courtesy Oilex

Aussie minnow Oilex will begin a two-year exploration program in 2008 with $54 million management said Friday was available for the purpose, plus the proceeds of first oil on the way from Cambay in India and Pendalian in Indonesia.

Leadership called 2008 “a landmark year” during which the Cambay oilfield reserves would be “confirmed” ahead of first oil late in the year. Some 50 million barrels of oil and 356 billion cubic feet of gas are said to lie at the Indian site.

Some 17 wells will develop The Indies and Oman, where exploration is the focus. At the West Kampar production-sharing permit on Sumatra, Indonesia, six wells are expected late in the year after the sizing up of 50,000 square kilometres of survey work and efforst to bring the Pendalian 3 well onstream.

At Oilex’s Block 56 in Oman, some 150 MM bbls are said to be in place, just as seven onshore wells are plotted for the coming bit work.

Tags: Oilex