Oilex secures fund to develop projects
Sunday, December 21 2008 - 11:07 PM WIB
Australian oil, gas firm Oilex Ltd reported on Monday that it has secured an A$10million fund through issuance of new shares.
The fund raised would be used to develop its three projects including generating early production from Pendalian field in West Kampar PSC, Central Sumatra.
The company said the Pendalian field is now expected to start production in February 2009 at 1,800-2,000 BOPD from 2 wells in the first phase.
The company will drill 3-4 more well for full field development.
The company said in 2009 it would also conduct 2/3D seismic to confirm 3 drilling locations in 2009.
Oilex has 60 percent interest in the block. (alex)