In its December quarterly report, the company said the seismic data, which it finished acquiring last month, was in the final stages of processing.
“The quality of the data is excellent,” Oilex said.
“Fault patterns and deep seismic events are much more clearly defined on the new data and indicate some significant new plays that were not identifiable on the old data.”
Depending on the availability of rig, services and equipment, Oilex plans to drill two to three wells slotted for drilling before the onset of the monsoon season in June.
Regarding its first two Cambay gas discovery wells, Oilex managing director Dr Bruce McCarthy told PetroleumNews.net that he was cautiously optimistic of good results from the flow-testing program started this week.
“We’re looking for some good pressure and fluid data from the testing program, which are key for the next phase,” he said.
“We are hopeful of the potential for our acreage, but everything’s still at its early stages.
“One well’s not going to damage [the prospectivity], but obviously we’re always hopeful of success first-up.”
McCarthy also enthused about the relationship between Oilex and four Indian companies – Gujarat State Petroleum Corporation, Videocon Industries, Bharat Petroleum and Hindustan Petroleum – formed early last year.
“The Indian joint ventures are working very well – we complement each other, which helps in the decision-making,” he said.
“We do the exploration and production side of things, while the other guys are good at the downstream.”
When asked what the partnerships brought to his company, McCarthy answered that among other things, it has opened doors for Oilex into a fast-growing and gas-hungry market such as India.
“Also, Oilex is a very small company that only started in 2003. If we were to follow the normal path for growth, we’d probably be looking at small equities in very selective blocks and probably the high-risk stuff.
“But with the Indian companies, we now have the ability to get into much larger projects than small companies are normally able to do.”
