LONDON (ShareCast) - 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.
Oilex has been conducting flowback operations at Cambay-77H to remove water put into the reservoir during frac and coil tubing operations, which impairs hydrocarbon production rates.

Two retrievable bridge plugs (RBPs) were set in the well as safety barriers against it flowing whilst the frac tree was replaced with a standard production tree.

However, the first RBP did not set and seal properly and become stuck. It took 13 days to recover the plug, which had moved downhole.

Managing director Ron Miller said that it was "unfortunate" that the RBP malfunctioned, but that operations significantly improved after flowback and clean-up operations restarted.

"Setting aside the operational delays to recover the RBP and clean the well bore, Oilex is pleased with the well's performance at a relatively small choke."

The stock was down nearly 15% at 5.23p by 08:23.

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