India-focused oil and gas company Oilex Ltd says that an updated independent reserves and resources statement is expected to be published in April.
The joint venture work programme for the Cambay field has been approved and it includes drilling two wells plus two contingent wells if a decision is made to commit to them. The first well will be drilled in the second half of 2015. Core analysis will be undertaken in North America.
There are also plans for a five well work over programme, which should enable the Indian operations to become cash flow positive.
Design work for the Bhandut-3 gas production facilities is two-fifths complete. There is a shortage of gas supply for the Indian market.
At 2p a share, Oilex is valued at £13.6m.
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