Financial Report for Year Ended 30 June 2014
SUMMARY Cambay Field, Onshore Gujarat, India
Canning Basin, Western Australia
- Oilex successfully drilled and completed the 2,370 metre MD Cambay-77H well which included a 350 metre horizontal section comprising of a four stage fracture stimulation programme.
- Gas Sales Agreement for Cambay-73 future production was endorsed by the relevant Government of India authorities.
- Subsequent to the financial year milling operations were successfully completed with the commencement of flow-back of fluids with light oil/condensate being recovered at surface and separated for sale along with associated reservoir gas.
- Oilex conducted an Aerial Gravity/Magnetic Survey over SPA 17 AO (formerly STP-SPA-0055) which included acquisition, processing and interpretation. Preliminary interpretation confirms Oilex’s structural model that the Wallal Graben, which is clearly imaged by 2D seismic in Oilex’s adjacent permits, extends into SPA 17 AO.
- The Wallal Graben appears to contain the important elements of a working petroleum system including source rocks, structure, thick sedimentary section and sufficient depth of burial to generate hydrocarbons.
- Company was successful in its application for contiguous gazettal blocks L12-08 and L12-09 gazettal blocks which cover the remainder of the Wallal Graben. The total land area covered by the two gazettal blocks is 6,444 km2 (~1,600,000 acres). The exploration permits awarded are STP-EPA-0106 for discrete area L12-08 and STP-EPA-0107 for discrete area L12-09.
- Oilex retained $7.5 million cash at the end of the year with no corporate debt.
- Oilex’s financial position was strengthened after the year end by the placement of 18.6 million shares to raise $2.13 million. In addition the conversion of more than 7 million listed options raised an additional $1 million.
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