EOI for drilling in October 2015, page-2

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Albright

1,815 Posts.

08/03/15

19:41

Post #: 14879655
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Originally posted by teraferma ↑

EOI on Oilex website for drilling services.

https://www.oilex.com.au/contact/india-eoi-submission

Oilex Ltd (“Oilex”) is the operator of three oil and gas fields located onshore in the Cambay Basin of Gujarat, and is planning the redevelopment of Cambay Field in partnership with the Gujarat State Petroleum Corporation.

As part of this redevelopment, Oilex requires drilling and completion services for four (4) well (2 firm and 2 contingent) Campaign as detailed below. The two (2) firm wells are horizontal wells with lateral length of approximately 700m and 1400m respectively. The wells will be drilled utilizing pre-hydrated bentonite mud system for the surface section and synthetic oil based mud system for the intermediate and reservoir sections. The wells will be completed with multistage hydraulic fracture stimulation technique

The first firm well is expected to spud in October 2015. Oilex seeks expressions of interest from contractors interested in supplying these products and services. Prospective suppliers are invited to express interest to tender for single or multiple services, reflecting their corporate product portfolio.

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This sounds like good news that things are starting to move forward although it is still 6 months away. I wonder how they will fund this as I can't see option holders converting by September when the spud is in October. Maybe there will be some other news shortly to drive the price up for another capital raising.

OEX Price at posting: 3.6¢ Sentiment: None Disclosure: Held
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EOI for drilling in October 2015, page-2

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