Oilex plans first Cambay well end-July

Vol 10, PW 5 (29 Jun 06) News in Brief

Oilex of Australia will drill its first exploration cum appraisal well at the Cambay block in late July.

On 27th June, Oilex (45%) said its partner GSPC (55%) would let it use Dalma Energy rig MR-1 for a three-well programme at Cambay. MR-1 is about to complete drilling for GSPC in a nearby permit.

Oilex has completed construction of three monsoon grade locations in readiness to drill, said the company. Target depth of the first well will be to Eocene formations and drilling will take two weeks.

Plans to shoot 80-sq km 3D across the field have been postponed to November following Torun Geofyzikas inability to mobilise a crew earlier. On 27th June Oilex said it has raised $14.6m to fund work at Cambay, Bhandut, Sabarmati and in Oman, where on 29th June it signed the Exploration and Production Sharing Agreement with authorities for block 56 with partners GAIL, Videocon, BPCL and HPCL.