LONDON (ShareCast) - 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.

A full suite of logs will be acquired subsequent to conditioning the wellbore, after which, the 4.5 inch production casing will be set and cemented in preparation for a fracture stimulation programme.

Managing Director of Oilex, Ron Miller, said: "It is pleasing that drilling operations, following a mechanical disruption on the rig, have progressed relatively smoothly to total depth. Based upon the required mud weight and gas readings, the primary reservoir target appears to exhibit the expected over-pressure and is hydrocarbon bearing.

"We look forward to acquiring logs to facilitate the full interpretation of the reservoir properties and securing the reservoir section behind the 4.5 inch production casing."

The firm's share price had risen 21.62% to 6.02p by 13:45 on Monday.

NR

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