Share Talk spoke with Roland less than two weeks ago, and since then everything has changed. The company is going into production, and cash flow is positive, yet let us not forget the proposed Medway Hub Carbon Capture and Storage (CCS) project in the UK.
“The Medway Hub CCS project leverages the Oilex personnel’s extensive gas storage experience and represents an innovative and significant solution in helping to achieve the UK’s target of carbon net-zero by 2050.”
Back to India
On the 4th of March Oilex was informed by the Gujarat Pollution Control Board that they have confirmed the revocation of the production halt concerning the Company’s Cambay field and have authorised the use of the Early Gas Production Facility (“EGPF”) on the Cambay C-73 wellsite. GPCB’s personnel will visit the C-73 wellsite to remove the production flange seal in the coming days.
Today subsequent to the receipt of the Consent to Operate from the Gujarat Pollution Control Board, production has re-commenced on the Cambay field together with gas sales.
Oilex’s Chief Executive Officer, Roland Wessel, said:
“The re-establishment of production from the Cambay gasfield has occurred soon after the Indian government announced that the price of domestic gas would more than double from $2.9 per mmbtu to $6.1 per mmbtu. This will provide a material benefit to Oilex’s cash flow.”
Here is the list of the questions asked in the interview:
- You announced this morning that production has re-started on the Cambay field. Can you explain why the re-start took so long?
- Your RNS this morning mentioned the Cambay C-77H refract – can you provide some information on this?
- What is the impact of the recently announced Indian domestic gas price increase for Oilex?
- How do you envisage the future news flow for the Cambay field?
- Can you provide an update on the Medway Hub CCS project?
Investor Enquiries
Oilex Ltd
Roland Wessel
Managing Director
Email: oilex@oilex.com.au
Tel: +61 8 9485 3200
Australia
