Oilex gets govt nod for assignment of interest in 3 fields
Oilex Ltd has received approval from the Government for the assignment of 40 per cent participating interests in the Bhandut and Sabarmati Fields and additional 15 per cent net participating interest in the Cambay Field.
By PTI |
NEW DELHI: Oilex Ltd has received approval from the Government for the assignment of 40 per cent participating interests in the Bhandut and Sabarmati Fields and additional 15 per cent net participating interest in the Cambay Field.
The interests were acquired from Niko Resources Ltd under an agreement that was made in February 2006, a company release here.
Besides, Oilex is investigating the possibility of acquiring a seismic survey over the block in first half of 2007.
This survey, together with studies of the potential increase in production capacity of the Sabarmati-1 well, will provide the basis for further drilling, if justified, later this year.
Oilex is Operator of Bhandut Field with 40 per cent participating interest. The field is located near to the Lakshmi, Gauri and Hazira Fields, producing gas and oil from reservoir intervals similar to those intersected in the Bhandut wells.
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