclaim on 16 December 2015. The parties have agreed to a standstill on legal action until 1 March 2016 for parties to explore a possible commercial resolution.
OPERATIONS REVIEW
OVERVIEW
Despite the depressed global oil price, the Company continues to focus on completion of the Cambay workovers and production from Bhandut-3 to improve its short term revenue stream, as imported LNG is the only major competitor for the Company's Indian domestic gas production and therefore gas prices have remained somewhat resilient. The Company continues to seek a solution to progress the development of the broader Cambay project, taking into account the joint venture partner funding arrears and the difficult financial markets for funding early stage development projects.
HEALTH, SAFETY, SECURITY AND ENVIRONMENT
No Lost Time Incidents recorded during the quarter.
TOTAL NET OIL AND GAS PRODUCTION - 324 BBLS and 5.5 MMscf for the quarter (~1,278 boe)
The Cambay Field delivered net oil and gas production of 324 bbls and 5.5 MMscf for the three months to 31 December. This is a decrease of 115 boe on the previous quarter, reflecting lower offtake from small variations in the buyer consumption over the quarter.
At the end of the quarter, Bhandut Field production had not commenced due to a delay by the gas buyer in completing the pipeline installation.
During 2015 the Company implemented a plan to target a daily production rate of 340 boepd gross from Cambay and Bhandut Fields. Production during the December quarter was below the plan due to the delay in commencement of Bhandut-3 production, delays in undertaking workovers as a result of unpaid cash calls and constraints on the existing gas buyer. The Company will assess a new targeted daily production rate after commencement of Bhandut-3 production and an assessment of the local economic parameters.
CAMBAY FIELD, GUJARAT, INDIA
(Oilex: Operator and 45% interest)
The India workover campaign is targeting incremental oil and gas production from existing wells that will contribute cash flow to the Indian operations. Cambay-19z is now producing oil at ~12 bopd plus associated gas from the Eocene (EP-IV) formation, and is within expectations. The associated gas is used at site to power the pump. The operation to reposition the downhole pump was successfully completed during the quarter. The well has also been fitted with a chemical injection system to improve flow performance. Cambay-19z is located approximately 1.4 km to the west of Cambay-77H.
During the quarter, installation of the HLP unit and downhole pump at Cambay-20 was completed and pumping out of the brine had commenced. Gas had been detected at surface in a similar manner to Cambay-19z and influx from the reservoir to the well bore is still being assessed. Cambay-20 has previously been an intermittent oil and gas producer without using a downhole pump.
Production and Facilities
Cambay-73
Cambay-73 remains shut in, as Cambay-77H can meet gas buyer's current demand in the low-pressure market. Pressure and production volume measurements are continually recorded to provide further information about the Y Zone reservoir.
Cambay-77H
During the quarter, the Company completed the workover at Cambay-77H which included replacement of the frac tree with a production tree and installation of production tubing.
Since restarting production, Cambay-77H has gradually increased from 51 boepd. The initial average production rate for 10 days (IP10) was ~71.5 boepd and average IP10 condensate gas ratio (CGR) was ~92.5 bbls/MMscf. Production for 30 days was achieved on 4 January 2016 and Cambay-77H averaged ~70 boepd, meeting the buyer's demand, with an average tubing head pressure of 1,851psig and the CGR remained stable averaging ~90 bbls/MMscf. With further production, it is still expected that the CGR may decrease to the anticipated 40-50 bbls/MMscf as the tubing head pressure decreases.
Cambay-78H and Cambay-80H
As previously advised, our joint venture partner has formally indicated to the Company that it wished to vary the approved work programme. In light of this and the change in the Company's funding arrangements resulting from non-receipt in November 2015 of the deferred settlement portion of the capital raising from Zeta Resources Limited, approved by Shareholders on 12 August 2015, the commencement of the approved two well drilling programme, including tendering, will be delayed. Any change to the approved work programme for the Joint Venture agreed between the parties requires subsequent approval by the Government of India (GOI), under the terms of the Cambay Production Sharing Contract, and will be announced to the market at that time.
Cambay Gas Market
Cambay-77H gas continues to be sold into the low-pressure gas market in the immediate vicinity of the field partially serviced by the gas buyer and has a peak demand rate of ~0.57 MMscfd. The Company has been monitoring the licensing process by the GOI for expansion of a City Gas Distribution Network for the Anand Geographical Area (Area) which is ~1,900 km2. The Cambay Field is located within the Area and has a natural competitive advantage to imported LNG, which is currently used to supply gas within the Area.
The award of the license to upgrade and enhance the gas distribution network is anticipated to be made during Q1 2016. Under these arrangements, existing and new commercial/industrial customers having a gas demand up to ~2.5 MMscfd are expected to be supplied by the licensee who sources gas from upstream producers, such as the Cambay Joint Venture.
http://www.moneyam.com/action/news/showArticle?id=5202599
banjomick
- 29 Jan 2016 08:04
- 195 of 293
Joint Venture Management
As at 31 December 2015 the joint venture partner owed ~US$8.6 million to the Cambay Joint Venture. The Company has had a number of constructive meetings with its joint venture partner to resolve the outstanding joint venture receivable amount, the workover campaign, rescheduling the drilling of Cambay-78H and Cambay-80H wells, and the joint venture partner's participation in these wells. While these negotiations continue, various activities for the Cambay project will be delayed. As at 31 December 2015 Indian joint venture creditors totalled US$2.4 million, and payments are being managed by the Operator pending receipt of outstanding cash calls.
A draft budget for the 2016/17 year has been submitted to the Joint Venture for review and consideration.
Oilex has engaged the services of Mr Vijay Mishra to provide strategic advice for its entire Indian business. Mr Vijay Mishra has over 25 years' experience in the oil and gas industry in India, including senior positions with ONGC and Oil India Ltd including Staff Officer to the Chairman, Country Head for the Sapura Group (Malaysia). Mr Mishra has been Chairman of Interlink Petroleum Limited since October 2012.
BHANDUT FIELD, GUJARAT, INDIA
(Oilex: Operator and 40% interest)
Harvesting Conventional Gas
The Bhandut-3 well and the associated gas production facilities are ready for start-up at 0.70MMscfd. The gas buyer is responsible for construction of a pipeline to deliver the gas for further processing and had undertaken to have the pipeline completed no later than 31 December 2015. The buyer has now estimated the pipeline will be complete by the end of January 2016. The Company anticipates that Bhandut-3 commercial production may commence around mid-February. Bhandut gas is delivered to a third party operated gas processing plant where the gas is further treated to the required pipeline specification and subsequently compressed for entry into the gas network. Subject to assessing Bhandut-3's performance, it may be possible to increase the production rate to the facilities/flowline capacity of ~1.3 MMscfd (~220 boepd).
Figure 1: Bhandut Facility (see Oilex website)
Joint Venture Management
As at 31 December 2015 the joint venture partner owed ~US$0.3 million related to the Bhandut Joint Venture. The Company has had a number of constructive meetings with our joint venture partner to resolve the outstanding receivable amount.
WALLAL GRABEN - WESTERN AUSTRALIA (CANNING BASIN)
(Oilex: Operator and 100% interest)
The Wallal Graben asset is located adjacent to the Pilbara, a global resource centre for iron ore and LNG in Western Australia. The Company has a low cost entry into a province with the key determinates for successful development, being:
· Markets
· Infrastructure
· Geology
The Company has identified and evaluated a suite of 14 conventional prospects. An evaluation of the unconventional prospectivity was also undertaken which highlighted that unconventional plays are interpreted to exist and may be consistent with those identified by drilling in the Canning Basin. The leads and prospects inventory comprises multiple play-types ranging from simple structural traps to well-defined fan systems.
The Goldwyer Formation, an acknowledged resource play, is interpreted to exist within the Wallal Graben and is a focus objective for the Company. The Wallal Graben may be a relative sweet spot for these organic-rich source rocks due to its geological history.
Signing of Heritage Agreements with the Nyangumarta people in relation to the two northern blocks is linked to a request to the DMP that all three blocks be awarded simultaneously. Consultations on the Heritage Agreements for all blocks are ongoing.
Farmout efforts are still underway and the Company continues to review how to best market and fund this project given the current difficult economic climate for the oil and gas industry.
Figure 2: Significant infrastructure within and adjacent to Oilex's Wallal Graben permits (see Oilex website)
JPDA 06-103, TIMOR SEA
(Oilex: Operator and 10% interest)
Oilex in its capacity as Operator, on behalf of the Joint Venture Participants in the Joint Petroleum Development Area (JPDA) 06-103 Production Sharing Contract (PSC), received on 15 July 2015 a Notice of Termination and Demand for Payment (Notice) from the Autoridade Nacional do Petroleo (ANP). The Notice follows on from the rejection by the ANP of the Joint Venture request to terminate the PSC by mutual agreement, in good standing and without penalty.
The demand for payment of the monetary claim of US$17,018,790 is the ANP's estimate of the cost of exploration activities not undertaken in 2013, as well as certain local content obligations set out in the PSC. Since Oilex (JPDA 06-103) Ltd had a 10% equity interest in the PSC its share of the monetary claim is US$1,701,879. The Company has not provided for a monetary settlement in its financial statements. As the Joint Venture has made significant overpayments in the work programme, it is of the opinion that the excess expenditure should be included as part of any financial assessment incorporated in the termination process.
The Joint Venture continues to discuss the financial liability of the Contractor upon termination with the ANP.
WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA
(Oilex: 45% interest and further 22.5% secured1)
A Court approved Scheme of Arrangement has been implemented over the Operator, however Oilex continues to pursue enforcement of the Arbitration Award and a commercial settlement.
NEW VENTURES
The Company continues to search for attractive assets coming onto the market given the depressed nature of the industry, with a focus on Indian opportunities where the Company's experience in unconventional targets can be applied.
CORPORATE
At the end of the quarter the Company retained cash resources of $11.5 million.
During the quarter the Company commenced a review of its organisational structure, overhead and corporate costs. Subsequent to the end of the quarter the Company implemented cost reductions to achieve estimated savings of between ~15%-20% per annum on its overhead and corporate costs. Cost reduction initiatives being implemented include:
· ~15% reduction in personnel on a full time equivalent basis,
· ~10% reduction in salaries and wages for personnel, and
· 10% reduction in directors' fees.
Until a resolution on the way forward on the Cambay project is achieved, the Company continues to conserve its cash resources and further cost reduction initiatives may be necessary.
Zeta Litigation
The Company undertook a capital raising in July and August 2015 which included a 90 day deferred settlement component for the issue of shares and convertible notes to Zeta Resources Limited (Zeta). This consisted of the issue of $4,243,500 of 20 year, zero coupon unsecured convertible notes, as well as a subscription for 124,019,608 new ordinary shares at a price of $0.0418 per share (the Deferred Shares), with settlement to occur on 11 November and 12 November 2015 respectively. Zeta failed to settle the subscription for the Deferred Shares and the convertible notes and commenced legal action on or about 12 November 2015 against the Company in the Federal Court of Australia.
On 16 December 2015 the Company filed its defence in the Federal Court proceedings initiated by Zeta. The Company has also filed a cross-claim against Zeta seeking orders of specific performance requiring Zeta to perform its obligations and complete the relevant share subscription and convertible note agreements (or otherwise pay damages to the Company). With the agreement of the Court, the parties have established a standstill period until 1 March 2016 to explore a possible commercial resolution to the dispute.
The Company has incurred significant legal fees during the quarter as a result of this litigation which is reflected in the estimated Administration cash outflows reported in the Appendix 5B attached.
AIM Broker
Westhouse Securities withdrew as the Company's AIM broker on 13 November 2015 and was replaced by Strand Hanson who are also the Company's AIM Nomad. The Company is seeking to appoint a new full service AIM broker in the near future.
Board Composition
On 18 November 2015 Mr Sundeep Bhandari withdrew his nomination to stand for re-election as a Director of the Company and advised that he would retire at the close of the 25 November 2015 Annual General Meeting (AGM).
Shareholders at the AGM did not re-elect Mr Jeffrey Auld, and as a result, the Company needed to appoint a new director to satisfy its obligation under the Corporations Act to have a minimum of three directors.
The Company announced the appointment of Mr Jonathan (Joe) Salomon as an Independent Non-Executive Director of the Company effective 29 November 2015. Mr Salomon has over 30 years' experience working for upstream energy companies.
The Board is actively pursuing the appointment of suitable additional independent non-executive directors.
Capital Structure as at 31 December 2015
Ordinary Shares
1,180,426,999
Unlisted Options
26,150,000
http://www.moneyam.com/action/news/showArticle?id=5202599
As at 31 December 2015 the joint venture partner owed ~US$8.6 million to the Cambay Joint Venture. The Company has had a number of constructive meetings with its joint venture partner to resolve the outstanding joint venture receivable amount, the workover campaign, rescheduling the drilling of Cambay-78H and Cambay-80H wells, and the joint venture partner's participation in these wells. While these negotiations continue, various activities for the Cambay project will be delayed. As at 31 December 2015 Indian joint venture creditors totalled US$2.4 million, and payments are being managed by the Operator pending receipt of outstanding cash calls.
A draft budget for the 2016/17 year has been submitted to the Joint Venture for review and consideration.
Oilex has engaged the services of Mr Vijay Mishra to provide strategic advice for its entire Indian business. Mr Vijay Mishra has over 25 years' experience in the oil and gas industry in India, including senior positions with ONGC and Oil India Ltd including Staff Officer to the Chairman, Country Head for the Sapura Group (Malaysia). Mr Mishra has been Chairman of Interlink Petroleum Limited since October 2012.
BHANDUT FIELD, GUJARAT, INDIA
(Oilex: Operator and 40% interest)
Harvesting Conventional Gas
The Bhandut-3 well and the associated gas production facilities are ready for start-up at 0.70MMscfd. The gas buyer is responsible for construction of a pipeline to deliver the gas for further processing and had undertaken to have the pipeline completed no later than 31 December 2015. The buyer has now estimated the pipeline will be complete by the end of January 2016. The Company anticipates that Bhandut-3 commercial production may commence around mid-February. Bhandut gas is delivered to a third party operated gas processing plant where the gas is further treated to the required pipeline specification and subsequently compressed for entry into the gas network. Subject to assessing Bhandut-3's performance, it may be possible to increase the production rate to the facilities/flowline capacity of ~1.3 MMscfd (~220 boepd).
Figure 1: Bhandut Facility (see Oilex website)
Joint Venture Management
As at 31 December 2015 the joint venture partner owed ~US$0.3 million related to the Bhandut Joint Venture. The Company has had a number of constructive meetings with our joint venture partner to resolve the outstanding receivable amount.
WALLAL GRABEN - WESTERN AUSTRALIA (CANNING BASIN)
(Oilex: Operator and 100% interest)
The Wallal Graben asset is located adjacent to the Pilbara, a global resource centre for iron ore and LNG in Western Australia. The Company has a low cost entry into a province with the key determinates for successful development, being:
· Markets
· Infrastructure
· Geology
The Company has identified and evaluated a suite of 14 conventional prospects. An evaluation of the unconventional prospectivity was also undertaken which highlighted that unconventional plays are interpreted to exist and may be consistent with those identified by drilling in the Canning Basin. The leads and prospects inventory comprises multiple play-types ranging from simple structural traps to well-defined fan systems.
The Goldwyer Formation, an acknowledged resource play, is interpreted to exist within the Wallal Graben and is a focus objective for the Company. The Wallal Graben may be a relative sweet spot for these organic-rich source rocks due to its geological history.
Signing of Heritage Agreements with the Nyangumarta people in relation to the two northern blocks is linked to a request to the DMP that all three blocks be awarded simultaneously. Consultations on the Heritage Agreements for all blocks are ongoing.
Farmout efforts are still underway and the Company continues to review how to best market and fund this project given the current difficult economic climate for the oil and gas industry.
Figure 2: Significant infrastructure within and adjacent to Oilex's Wallal Graben permits (see Oilex website)
JPDA 06-103, TIMOR SEA
(Oilex: Operator and 10% interest)
Oilex in its capacity as Operator, on behalf of the Joint Venture Participants in the Joint Petroleum Development Area (JPDA) 06-103 Production Sharing Contract (PSC), received on 15 July 2015 a Notice of Termination and Demand for Payment (Notice) from the Autoridade Nacional do Petroleo (ANP). The Notice follows on from the rejection by the ANP of the Joint Venture request to terminate the PSC by mutual agreement, in good standing and without penalty.
The demand for payment of the monetary claim of US$17,018,790 is the ANP's estimate of the cost of exploration activities not undertaken in 2013, as well as certain local content obligations set out in the PSC. Since Oilex (JPDA 06-103) Ltd had a 10% equity interest in the PSC its share of the monetary claim is US$1,701,879. The Company has not provided for a monetary settlement in its financial statements. As the Joint Venture has made significant overpayments in the work programme, it is of the opinion that the excess expenditure should be included as part of any financial assessment incorporated in the termination process.
The Joint Venture continues to discuss the financial liability of the Contractor upon termination with the ANP.
WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA
(Oilex: 45% interest and further 22.5% secured1)
A Court approved Scheme of Arrangement has been implemented over the Operator, however Oilex continues to pursue enforcement of the Arbitration Award and a commercial settlement.
NEW VENTURES
The Company continues to search for attractive assets coming onto the market given the depressed nature of the industry, with a focus on Indian opportunities where the Company's experience in unconventional targets can be applied.
CORPORATE
At the end of the quarter the Company retained cash resources of $11.5 million.
During the quarter the Company commenced a review of its organisational structure, overhead and corporate costs. Subsequent to the end of the quarter the Company implemented cost reductions to achieve estimated savings of between ~15%-20% per annum on its overhead and corporate costs. Cost reduction initiatives being implemented include:
· ~15% reduction in personnel on a full time equivalent basis,
· ~10% reduction in salaries and wages for personnel, and
· 10% reduction in directors' fees.
Until a resolution on the way forward on the Cambay project is achieved, the Company continues to conserve its cash resources and further cost reduction initiatives may be necessary.
Zeta Litigation
The Company undertook a capital raising in July and August 2015 which included a 90 day deferred settlement component for the issue of shares and convertible notes to Zeta Resources Limited (Zeta). This consisted of the issue of $4,243,500 of 20 year, zero coupon unsecured convertible notes, as well as a subscription for 124,019,608 new ordinary shares at a price of $0.0418 per share (the Deferred Shares), with settlement to occur on 11 November and 12 November 2015 respectively. Zeta failed to settle the subscription for the Deferred Shares and the convertible notes and commenced legal action on or about 12 November 2015 against the Company in the Federal Court of Australia.
On 16 December 2015 the Company filed its defence in the Federal Court proceedings initiated by Zeta. The Company has also filed a cross-claim against Zeta seeking orders of specific performance requiring Zeta to perform its obligations and complete the relevant share subscription and convertible note agreements (or otherwise pay damages to the Company). With the agreement of the Court, the parties have established a standstill period until 1 March 2016 to explore a possible commercial resolution to the dispute.
The Company has incurred significant legal fees during the quarter as a result of this litigation which is reflected in the estimated Administration cash outflows reported in the Appendix 5B attached.
AIM Broker
Westhouse Securities withdrew as the Company's AIM broker on 13 November 2015 and was replaced by Strand Hanson who are also the Company's AIM Nomad. The Company is seeking to appoint a new full service AIM broker in the near future.
Board Composition
On 18 November 2015 Mr Sundeep Bhandari withdrew his nomination to stand for re-election as a Director of the Company and advised that he would retire at the close of the 25 November 2015 Annual General Meeting (AGM).
Shareholders at the AGM did not re-elect Mr Jeffrey Auld, and as a result, the Company needed to appoint a new director to satisfy its obligation under the Corporations Act to have a minimum of three directors.
The Company announced the appointment of Mr Jonathan (Joe) Salomon as an Independent Non-Executive Director of the Company effective 29 November 2015. Mr Salomon has over 30 years' experience working for upstream energy companies.
The Board is actively pursuing the appointment of suitable additional independent non-executive directors.
Capital Structure as at 31 December 2015
Ordinary Shares
1,180,426,999
Unlisted Options
26,150,000
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banjomick
- 29 Jan 2016 08:12
- 196 of 293
banjomick
- 11 Feb 2016 07:54
- 197 of 293
11 February 2016
ASX: OEX
AIM: OEX
Oilex Strengthens Board with Appointment of NED
The Board of Oilex Ltd (the Company) is very pleased to announce the appointment of Brad Lingo as an Independent Non-Executive Director.
Mr Lingo has over 30 years' experience in a diverse range of oil and gas leadership roles, including business development, new ventures, mergers and acquisitions and corporate finance. Mr Lingo's career to date has seen him work with Tenneco Energy and El Paso Corporation in the US and Australia, the Commonwealth Bank of Australia, Managing Director & CEO of Drillsearch Energy Limited for 6 years and his current role of Managing Director & CEO of Elk Petroleum Limited.
Mr Lingo is a recognised oil and gas industry leader, whose broad range of skills and experiences have been recognised in recent awards including winning the SMH/East Coles S&P/ASX 200 Energy Best CEO of the Year 2014.
Brad has a Bachelor of Arts with Honours (Economics, History, and Philosophy) from Miami University and a Juris Doctorate from Southern Methodist University in Dallas, Texas. He is also a member of the Australian Institute of Company Directors, the Association of International Petroleum Negotiators and the American Association of Petroleum Geologists.
Mr Lingo started his career in the oil and gas sector in 1986 representing major Texas financial institutions and the US Government in Dallas, Texas, successfully assisting both financial institutions and oil & gas companies through major financial restructurings following the 1986 oil price collapse.
Mr Lingo subsequently joined Tenneco Inc. in Houston, Texas as a corporate attorney in the company's Mergers, Acquisitions and Corporate Finance team supporting the Upstream Oil & Gas and Midstream Gas Pipeline & Processing divisions. Based on his achievements as part of this team he advanced to become a leading new ventures and business development executive in the company's International Business Development Team ultimately focussing on Tenneco's and El Paso's international business focus in Australasia including the foundation of Epic Energy - a leading builder, owner and operator of natural gas pipeline infrastructure in Australia.
Chairman of Oilex, Max Cozijn, said;
"Oilex is fortunate to have a person with Brad's record of success and experience join the Board as an additional Independent NED, thereby fulfilling our aim to restructure the Board and assist in the ongoing review of the Company's strategic plan and ongoing developments in India".
Additional Information on Mr Bradley Lingo
The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:
Bradley William Lingo (aged 54)
Current Directorships/Partnerships-Elk Petroleum Limited
Past Directorships/Partnerships (last 5 years)
Drillsearch Energy Limited
Ambassador Oil & Gas Limited
Acer Energy Limited
There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.
For and on behalf of Oilex Ltd
Max Cozijn
Chairman
http://www.moneyam.com/action/news/showArticle?id=5211153
ASX: OEX
AIM: OEX
Oilex Strengthens Board with Appointment of NED
The Board of Oilex Ltd (the Company) is very pleased to announce the appointment of Brad Lingo as an Independent Non-Executive Director.
Mr Lingo has over 30 years' experience in a diverse range of oil and gas leadership roles, including business development, new ventures, mergers and acquisitions and corporate finance. Mr Lingo's career to date has seen him work with Tenneco Energy and El Paso Corporation in the US and Australia, the Commonwealth Bank of Australia, Managing Director & CEO of Drillsearch Energy Limited for 6 years and his current role of Managing Director & CEO of Elk Petroleum Limited.
Mr Lingo is a recognised oil and gas industry leader, whose broad range of skills and experiences have been recognised in recent awards including winning the SMH/East Coles S&P/ASX 200 Energy Best CEO of the Year 2014.
Brad has a Bachelor of Arts with Honours (Economics, History, and Philosophy) from Miami University and a Juris Doctorate from Southern Methodist University in Dallas, Texas. He is also a member of the Australian Institute of Company Directors, the Association of International Petroleum Negotiators and the American Association of Petroleum Geologists.
Mr Lingo started his career in the oil and gas sector in 1986 representing major Texas financial institutions and the US Government in Dallas, Texas, successfully assisting both financial institutions and oil & gas companies through major financial restructurings following the 1986 oil price collapse.
Mr Lingo subsequently joined Tenneco Inc. in Houston, Texas as a corporate attorney in the company's Mergers, Acquisitions and Corporate Finance team supporting the Upstream Oil & Gas and Midstream Gas Pipeline & Processing divisions. Based on his achievements as part of this team he advanced to become a leading new ventures and business development executive in the company's International Business Development Team ultimately focussing on Tenneco's and El Paso's international business focus in Australasia including the foundation of Epic Energy - a leading builder, owner and operator of natural gas pipeline infrastructure in Australia.
Chairman of Oilex, Max Cozijn, said;
"Oilex is fortunate to have a person with Brad's record of success and experience join the Board as an additional Independent NED, thereby fulfilling our aim to restructure the Board and assist in the ongoing review of the Company's strategic plan and ongoing developments in India".
Additional Information on Mr Bradley Lingo
The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:
Bradley William Lingo (aged 54)
Current Directorships/Partnerships-Elk Petroleum Limited
Past Directorships/Partnerships (last 5 years)
Drillsearch Energy Limited
Ambassador Oil & Gas Limited
Acer Energy Limited
There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.
For and on behalf of Oilex Ltd
Max Cozijn
Chairman
http://www.moneyam.com/action/news/showArticle?id=5211153
banjomick
- 11 Feb 2016 07:56
- 198 of 293
banjomick
- 01 Mar 2016 08:32
- 199 of 293
1 March 2016
ASX: OEX
AIM: OEX
Zeta Legal Proceedings Update
Further to Oilex's announcement updates of 2 and 18 December 2015 the parties have not been able to agree a resolution of the dispute at this point in time, however discussions are continuing.
As a result, and in accordance with consent orders made with the Federal Court yesterday, Zeta Resources Limited must now file and serve any reply and defence to Oilex's cross claim by 29 March 2016.
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
http://www.moneyam.com/action/news/showArticle?id=5223136
ASX: OEX
AIM: OEX
Zeta Legal Proceedings Update
Further to Oilex's announcement updates of 2 and 18 December 2015 the parties have not been able to agree a resolution of the dispute at this point in time, however discussions are continuing.
As a result, and in accordance with consent orders made with the Federal Court yesterday, Zeta Resources Limited must now file and serve any reply and defence to Oilex's cross claim by 29 March 2016.
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
http://www.moneyam.com/action/news/showArticle?id=5223136
banjomick
- 08 Mar 2016 08:35
- 200 of 293
8 March 2016
ASX: OEX
AIM: OEX
Expiry of Unlisted Options
Oilex Ltd wishes to advise that 5,000,000 unlisted options with an exercise price of $0.25 and an expiry date of 8 March 2016 have expired unexercised.
For and on behalf of Oilex Ltd
Chris Bath
Chief Financial Officer and Company Secretary
http://www.moneyam.com/action/news/showArticle?id=5228524
ASX: OEX
AIM: OEX
Expiry of Unlisted Options
Oilex Ltd wishes to advise that 5,000,000 unlisted options with an exercise price of $0.25 and an expiry date of 8 March 2016 have expired unexercised.
For and on behalf of Oilex Ltd
Chris Bath
Chief Financial Officer and Company Secretary
http://www.moneyam.com/action/news/showArticle?id=5228524
banjomick
- 14 Mar 2016 09:08
- 201 of 293
14 March 2016
OILEX LTD
ABN 50 078 652 632
INTERIM REPORT
31 DECEMBER 2015
CONTENTS
Directors' Report
Auditor's Independence Declaration
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
Condensed Consolidated Statement of Financial Position
Condensed Consolidated Statement of Changes in Equity
Condensed Consolidated Statement of Cash Flows
Notes to the Condensed Consolidated Interim Financial Report
Directors' Declaration
Independent Review Report
http://www.moneyam.com/action/news/showArticle?id=5232397
OILEX LTD
ABN 50 078 652 632
INTERIM REPORT
31 DECEMBER 2015
CONTENTS
Directors' Report
Auditor's Independence Declaration
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
Condensed Consolidated Statement of Financial Position
Condensed Consolidated Statement of Changes in Equity
Condensed Consolidated Statement of Cash Flows
Notes to the Condensed Consolidated Interim Financial Report
Directors' Declaration
Independent Review Report
http://www.moneyam.com/action/news/showArticle?id=5232397
banjomick
- 18 Mar 2016 09:55
- 202 of 293
Date 18 March 2016
ASX: OEX
AIM: OEX
Oilex Appoints New MD - Jonathan Salomon
The Board of Oilex Ltd (Oilex or the Company) announces the appointment of Jonathan (Joe) Salomon, currently an independent non-executive director, as the new Managing Director of the Company with immediate effect, following the resignation of Mr Ron Miller today as a director of the Company.
Mr Salomon has over 30 years of experience in the oil and gas exploration and production business in both conventional and unconventional projects and brings specific Indian business and oil and gas expertise. He joined the board as an independent non-executive director in November 2015 and since that time has become fully familiarised with Oilex and its assets, allowing for a seamless transition.
Mr Salomon brings experience and knowledge in company management, consulting and advising, exploration and production project management, business development, new venture identification, acquisition, and strategy and risk management in both small and large companies. He was most recently General Manager for Murphy Oil first in Australia and then in Vietnam where his team was successful in securing significant value additions to the company's E&P portfolio and in managing high value work programs. Previous roles include Head of Geoscience for RISC Advisory, CEO and MD for Norwest Energy, and executive director roles for a number of ASX listed companies. Mr Salomon spent his formative years working for Ampolex Limited and Mobil (following Mobil's takeover) and LASMO.
Chairman of Oilex, Max Cozijn, said:
"The Board appreciates the significant contribution and efforts of Mr Miller, who served as the Managing Director of the Company for more than 3 years, and was also a strong contributor as a non-executive director since July 2009.
We thank Ron for managing the Company through a significant period of its development which saw the first horizontal multi-stage fracked well to be production tested in India. We wish Ron well for the future.
I would also like to this opportunity to welcome Joe's appointment to MD. Joe's recent background in managing international exploration and production projects and his track record of providing strong management oversight as well as successfully securing new business opportunities is an ideal skill set for Oilex. Joe's key focus will be to seek resolution of the issues facing Oilex and to secure value from our existing assets."
Mr Salomon commented: "I am very enthusiastic about the opportunity to serve as Managing Director of Oilex. Oilex's Indian projects have the technical and commercial potential to transform the Company and we will be seeking to extract maximum value from this.
Our Cambay Project, for example, has the potential to provide a significant contribution to the development of India's domestic onshore gas industry through the application of up to date tight gas drilling and development technologies."
In accordance with ASX Listing Rule 3.16.4, the key terms of Mr Salomon's employment are set out in the schedule to this release.
For and on behalf of Oilex Ltd
Max Cozijn
Chairman
http://www.moneyam.com/action/news/showArticle?id=5245057
ASX: OEX
AIM: OEX
Oilex Appoints New MD - Jonathan Salomon
The Board of Oilex Ltd (Oilex or the Company) announces the appointment of Jonathan (Joe) Salomon, currently an independent non-executive director, as the new Managing Director of the Company with immediate effect, following the resignation of Mr Ron Miller today as a director of the Company.
Mr Salomon has over 30 years of experience in the oil and gas exploration and production business in both conventional and unconventional projects and brings specific Indian business and oil and gas expertise. He joined the board as an independent non-executive director in November 2015 and since that time has become fully familiarised with Oilex and its assets, allowing for a seamless transition.
Mr Salomon brings experience and knowledge in company management, consulting and advising, exploration and production project management, business development, new venture identification, acquisition, and strategy and risk management in both small and large companies. He was most recently General Manager for Murphy Oil first in Australia and then in Vietnam where his team was successful in securing significant value additions to the company's E&P portfolio and in managing high value work programs. Previous roles include Head of Geoscience for RISC Advisory, CEO and MD for Norwest Energy, and executive director roles for a number of ASX listed companies. Mr Salomon spent his formative years working for Ampolex Limited and Mobil (following Mobil's takeover) and LASMO.
Chairman of Oilex, Max Cozijn, said:
"The Board appreciates the significant contribution and efforts of Mr Miller, who served as the Managing Director of the Company for more than 3 years, and was also a strong contributor as a non-executive director since July 2009.
We thank Ron for managing the Company through a significant period of its development which saw the first horizontal multi-stage fracked well to be production tested in India. We wish Ron well for the future.
I would also like to this opportunity to welcome Joe's appointment to MD. Joe's recent background in managing international exploration and production projects and his track record of providing strong management oversight as well as successfully securing new business opportunities is an ideal skill set for Oilex. Joe's key focus will be to seek resolution of the issues facing Oilex and to secure value from our existing assets."
Mr Salomon commented: "I am very enthusiastic about the opportunity to serve as Managing Director of Oilex. Oilex's Indian projects have the technical and commercial potential to transform the Company and we will be seeking to extract maximum value from this.
Our Cambay Project, for example, has the potential to provide a significant contribution to the development of India's domestic onshore gas industry through the application of up to date tight gas drilling and development technologies."
In accordance with ASX Listing Rule 3.16.4, the key terms of Mr Salomon's employment are set out in the schedule to this release.
For and on behalf of Oilex Ltd
Max Cozijn
Chairman
http://www.moneyam.com/action/news/showArticle?id=5245057
banjomick
- 08 Apr 2016 00:37
- 203 of 293
8 April 2016
ASX: OEX
AIM: OEX
Commencement of Gas Production from Bhandut Field
Oilex Ltd is pleased to announce the commencement of gas production from the Bhandut Field, located onshore Gujarat, India.
The Bhandut-3 well is currently flowing at the expected stabilised rate of 0.70MMscfd (120 boepd) through a 8/64” choke. Gas produced from Bhandut-3 is initially processed at the on-site production facilities and then delivered to a third party operated gas processing plant where it is further treated to the required pipeline specification. It is subsequently compressed for entry into the high pressure gas network for delivery to an end user.
Bhandut Field
Oilex is Operator and holds 40% equity in the Bhandut Field, with Gujarat State Petroleum Corporation (GSPC) holding the remaining equity interest. Previous drilling in the Bhandut wells intersected a number of hydrocarbon zones, some of which have been produced and are now shut in. The Bhandut-3 well is producing from a previously undeveloped sandstone at a depth of 1010m at virgin reservoir pressure. This zone was flow tested by Oilex and the Joint Venture in 2013 confirming good reservoir quality with an average permeability of 124 mD and gas of good quality containing 98.9% hydrocarbons, of which 94% is methane and 1.1% nitrogen and carbon dioxide.
As this is the first production from this individual reservoir, the production will be closely monitored to facilitate a greater understanding of its potential.
Currently the JV has approval to sell hydrocarbons from this project for 3 months pending completion and approval of a field development plan.
For and on behalf of Oilex Ltd
ASX: OEX
AIM: OEX
Commencement of Gas Production from Bhandut Field
Oilex Ltd is pleased to announce the commencement of gas production from the Bhandut Field, located onshore Gujarat, India.
The Bhandut-3 well is currently flowing at the expected stabilised rate of 0.70MMscfd (120 boepd) through a 8/64” choke. Gas produced from Bhandut-3 is initially processed at the on-site production facilities and then delivered to a third party operated gas processing plant where it is further treated to the required pipeline specification. It is subsequently compressed for entry into the high pressure gas network for delivery to an end user.
Bhandut Field
Oilex is Operator and holds 40% equity in the Bhandut Field, with Gujarat State Petroleum Corporation (GSPC) holding the remaining equity interest. Previous drilling in the Bhandut wells intersected a number of hydrocarbon zones, some of which have been produced and are now shut in. The Bhandut-3 well is producing from a previously undeveloped sandstone at a depth of 1010m at virgin reservoir pressure. This zone was flow tested by Oilex and the Joint Venture in 2013 confirming good reservoir quality with an average permeability of 124 mD and gas of good quality containing 98.9% hydrocarbons, of which 94% is methane and 1.1% nitrogen and carbon dioxide.
As this is the first production from this individual reservoir, the production will be closely monitored to facilitate a greater understanding of its potential.
Currently the JV has approval to sell hydrocarbons from this project for 3 months pending completion and approval of a field development plan.
For and on behalf of Oilex Ltd
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