Oilex's Cambay well meets growing Indian demand for gas

Oilex's Cambay-73 well continues to meet the daily demands of its customers in Gujarat State, India, the company told investors in a production update.

The well has been 100% operational and yields an average of 54 barrels of oil per day since production began in June.

Furthermore, the well's condensate-to-gas ratio topped forecasts by 26% at 58 barrels per million cubic feet.

Oilex attributes local success to high levels of gas demand, which have paved the way for premium prices. Demand has risen by 38% to 320,000 cubic feet per day in the last two months.

“Oilex remains focused and today's news demonstrates that it continues to deliver on its plan of production, near-term cash flow and reserves growth to create a sustainable business in the midst of a robust and supportive domestic market," said chief executive Ron Miller.