The company has been conducting recovery operations to recover and replace damaged drill pipe and recovering milling assemblies from down hole.
The move was taken until the company gets a better understanding and the condition of the well bore as the drill pipe parted on three separate occasions at 282m (corrected from 600m as previously reported), 2,294m and most recently at 977m.
Oilex managing director Bruce McCarthy said the current situation is disappointing.
"The potential of the project is not diminished by the mechanical problems with the well that we have experienced," said McCarthy.
"The high energy in the reservoir exemplified by the high mud weights to control the well and flows of hydrocarbons and stimulation fluids to surface during recent operational phases at good pressure are highly encouraging."
"The intent is to resume operations, possibly as part of an expanded work program at the earliest opportunity.
The company is currently probing the cause of these failures.
