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."
