Quarterly Report 31 December 2014

Summary

Quarterly Report CoverCAMBAY PSC, ONSHORE GUJARAT, INDIA

  • Successfully finished the Cambay-77H production test
  • Delivered the Proof of Concept, demonstrating the Cambay Field can be commercially developed
  • Initial production profiles indicate robust economics, despite the recent sharp drop in oil prices
  • Government of India approve the grant of an extension of the Petroleum Mining Lease for the Cambay Field to 22 September 2019

BHANDUT FIELD, ONSHORE GUJARAT, INDIA

  • Endorsement from the Government of India for the sale of gas from the Bhandut-3 well, located within the Bhandut Field
  • Commenced establishing production facilities for Bhandut-3, including a compressed natural gas (CNG) loading facility that will enable CNG “bullet” trucks to be loaded at site for transportation of the gas to end users

STP-EPA-0131 (Formerly SPA 17 AO), ONSHORE CANNING BASIN, WESTERN AUSTRALIA

  • WA Department of Mines and Petroleum (DMP) approval of Oilex’s application to convert the Special Prospecting Authority (SPA 17 AO) to Exploration Permit Application
  • The newly acquired survey data with 2D seismic, regional gravity, magnetic, surface geological and well data, confirms Oilex’s structural model of the Wallal Graben and its extension into STP-EPA-0131

CORPORATE

  • Completion of Share Purchase Plan raising a total of A$2.5 million before costs
  • On 28 January 2015 Oilex announced the appointment of Mr Jeffrey D Auld as an independent Non-Executive Director. The appointment of a UK based independent non-executive director, with significant experience in the London capital markets and upstream oil and gas industry, is in line with the Company’s decision to appoint additional directors to achieve the right mix of skills, experience and diversity which reflects the Company’s strategy and increase the balance of independence on the Board. 
To view the entire document, please click on the link below.

December 2014 Quarterly Report