Oilex unveiled positive results from the large gas resource at the company's Cambay project on Thursday.
Oilex, the oil and gas exploration and production company announced Monday "material progress" having received outstanding cash calls of approximately $1.41m gross owed to the Cambay and Bhandut production sharing contracts (PSCs).
Oilex announced the award of two key contracts to Schlumberger and Baker Hughes as part of its 2017 work programme at the Cambay PSC on Friday.
Oilex announced on Friday that Jonathan Salomon's term as managing director of the company had been extended by a further one year with immediate effect.
Oilex posted its interim report for the six months to 31 December on Thursday, with revenue down by almost two thirds at $0.06m, compared to $0.17m in the first half of 2015.
Australian explorer Oilex has made a formal offer to buy the remaining 55% stake that it does not already own in the Cambay oil field in India.
Shares in Oilex Ltd have are up more than 13% after it executed an agreement with Gujarat State Petroleum Corporation Ltd on the next planned vertical well in the Cambay Field (Well C-78).
Petroleum resource developer Oilex announced the appointment of Mark Bolton as its chief financial officer and company secretary on Friday, with immediate effect.
Oilex was celebrating the start of gas production from its Bhandut Field on Friday, located onshore Gujarat, India.
AIM-listed Oilex has begun discussions with shareholder Zeta Resources to find a commercial resolution to a legal dispute that will otherwise head to the Australian federal courts in coming weeks.
Oil and gas explorer Oilex has completed the workover on the Cambay -19z well in India and it expects production to begin shortly.
Indian-focused gas producer Oilex has started a workover programme on its Cambay project ahead of a planned relocation of the rig and as part of its efforts to become cashflow-positive in India in 2015.
Oilex's Cambay-73 well continues to meet the daily demands of its customers in Gujarat State, India, the company told investors in a production update.
Oil and gas explorer Oilex said the Cambay 73 production facilities in India were ready to be commissioned.
Hydrocarbons explorer and developer Oilex said its flagship Cambay-77H well in India has delivered strong production rates.
Hydrocarbons producer Oilex reported that production tests are about to begin on its Cambay-77H well at the namesake field.
UK stocks fell for a second day on Wednesday as concerns about global growth and nervousness ahead of the start of US earnings season eroded risk appetite.
The share price of AIM-listed oil explorer Oilex sank sharply on Wednesday after the company reported delays at one of its wells on the Cambay field in the Gujarat State of India.
Australian and Indian oil & gas company Oilex has finished drilling a well in India but said it may take several weeks to frack it.
AIM-listed Oilex saw its share jump by a fifth after the Cambay-77H well reached a total depth of 2,370m and testing indicated that the reservoir is hydrocarbon bearing.