Oilex’s (ASX:OEX, LON:OEX) former managing director and current non-executive Dr Bruce McCarthy is to retire from the board after the AGM in November.
Max Cozijn, chairman, said that McCarthy has been an integral part of the company for almost ten years and his experience in India had led Oilex to its flagship asset at Cambay.
In its annual report published today, Oilex said it was assessing the composition of the board going forward following the progress at Cambay and in Australia in the Canning Basin.
Oilex is currently testing its latest well, 77H, at Cambay. It last update, on 6 October, reported it was flowing at a daily rate of 229 barrels of water and oil, and 410,000 cubic feet of gas.
