Oilex Announces Cambay PSC Participating Interest Assignment

Source: www.gulfoilandgas.com 2/7/2022, Location: Asia

Oilex Ltd (Oilex or the Company) is pleased to announce that the Government of India Ministry of Petroleum and Natural Gas has approved the transfer of assignment of the 55% Participating Interest (PI) in the Cambay Field PSC held by Gujarat State Petroleum Corporation Ltd (GSPC) to Oilex.

Oilex's CEO, Mr Roland Wessel, said:

"The approval of the assignment of GSPC's 55% PI results in the Company enjoying a 100% PI in the Cambay field with its c. 930 BCF of contingent gas resources*. The further development of the Cambay field will be initiated with the planned re-frac of the C-77H well, the results of which will support the drilling of two new wells in Q4 2022 / Q1 2023, subject to funding."


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