The company reported cash reserves of over A$54 million to fund the planned exploration and development activities. Oilex’s exploration program commenced in late 2007 with the Pendalian-3 oil discovery in Indonesia.
Oilex expects 2008 to be a landmark year with significant oil and gas projects expected to be brought on-stream, and a major exploration program already underway to boost the company’s reserves.
The company’s Cambay field in India has an estimated resource of 48 million barrels of oil in place and 356 billion cubic feet (bcf) of gas, including 52bcf of gas already produced.
Bruce McCarthy, managing director of Oilex, said: Oilex’s strategy has been to build a portfolio of assets that, in 2008, can be progressively moved towards production to provide cashflow to fund further exploration activities.
