Quarterly Report 31 March 2015

CAMBAY PSC, ONSHORE GUJARAT, INDIA

Subsequent to the end of the quarter Oilex announced:
  • Gross 2P Reserves of 206 Bcf gas and 8.0 MMbbls of condensate (C5+) in the Y zone
    (Oilex net working interest 93 Bcf gas and 3.6 MMbbls of C5+)
  • Gross 3P Reserves of 377 Bcf gas and 17.3 MMbbls of condensate (C5+) in the Y zone                                      
    (Oilex net working interest 170 Bcf gas and 7.8 MMbbls of C5+)
  • Gross 2C Unrisked Contingent Resources of 720 Bcf gas and 52.8 MMbbls of C5+ in the X and Y zones
    (Oilex net working interest 324 Bcf gas and 23.8 MMbbls of C5+)
  • 2P Reserves validate Oilex’s program for commercial development of the Cambay Field
  • Engineering studies for permanent gas processing facilities have commenced
  • Establishment of Reserves provide a strong foundation for the expedited development of the Cambay Field to achieve key corporate objectives of increasing reserves, production and cashflow 
  • Three wells to come into production in two separate fields in 2015
    • Cambay-73 production to commence in May 2015
    • Bhandut-3 production to commence in July 2015
    • Cambay-77 production to commence in August 2015

BHANDUT FIELD, ONSHORE GUJARAT, INDIA

  • Design engineering work for the gas production facilities required has been completed. Scope of work and materials requirements are expected to be finalised early May, with procurement of equipment expected to commence during May. Delivery of critical equipment will govern the start of Bhandut-3 gas production.

CORPORATE

  • In January 2015 Oilex appointed Mr Jeffrey Auld as a 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 increases the balance of independence on the Board. 
  • During the quarter Oilex appointed Westhouse Securities Limited as its UK Broker. Westhouse is a corporate and institutional stockbroking group with a strong track record across a number of market sectors. Subsequent to the end of the quarter, Oilex appointed PAC Partners Pty Ltd as its Australian Broker. PAC Partners is a leading independent equities provider with a focus on leading emerging and mid cap companies and also the wholesale business partner of PhillipCapital in Australia.
March 2015 Quarterly Report