LONDON (ShareCast) - Oilex, the oil exploration company with significant interests in India, says it has restarted operations at its Cambay field in the western state of Gujarat.

Operations had been suspended since the end of August, when a milling assembly became stuck in the wellbore.

Since the restart pressure at the wellhead has increased to approximately 1200psi and drilling had to be stopped for the installation of a blow out preventer. The company claims this is a good sign for when the well is flow tested.

Oilex, which is based in Australia, has seen its shares drop 32% this year although today’s news has seen it jump 6.78% since the open.

BS

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE