Oilex awards key contracts for Cambay-23z

Oilex Ltd has announced the award of two key contracts to Schlumberger and Baker Hughes as part of its 2017 work programme at the Cambay PSC.

Schlumberger and Baker Hughes would advise on the optimal well and stimulation design required to achieve potential commercial flow rates.

Oilex had a significant multi TCF gas resource at the Cambay PSC in the EP-IV tight siltstones that requires drilling optimisation and stimulation technologies to achieve commercial flow rates.

Schlumberger and Baker Hughes were global leaders in the stimulation of tight gas reservoirs and their selection follows a competitive tender process.

"The studies have commenced and are anticipated to be completed within approximately 3 months," said Oilex.

"The analysis of the core from Cambay-23Z is essential in the planning of both future wells and the stimulation process at the Cambay PSC."

At 9:03am: (LON:OEX) Oilex Ltd share price was +0.03p at 0.36p