Quarterly Report 31 December 2013

Summary

CAMBAY PSC (45% & OPERATOR), ONSHORE GUJARAT, INDIA
  • Cambay-77H well critical casing delivered to Cambay site late December 2013.
  • Cambay Joint Venture contracted Essar Oilfield Services Limited’s LR-4 Rig to drill Cambay-77H.
  • Essar LR-4 Rig arrived in India subsequent to the end of the quarter, has cleared customs and is currently being assembled at Cambay site.
  • Drilling services finalized with estimated spud date window for Cambay-77H between 22 February and 9 March 2014.
  • Oilex receives balance of US$3.8m from Magna Energy Limited for 10% participating interest in Cambay PSC.
  • Magna exercises option for additional 5% participating interest in Cambay PSC.
SPA-0055 (100% & OPERATOR) CANNING BASIN, WESTERN AUSTRALIA  
  • Oilex issues invitations to Tender for the Airborne Gravity and Magnetic surveys.
  • Ongoing discussions with Native Title Claimants.
STP-ETP-0106, STP-ETP-0107 (100% & OPERATOR), CANNING BASIN, WESTERN AUSTRALIA  
  • Successful in its application for gazettal blocks L12-08 and L12-09. The exploration permits awarded are STP-ETP-0106 for discrete area L12-08 and STP-ETP-0107 for discrete area L12-09. Including SPA-0055, the combined area totals 17,840km2 (~4,400,000 acres).
JPDA 06-103 PSC (10% & OPERATOR), OFFSHORE TIMOR SEA
  • PSC suspended until 15 April 2014 for ANP to complete assessment of the application by the Joint Venture parties to terminate the PSC without penalty because of title issues related to sovereign claims of Timor Leste against Australia.
CORPORATE
  • $1.5 million received from second tranche of $3.4 million (gross) placement completed during September 2013.
  • £7.5 million equity financing facility secured with Darwin Strategic Limited.
To view the December 2013 Quarterly Report please click on the link below.

December 2013 Quarterly Report