Oilex Raises Funds for Cambay Operations

Oilex Ltd has raised $3.4 million through the placement of new shares to domestic and international investors.

Proceeds raised will be used for costs associated with the Cambay Development PSC in Gujarat, India including the drilling of the Cambay 77H Offset Well targeted for the December quarter 2013.

Cambay has an independently certified 2C Contingent Resource in place of 37 million barrels of oil and 222 BCF Gas (net attributable to Oilex) prior to the Cambay Equity Sale Agreement.

Funds will also be used for a low level work program in the Canning Basin as potential farm out discussions continue and for working capital purposes.