Patersons Research Report November 2013

Farm out completed - Cambay drilling the focus

Oilex Limited (OEX) recently announced that it has completed a farm out of up to 15% of its interest in the Cambay Project PSC for up to $6m and also completed a capital raising for A$3.4m. OEX will hold a 30% interest in a tight gas/condensate project in the Cambay PSC contract area onshore Gujarat, India with 495bcf gas/83mmbbl oil 2C contingent resources (149 BCF of gas/25mmbbl oil net to OEX post the farm out). OEX is looking to drill a proof of concept appraisal well Cambay-77H in Q1 2014 targeting a successful production flow test in early 2014. A successful production test will unlock the significant resource potential and enable full field development of the Cambay field.

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Patersons Research Report November 2013