The well is currently undergoing what's called flow back operations and around 55% of the water used to stimulate the well has now been recovered.
Most of the crude has been transported to a nearby refinery for sale.
Ron Miller, Oilex managing director, told investors on Monday: "The ongoing recovery of light crude oil during flow-back operations is particularly welcome.
"Flow-back started very strongly and continues at a steady pace, although the shut-in periods for changing the frac tree and checking the well bore have extended the duration.
"As this is the first multi-stage fracture stimulated well to flow-back in the Cambay Basin, there is no benchmark for comparison. Oilex looks forward to commencing the production testing after sufficient frac fluids have been recovered from the well and the flow has stabilised."
Oilex said it will announce a stabilised flow rate via a production test once frac fluid return and clean-up operations have been completed.
Last month, the company said the hydrocarbon flows through the ‘clean-up’ phase had been strong, and Cambay 77H exhibited characteristics of a high performance well.
RFC Ambrian had noted the recovery of API 50 light crude during flow-back operations was particularly encouraging, indicating higher than expected liquid hydrocarbon production.
Measuring these liquids will provide valuable information regarding the quality of the 8 fracture stimulations and the deliverability of the reservoir.
The main catalyst for the stock over the next few weeks will be the initial flow test of the Cambay-77H well.