Published: May 10, 2016 |

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Oilex Ltd has scaled back this year’s work program for the Cambay Field in India due to the financial problems of its partner GSPC.

Work will now primarily focus on maintenance of the asset and an option to drill a well later it the year would require a budget revision, it said.

GSPC is in arrears in paying cash calls and in delaying approvals for budgets and work program, Oilex said.

Gas sales from Cambay-77H totaled 249,000 cubic feet or 43 barrels per day in the three months to March, with 112,000 cubic feet net attributable to Oilex.

A phased development plan for Cambay-77H and Cambay-73 is being finalized for government approval.

At Bhandut, gas production commenced in early April at 700,000 cubic feet daily or 120 barrels with 280,000 scfd net to Oilex.

Costs have been cut in the field operations and office in India due to the low oil and gas prices and the reduced activity level.

Discussions are also ongoing to resolve the dispute with Zeta Resources over GSPC’s financial position when Oilex carried out a fund raise.

Source: (April 29, 2016) Proactive Investors

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