LONDON (ShareCast) - Australian and Indian oil & gas company Oilex has finished drilling a well in India but said it may take several weeks to frack it.

Oilex said it had cemented its Cambay-77H well in Gujurat and it was now secure for fracture stimulation.

Logs had confirmed a hydrocarbon-bearing reservoir at 77-H comparable to the Cambay-76H and Cambay-73 wells.

But it said it may take up to three weeks to move a rig from the site and a further four weeks to mobilise fracking equipment and staff.

Oilex Managing Director Ron Miller said: "Drilling operations are now complete after approximately 23 operational days, excluding rig downtime, compared to 30 days as previously announced.

"We are encouraged by the amount of hydrocarbon-bearing reservoir penetrated as well as its apparent quality.

"We look forward to conducting the fracture stimulation programme and subsequent flow test."

Shares fell 0.45p or 8.6% to 4.8p at 12:08 in London.

PW

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