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OEX Oilex Ld

0.165
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Oilex Ld LSE:OEX London Ordinary Share AU000000OEX8 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.165 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Oilex Ltd Award of Key Contracts Cambay-23z Core Analysis (9333C)

21/04/2017 7:00am

UK Regulatory


Oilex Ld (LSE:OEX)
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TIDMOEX

RNS Number : 9333C

Oilex Ltd

21 April 2017

ASX Announcement

21 April 2017

ASX: OEX

AIM: OEX

Award of Key Contracts for Cambay-23z Core Analysis

Oilex Ltd (the Company) is pleased to announce the award of two key contracts to Schlumberger and Baker Hughes as part of its 2017 work programme at the Cambay PSC. Schlumberger and Baker Hughes will advise on the optimal well and stimulation design required to achieve potential commercial flow rates.

The Company has a significant multi TCF gas resource at the Cambay PSC in the EP-IV tight siltstones that requires drilling optimisation and stimulation technologies to achieve commercial flow rates. Both Schlumberger and Baker Hughes are global leaders in the stimulation of tight gas reservoirs and their selection follows a competitive tender process.

Schlumberger has been appointed to provide geomechanical, fluid sensitivity and proppant embedment testing on the Cambay-23z core along with their recommendations on future technical work. The data from these tests will be used to carry out the geomechanical modelling required for optimisation studies.

Baker Hughes has been appointed to provide detailed geomechanical modelling to assess and recommend optimised drilling and stimulation solutions to maximise production from the EP-IV reservoir. In addition to providing a functional geomechanical model, Baker Hughes will provide specific recommendations on fluid chemistry and proppant optimisation required for the stimulation of any future wells.

The studies have commenced and are anticipated to be completed within approximately 3 months. The analysis of the core from Cambay-23Z is essential in the planning of both future wells and the stimulation process at the Cambay PSC.

Mr Joe Salomon said "We are fortunate to be working with world class tight gas experts, Schlumberger and Baker Hughes. Their assistance is important to unlocking the commercial success of the large gas resource at the Company's Cambay project."

Joe Salomon

Managing Director

For further information, please contact:

 
 Investor              Broker                    Nominated               Media Enquires          Media Enquiries 
  Enquiries            Cornhill                  Adviser                 (UK)                    (Aus) 
  Oilex                Capital                   Strand Hanson           Vigo Communications     Citadel-MAGNUS 
  Ltd                  Limited                   Limited                 Public Relations        Michael 
  Joe Salomon          Broker                    Nominated               Patrick                 Weir 
  Managing             Colin Rowbury             Adviser                 d'Ancona/Chris          Email: 
  Director             Email:                    Rory Murphy/Ritchie     McMahon                 mweir@citadelmagnus.c 
  Email:               colinr@cornhillcapital.   Balmer                  Email:                  om 
  oilex@oilex.com.au   com                       Email:                  patrick.dancona@vigoc   Tel: +618 
  Tel: +61             Tel: +44                  oilex@strandhanson.co   omms.com                6160 4900 
  8 9485               20 3700                   .uk                     chris.mcmahon@vigocom   Australia 
  3200                 2516                      Tel: +44                ms.com 
  Australia            UK                        20 7409                 Tel: +44 20 
                                                 3494                    7830 9700 
                                                 UK 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

CNTGSGDSLBDBGRB

(END) Dow Jones Newswires

April 21, 2017 02:00 ET (06:00 GMT)

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