Oilex (ASX:OEX, LON:OEX) has raised the first A$1.8mln of a planned A$30mln funding for its exploration program in India.
Shares were issued at A$0.041 and will help pay for two horizontal multistage fracture stimulated production wells and five work-overs of legacy wells at the Cambay Field.
The program is expected significantly to increase Oilex's production and cash flow after the two production wells, Cambay-78H and Cambay-80H, are brought online.
Ron Miller, managing director, said: "We are very pleased with the strong support for the placement and welcome a number of new institutional and sophisticated investors to the company. “
The remainder of the A$30mln will come from Zeta Resources taking a 19.6% stake for A$21.2mln and a A$7mln rights issue.
