Lords call in Financial Conduct Authority chief Nikhil Rathi over plan to 'name and shame' firms it is investigating
Ajay Banga vows to build better World Bank: But is the former Mastercard chief the wrong man for the job?
Extending the windfall tax and closing loopholes could drive Shell across the Atlantic, warns ALEX BRUMMER
Muggers stole £3,900 and used my Revolut account to buy crypto but it claims I 'authorised' it: CRANE ON THE CASE
Should you pay as much as possible into your pension? SIMON LAMBERT on the risk to early retirement dreams if the goalposts get moved
Major mortgage lender ups rates for second time this week after big rivals hike too: Borrowers warned they could get badly burned
What are passkeys? Experts say they will replace unfit for purpose passwords to keep your money and data safe
The Bank of England must go it alone and cut interest rates, says ALEX BRUMMER: It's time to give business a huge confidence boost
MARKET REPORT: Cheers! AIM-listed late night bars group Nightcap launches cheeky bid to buy rival Revolution
Peloton boss Barry McCarthy throws in the towel as fitness firm plans to cut 15% of staff
Universal and Chinese video-sharing app TikTok settle dispute over royalties and AI-generated music
BHP boss in South Africa to drum up support for takeover of rival Anglo American
Novo Nordisk can't keep up with demand as sales of its weight-loss drugs soar
Apple reports 4% fall in quarterly sales as it suffers downturn in China
My mortgage deal ends next year: Can I fix even if there is less than £20,000 left to pay off? DAVID HOLLINGWORTH REPLIES
Have we hit peak self-checkout? More retailers are making us scan our own shopping... but thefts and customer backlash are on the rise
'Change stamp duty so it's easier to move up and down housing ladder': Coventry Building Society joins calls for property tax reform
The best investment of last year? Premium Bond saver wins £100k from a £100 bond - check this month's prize winners in full
We're financial experts - this is how you can use your Isa and pension to grow your wealth in the new tax year
The used electric car timebomb: Will older EVs soon become hard to sell because their batteries aren't guaranteed?
How to save on business energy: Why bills are different to home gas and electricity - and what you need to know
Have you been canvassed about electric car charging? Councils aren't supporting the switch to EVs enough, voters say
House prices fall for second month in a row, says Nationwide: Rising mortgage rates move market into reverse
Young people more likely to quit a JOB than their bank... but opening top account could make £325 in interest

Oilex shares up 150% on gas reserves boost

By Reuters
Updated: 05:50 EDT, 6 September 2010

View
comments

Shares in oil and gas exploration company Oilex exploded 150% higher in early trading today after the company announced a 'significant upgrade' to its gas reserves.

The boost in estimates was a result of a nine-month project to apply leading-edge technology from North America's shale gas industry that can unlock the potential of 'tight' reservoirs.

The Australian-based firm now estimates the Cambay field in Gujarat in the West of India holds 248 billion cubic feet of gas with a 90% certainty of it being produced, up from chances being negligible before.

The company had drilled a number of wells on the field between 2006 and 2008 and found hydrocarbons but they were in tight reservoirs which meant they were not at that time commercial.

Oilex said it will submit the data for independent reserves certification in October and then look to develop a drilling plan for 2011.

Oilex owns 45% of the Cambay field with the remainder held by its operating partner, the Gujarat State Petroleum Corporation.

The company's shares rocketed to 19.50p in early trading before easing back to be up 10.5p at 18.50p by 10.30am - a rise of 131.25%.

Don't miss: The Daily Mail's Investment Extra on picking oil shares

Archive (2006): Could Oilex be the next Cairn?

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.