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Oilex production dips in latest quarter

By the end, Cambay was producing 70 barrels per day on average
Oilex production dips in latest quarter
Cambay in India

India-focused oil and gas group Oilex (LON:OEX) produced 1,278 barrels equivalent in the December quarter as production from the Cambay field rose.

By the end, Cambay was producing 70 barrels per day on average though overall production was 115 barrels less than the previous quarter as the Bhandut Field did not come on stream due to a delay by the gas buyer in completing the pipeline installation.

The dispute with major shareholder Zeta Resources (10.3%)  remains on standstill until 1 March as the two parties explore a possible commercial resolution.

Cash at the end of the quarter was A$11.5mln (£5.75mln).

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June 24 2016
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