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Tuesday, 07 October, 2008, 15:00 GMT | more prices >>

Oilex to pump funds into E&P



By Upstream staff 

Australia-based Oilex today announced an A$67.5 million (US$55.3 million) capital raising that it said would help forward its exploration and production activities both at home and overseas over the next two years.

Oilex said the funds will speed up its exploration and development programmes in India and Oman this year, as well as fund its drilling off Australia and in the Joint Petroleum Development Area (JPDA) between Timor-Leste and Australia in 2008.

Oilex will issue up to 50 million ordinary shares to international and domestic institutional investors at an issue price of A$1.35 per share.

The scheduled India work programmes include the drilling of up to 14 wells within five projects and 2D and 3D seismic data acquisition for three exploration blocks and known fields.

Drilling in Oman is projected to start later this year, with up to three wells planned.

Oilex plans to drill one well in the Otway basin, South Australia with its Indian joint venture partners Gujurat State Petroleum Corporation and Videocon early in 2008.

The company is also on track to acquire new seismic data and to progress the drilling plans for its interests in the JPDA.


Friday, 04 May, 2007, 06:14 GMT  | last updated: Saturday, 05 May, 2007, 11:22 GMT

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