Oilex has made a bid to own 100% of the Cambay prospect in India.
The today confirmed it had made an offer for the project’s remaining 55% stake.
ilex has submitted the offer in response to a competitive bid process initiated by Gujarat State Petroleum Corporation Limited (GSPC) for the possible disposal of its interest in Cambay. If successful in the tender process, Oilex would increase its current 45% interest to 100% of Cambay.
Cambay Asset is the most significant component of the Company’s portfolio, covering 161 km² (~40,000 acres) in Gujarat State, the industrial heartland of India.
The geology in the Cambay Asset is proven to contain hydrocarbons and has a prospective section of 2,800m. 36 wells have penetrated the Eocene Formation, a tight silt stone section with 16 vertical wells testing oil and gas to surface. The contract area is covered by a high quality 3D seismic survey acquired by Oilex in 2007. Oilex is committed to implementing proven North American technology to achieve commercial production from the Eocene Formation.