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OILEX LTD - ASX: OEX
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Description
Oilex Ltd is an oil and gas exploration company with projects in India, Indonesia, Oman and Australia.
India
The most significant component of the Company’s portfolio with the chance of generating significant revenue in the near term is in the Cambay Basin, Gujarat, India. Oilex has material interests of 40%-45% in three “brownfield” re-development projects (Cambay, Bhandut and Sabarmati fields). These fields are currently all producing small to moderate volumes of oil.
The potential for improving the production rate from the existing wells and the scope for full scale redevelopment of the fields are encouraging given that the reservoir distribution is poorly understood and analogies nearby in the Cambay Basin are a fair basis for optimism. Step-out exploration potential particularly in the Cambay contract area is low risk and high reward with the demand for gas and oil in the main heavy industrial corridor of India remaining substantially in excess of domestic supply.
Oman - Block 56: Onshore Southern Oman
The Government of the Sultanate of Oman awarded Block 56 to a consortium led by Oilex (25%, operator), and including GAIL India Ltd (25%), Videocon Industries Ltd (25%), Hindustan Petroleum Corporation Ltd (12.5%) and Bharat Petroleum Corporation Ltd (12.5%). The Exploration and Production Sharing Agreement (“EPSA”) was signed on 28 June in Muscat.
Block 56 was Oilex’s first choice block of the blocks on offer in the bid round that closed on 1 January 2006. The block is located onshore, adjacent to producing fields operated by PDO, the Oman national oil company, in the South Oman Salt Basin, which is one of the main producing basins in Oman.
In addition to acquiring a 1000 km 2D survey, a total of 7 exploration wells has been drilled in the block by the consortium. Significant oil columns were encountered in 3 of these wells and oil shows and minor oil zones in 3 of the other wells drilled. A key issue identified was the oil density and the capacity of the wells to flow at commercial rates. Further testing of the oil reservoirs will be carried out and consideration given to an appropriate development plan for 2009.
Western Australia - WA-388-P: Carnarvon Basin
As part of a developing gas strategy with our Indian partners, Oilex, as Operator on behalf of a bidding group with large Indian companies successfully bid for Application Area W05-11 in April 2006. The permit is now designated as WA-388-P. The block lies to the north of the North Rankin, Goodwin and Perseus gas and condensate fields currently being produced for the domestic and LNG gas markets by Northwest Shelf Ventures and to the north of the large gas resources discovered in the Janz/lo area.
The Joint Venture comprises Oilex (Operator, 20%), GSPC (20%), Videocon (20%), Hindustan Petroleum Corporation Ltd (20%) and Bharat Petroleum Corporation Ltd (20%).
Following a period of re-evaluation of existing data, a 1000 sq km 3D seismic survey was acquired in 2008. Processing of these data will be finalised in 1Q 2009 and an evaluation of the gas potential carried out. A decision to enter the second period of the permit and drill the best prospect identified will be taken later in 2009.
Indonesia - West Kampar, Central Sumatra
Oilex entered into a farmin agreement with Sumatera Persada Energi to acquire 45 % equity in the West Kampar PSC in Central Sumatra, Indonesia. A subsequent arrangement whereby Oilex would acquire an additional 15% was terminated so the Joint Venture currently comprises Sumatera Persada Energi (55%) and Oilex (45%).
The Pendalian-3 well was drilled and tested in late 2007 and confirmed the presence of two shallow producible oil zones in the Sihapas Sandstone reservoirs. An application to produce from the Pendalian-3 well was submitted to the Indonesian regulator in 2008 and a seismic program initiated.
In addition to the Pendalian-3 development, plans are under way for the drilling of the Pendalian-4 and additional exploration wells in 2009.
Mine For
oil, gas
Location of operation(s)
South Australia, India, Indonesia, Oman
Address
Ground Floor, 26 Colin Street
WEST PERTH, WA, AUSTRALIA
Phone
+61 8 9485 3200
Website
Last Updated
1/3/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
