Oil explorer Oilex (ASX:OEX, LON:OEX) finished its latest financial year with A$7.5mln cash as investors await news of the flow tests on its Cambay 77H, onshore well in India.
The company has already started to sell light oil produced during the test period.
After the June year end, the company further strengthened its balance sheet with a A$2.1 mln placing and options conversion that raised an additional A$1 mln.
Oilex also recently announced that an Aerial Gravity/Magnetic Survey over the Canning Basin region of Western Australia showed the Wallal Graben extends into its permits.
“The Wallal Graben appears to contain the important elements of a working petroleum system including source rocks, structure, thick sedimentary section and sufficient depth of burial to generate hydrocarbons“ it said.
