Oilex (ASX:OEX, LON:OEX) has told investors that the testing programme for the Cambay 77-H proof of concept well was a success.
The programme recorded an initial production rate just above 2mln cubic feet per day, with 55% ‘hydrocarbon liquids’.
Production totalled 62.3mln cubic feet over the well’s flowback and testing period.
Oilex also confirmed the well had an oil-to-gas ratio of 100 barrels per mln cubic feet, some 250% better than the prior Cambay 73 well, and this is expected to add about 40% to the well’s revenue generation.
"Oilex is very pleased with the results of Cambay-77H flowback and test,” said managing director Ron Miller.
“With all the proof-of-concept objectives having been achieved, a significant milestone has been reached towards creating a profitable and sustainable business.
“It is also a first step for India, towards improving its domestic petroleum supply by using multiple fracture treatments in horizontal wells that have transformed the energy equation in North America.
“Oilex is proud of its first mover position, competitive advantage and achievement in initiating development of tight oil and gas using this technology in India."
