Oilex Ltd Clarification of Energy World Article (2249Y)
May 07 2019 - 4:58AM
UK Regulatory
TIDMOEX
RNS Number : 2249Y
Oilex Ltd
07 May 2019
AIM Announcement
7 May 2019
ASX: OEX
AIM: OEX
Clarification of Energy World Article
Oilex Ltd (the Company) wishes to issue a clarification to the
article published online yesterday by the India Times and titled
"GSPC and Oilex JV to drill new wells in Cambay block at a cost of
Rs 965 crore." The link to the article is contained below:
https://energy.economictimes.indiatimes.com/news/oil-and-gas/gspc-and-oilex-jv-to-drill-new-wells-in-cambay-block-at-a-cost-of-rs-965-crore/69203833
The article refers to the planned activities detailed in the
Field Development Plan (FDP) as prepared by Oilex in late 2017
pursuant to its application for an extension of the Cambay PSC
(Cambay). In April 2018, the Government of India approved the FDP
when approving the ten-year extension to Cambay. The appearance of
the article does not correspond to any new event and the
application for the Environmental Clearance referenced in the
article is a pre-requisite to implementation of the FDP
activities.
Oilex is committed to unlocking the significant resource
potential at Cambay by achieving commercial gas flow rates in the
EP-IV formation at Cambay. The development of new oil and gas
fields such as Cambay is essential to meeting the Government of
India's policy to reduce reliance on imports. To ensure that the
joint venture has met and continues to meet the obligations and the
expectations of the national government and its industry regulator,
it is essential that the all joint venture partners not only meet
their share of the expenses of the joint venture but also commit to
the development of Cambay. At this time, Oilex has been unable to
commence the FDP programme as GSPC continues to obstruct any future
joint drilling activities at Cambay, pursuant to the FDP or
otherwise.
Further updates will be provided as and when appropriate.
For and on behalf of Oilex Ltd
Joe Salomon
Managing Director
For further information, please contact:
Investor AIM Broker AIM Nominated Media Enquires Media Enquiries
Enquiries Novum Securities Adviser (UK) (Aus)
Oilex Ltd Broker Strand Hanson Vigo Communications Citadel-MAGNUS
Joe Salomon Colin Rowbury Limited Public Relations Michael Weir
Managing Email: Nominated Adviser Patrick Email:
Director crowbury@novumsecurities. Rory Murphy/Ritchie d'Ancona/Chris mweir@citadelmagnus.
Email: com Balmer McMahon com
oilex@oilex.com.au Tel: +44 20 Email: Email: Tel: +618
Tel: +61 7399 9427 oilex@strandhanson.c patrick.dancona@vigo 6160 4900
8 9485 3200 UK o.uk comms.com Australia
Australia Tel: +44 20 chris.mcmahon@vigoco
7409 3494 mms.com
UK Tel:+ 44 20 7390
0230
UK
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END
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