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