Oilex shares rise on approval of work programme in India

AIM-listed independent oil and gas exploration company Oilex has received approval from the regulatory authorities in India for its work programme and budget activities to the end of March.

AIM-listed independent oil and gas exploration company Oilex has received approval from the regulatory authorities in India for its work programme and budget activities to the end of March.

The programme includes one firm horizontal well and four wells in a contingent drilling campaign.

Acting Managing Director Ron Miller said: "The Cambay Joint Venture is expediting work on the field. We are confident that this high impact work programme will realise the value of the Cambay asset, and deliver near-term production and reserves to the company."

The share price rose 15.15% in opening trade.

NR

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