RE: From armchair trader13 Apr 2021 12:02
With its 100% interest in Cambay, Oilex can restart a work programme, by drilling two vertical wells to test the Eocene gas accumulation, which Salomon has described as having ‘significant potential’. Drilling is expected to complete in the second quarter of this year, once the binding sales and purchase agreement, and funding arrangements, are completed. The results of the pilot programme are expected to provide the data needed to determine whether horizontal wells can provide an estimated 3x to 5x increase on well productivity, thereby offering the highest commercial returns for the project. If the tests are successful, another field development plan would follow, involving the batch drilling of many more wells.