Quarterly Report March 2017

CAMBAY FIELD, ONSHORE GUJARAT, INDIA
  • Oilex received partner and government approval for a revised work programme taking advantage of a lower cost opportunity to analyse core data from existing well C-23z and carry out two workovers.
  • Procurement process for both the core analysis and the two workovers substantially completed.
  • Subsequent to the end of the quarter, Schlumberger and Baker Hughes awarded contract to carry out the C-23z core analysis and studies.
  • Mobilisation of workover rig for C70 and C-23z completed in late April 2017.
  • Confirmation received from government in April 2017 to recommence regular production from C-73 and C-77H.
  • Joint Venture and regulatory approvals obtained for 2016/17 and 2017/18 Work Programme and Budget.
  • During the quarter, the Joint Venture partner released the equivalent US$69,800 (gross) against outstanding cash calls.
BHANDUT FIELD, ONSHORE GUJARAT, INDIA
  • Following technical and economic reassessment, Bhandut-3 was shut-in from 6 October 2016 due to increased water production.
  • During the quarter, the Joint Venture partner released equivalent US$24,000 (gross) against outstanding cash calls.
  • Joint Venture and regulatory approvals obtained for 2016/17 and 2017/18 Work Programme and Budget.
  • Potential opportunities for sale of the PSC continue to be explored.
CORPORATE
  • Two tranche capital raising of approximately £1.1 million (A$1.78 million) to fund work programme at Cambay. Tranche 1 completed in March 2017 with Tranche 2 pending shareholder approval.
  • General Meeting of Shareholders to be held on 3 May 2017 to consider Tranche 2 of capital raising of £0.43 million (A$0.69 million).
  • Mr Brad Lingo appointed as Non-Executive Chairman while Mr Max Cozijn, the previous Chairman, continues as Non-Executive Director.
  • Mr Jonathan Salomon’s contract as Managing Director of the Company extended by a further year.
  • Cash resources at 31 March 2017 were $1.83 million.
Quarterly Report March 2017