Oilex swings to profit

Oilex reduced its explorations costs by over 50%

Oilex (LON:OEX) confirmed on Monday that the company made a post-tax profit for the six months up to 31 December 2020 of $418,881, up from a loss of $2,023,782 the year before.

Oilex reduced its explorations costs by over 50% to $256,917, as well as its care and maintenance costs to $63,765, and its administration costs to $424,297.

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The cash and cash equivalents held by the AIM-listed company fell to $102,901 from $173,816 at the end of June 2020.

Oilex confirmed in its report that its objective is to maximise shareholder value from its principal asset in the Cambay Basin, located onshore Gujarat State in India, whilst also continuing to review other opportunities to create value and diversify risk by adding new assets to the company’s project portfolio.

The company’s plans at Cambay are well advanced and include the drilling of up to two vertical wells, subject to, among other things, securing the necessary funding.

The Oilex share price is down by 1.25% to 0.16p on early morning trading. In mid-February the company’s share price jumped from 0.10p to 0.21p.

Oilex has performed well on the AIM exchange recently as oil and gas companies have specifically benefitted from the resurgence in oil prices.

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