Oilex secures funds to refrack Cambay Well 77H in India
Sydney-listed Oilex has arranged the funding required for the refracking of the Cambay 77H well in India, it said on December 14.
The company has arranged an equity capital raising of £2mn ($2.64mn) before expenses. The placement will be completed in one tranche by January.
Oilex has appointed the Bedrock/Manan consortium to plan the Cambay 77H well refrack and to assist in the new well programme for H2 2022. The programme has been finalised and quotations for services and equipment will be requested over the next 10 days in anticipation of the refrack operation during Q1 2022, it said.
The objective of the refrack is to prove a methodology that will underpin the Cambay field development plan with optimised economics, Oilex said.
The Cambay field is located in the Cambay basin in the state of Gujarat. In June 2021 Oilex executed a binding sale and purchase agreement to acquire Gujarat state-government owned GSPC’s 55% participating interest in the Cambay production sharing contract, providing the company with a 100% working interest in the Cambay concession.