Oilex has decided to suspend operations at its Cambay-76H horizontal well onshore Gujarat, India, after suffering repeated mechanical problems. Oilex had been conducting operations to recover and replace a damaged drill pipe and to recover milling assemblies from the well. During these operations the firm said the drill pipe had parted on three separate occasions at 282 metres, 2,294 metres and, most recently, at 977 metres. "The intent is to resume operations, possibly as part of an expanded work program at the earliest opportunity," Oilex said. The news cause the company's share price to plummet almost 29% in early trading.
Rialto Energy has provided the latest of its weekly updates on drilling operations at the Gazelle-P3 ST Well offshore Ivory Coast. It said the well was spudded on 12 March 2012 and since the firm's last report had been drilled to a depth of 2181m. Rialto said it expected to drill and wireline log the Upper Cenomanian reservoir section during this week. This didn't seem to satisfy investors who pushed down the share price almost 14% following the announcement.
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UK interest rate cut all but ruled outRates are expected to remain at 4.25% when the Bank of England announces its decision tomorrow
