Oilex Ltd is pleased to provide an update on construction of the oil and gas production facilities at Cambay-73.

Overall progress of the project is 77% complete. The electrical system installation is almost complete while mechanical fabrication is 82% complete. Various pre-commissioning activities should commence next week and costs are forecast to be within budget despite some delays in equipment delivery. Connection of the low pressure gas pipeline system to the plant is the responsibility of the gas buyer and is expected to be completed during April 2015.

Cambay-73 is a frac'd vertical well located 1.2km SSE of Cambay-77H, the first multistage frac'd horizontal well to be successfully production tested in the Cambay Basin. Cambay-73 and Cambay-77H have intersected the same Y zone reservoir and both have produced gas and light oil/condensate.

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