Market info

Oilex takes a loss

Oilex, Cambay field in India

Oilex reported a $3.2million loss for the first half of final half of the year.

Despite the loss, the figure is a significant improvement on previous year’s $23million loss.

Oilex’s revenue was hit by Bhandut-3 being shut in from 6 October 2016.

A spokesperson said: “During the period, the company continued to focus on evaluating and commercialising the extensive Eocene low permeability (tight) reservoirs in its onshore Cambay Field project located in the state of Gujarat, India. Oilex also continues to hold preferred bidder status over a large position in the onshore Canning Basin, Western Australia.”

Oilex is also targeting unlocking the multi-TCF in-place tight gas potential in its onshore Cambay Block, Gujarat State, India.

Separately, Oilex settled its claim with the company’s insurers to recover part of the costs associated with the Zeta Resources Limited litigation with the proceeds from the settlement of $693,400 received in January 2017.

The company also implemented additional material cost reduction initiatives to reflect proposed activity level. The cost reductions, undertaken in both Perth and India, included a 30% overall reduction in the number of personnel and a 14% average reduction in salaries and wages for existing personnel.

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