Oil and gas company, Oilex received Consent to Operate from the Gujarat Pollution Control Board allowing the company to resume production and gas sales through its Cambay Field in India.
“The re-establishment of production from the Cambay gasfield has occurred soon after the Indian government announced that the price of domestic gas would more than double from $2.9 per mmbtu to $6.1 per mmbtu. This will provide a material benefit to Oilex’s cash flow,” said Roland Wessel, Chief Executive Officer, Oilex.
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Oilex shares fell 3% to 0.29p despite the good news of resuming production in the Cambay Field for the company.