CAMBAY-77H - Interim Flow-back Update · Cambay-77H continues to...

CAMBAY-77H - Interim Flow-back Update · Cambay-77H continues to recover light oil and frac fluids · Encouragingly, no formation water has been encountered during flow-back · Flow-back results continue to show evidence that Cambay-77H can be a high performance well Oilex Ltd (ASX: OEX, AIM: OEX) is pleased to announce that Cambay-77H continues to produce light crude oil and gas as the well recovers frac water during clean-up. Cambay-77H crude oil recovered from flow-back operations is currently being transported to a nearby refinery for sale, where it attracts a price similar to Bonny Light Crude. Gas produced concurrently with crude oil during flow-back continues to be flared to ensure safety of all well-site personnel. Samples of the oil, gas and water have been shipped to facilities for analysis. Preliminary analyses of the recovered water have been received and confirm that the water is consistent with frac water and not formation water. Oilex is currently awaiting analysis results for the oil and gas samples. Oilex is also pleased to confirm the following field measurements recorded during flow-back and clean-up of Cambay-77H: · Light crude oil/condensate average of API 48.3º, o Highest API value - 50.1º and lowest value of 43.6º · Hydrocarbon liquid to gas ratio is calculated to be: o Cumulative basis - ~120 bbls per MMscf o Average while flowing the well - ~130 bbls per MMscf o This is ~ 300% higher than anticipated as part of the well design