Oilex soars after strong production results from Indian well

Hydrocarbons explorer and developer Oilex said its flagship Cambay-77H well in India has delivered strong production rates.

The firm added that the oil to gas ratio in the region has improved and, as a result, revenue from the project has grown by up to 40%.

Oilex said the well has achieved a production rate of 2m standard cubic feet of gas a day, comprising of 55% light oil and condensate, over a 24-hour period and, during the flowback testing period, the well produced a total of 62.3m standard cubic feet of gas.

“A significant milestone has been reached towards creating a profitable and sustainable business,” said group managing director Ron Miller.

“It is also a first step for India, towards improving its domestic petroleum supply by using multiple fracture treatments in horizontal wells that have transformed the energy equation in North America.”

Oilex shares soared 23.08% to 4.00p at 11:41 on Monday.