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Oilex Ltd - Perth-based developer of natural gas assets - Expects to complete acquisition transaction of Cambay Field PSC at the end of March, and expects approval from the Gujurat Pollution Control Board to come imminently, which will greenlight the recommencement of production at the site. Two wells, C-73 and C-77H, are ready to re-commence as soon as approval is received, having passed the necessary safety checks.
Preparation for the re-frac operation at C-77H continues, as Oilex evaluates tenders for equipment and services. However, a shortages in capacity and equipment plague the industry, including India, with a shortage of hydraulic fraccing pumping equipment as well as other services needed for the operation. The operation is expected to start in July, with an initial target gas rate of 2 million standard cubic feet per day, Oilex says.
‘After a protracted hiatus, we are very pleased that gas and condensate production on the Cambay field is due to resume in the near future...the Bedrock/Manan project management team are working assiduously to execute the C-77H re-frac as early as possible without compromising the technical approach to this key field development operation,’ says Chief Executive Officer Roland Wessel.
Current stock price: 0.20 pence, down 6.2% on Wednesday
12-month change: up 23%
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