India's Cambay Field JV Plans to Improve Operational Efficiencies

Oilex Ltd. provided Tuesday an update from the Cambay Field in Gujarat, India subsequent to the commencement of gas sales from Cambay-73 into the low pressure network. Cambay-73 averaged approximartely 54 barrels of oil equivalent per day (boepd) during 22 days from June 26. Cambay-73 has achieved 100 percent operational availability during this period. Its condensate to gas ratio (CGR) is calculated to be 58 barrels per million standard cubic feet (MMscf), which is 26 percent higher than the CGR used in the Independent Reserves Report from RISC Operations Pty Ltd. If sustained over time and in other wells, this may have a positive impact on the condensate/light oil included in the Reserves. Please refer to the Oilex Announcement of April 16 for details of Oilex’s independently classified Reserves and Resource base which includes 2P gas reserves of 206 billion cubic feet (Bcf) and 2P oil reserves of 8 million barrels.

Since the introduction of gas from the Cambay Field into the local low pressure network, the average daily demand has increased by 28 percent to approximately 320 thousand standard cubic feet per day (Mscf/d). In light of the increasing local gas demand, the Joint Venture is considering some operational efficiencies to better service the market and encourage further demand growth.

Managing Director of Oilex, Ron Miller, said;

“Ongoing gas production from Cambay-73 and increasing demand for domestically produced and competitively priced gas continues to support Oilex’s objective of achieving positive cash flow from operations in India during 2015. The availability performance of the Cambay-73 facilities to meet daily demand is particularly pleasing. Oilex remains focused and today’s news demonstrates that it continues to deliver on its plan of production, near-term cash flow and reserves growth to create a sustainable business in the midst of a robust and supportive domestic market.”

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