June 2017 Quarterly Report

HIGHLIGHTS 

CAMBAY FIELD, ONSHORE GUJARAT, INDIA 

  • During the quarter, the Joint Venture partner, GSPC, paid the equivalent of US$1.43 million (gross) against outstanding cash calls.
  • EP-IV core analysis and modelling of optimal drilling and stimulation parameters is underway by Schlumberger and Baker Hughes - results anticipated shortly.
  • During the quarter, gas production re-started from the C-77H well at the Cambay Field. 
  • Preparation of the application for an extension of the PSC is in its final stage. The application is required to be lodged by late September 2017 ahead of PSC expiry date of September 2019.
  • The field programme involving the workover of wells C-70 and C-23z was completed in June 2017 and did not return commercial volumes of oil and or gas.

BHANDUT FIELD, ONSHORE GUJARAT, INDIA

  • During the quarter, the Joint Venture partner, GSPC, paid the equivalent of US$109,000 (gross) against outstanding cash calls.
  • Preparation of the application for an extension of the PSC is in final stages. The application is required to be lodged by September 2017.
  • In May 2017 gas production re-started at Bhandut-3 however the well was shut-in following increased water production.
  • Potential opportunities for sale of the PSC continue to be explored.

CORPORATE

  • Shareholders approved Tranche 2 of the capital raising, announced in March 2017, at a General Meeting held on 3 May 2017. 
  • Mr Paul Haywood appointed as Non-Executive Director.
  • Cash resources at 30 June 2017 were $3.2 million.
  • Actively reviewing new opportunities to create value by expanding the Company’s project portfolio.
June 2017 Quarterly Report