Oilex Ltd
Climate Impact & Sustainability Data (2021-10 to 2021-12)
Reporting Period: 2021-10 to 2021-12
Environmental Metrics
ESG Focus Areas
- Health, Safety, Security and Environment
- Carbon Capture and Storage (CCS)
Environmental Achievements
- All work was undertaken safely, without environmental incident and in accordance with COVID-19 related protocols during the Quarter.
Governance Achievements
- 2021 Annual General Meeting held on November 26, 2021. All resolutions passed.
Climate Goals & Targets
Long-term Goals:
- Become a carbon-neutral gas producer.
Medium-term Goals:
- Drill two new horizontal wells (C-78H and C-79H) in Cambay field (H2 2022 and H1 2023).
Short-term Goals:
- Restart gas production cycling between two existing production wells in Cambay PSC.
- Re-frac of Cambay C-77H well (Q1 2022).
Environmental Challenges
- Disappointing fraccing and completion of Cambay wells C-76H and C-77H.
- Funding requirements for Cambay field development.
- Previous production cessation on the Cambay field.
Mitigation Strategies
- Re-frac of existing C-77H well to improve production and develop reliable fraccing methodology.
- Equity capital raising of £2.0 million (A$3.7 million) secured.
- Production cessation on the Cambay field removed following a final court order.
- Seeking a new joint venture partner for the Cambay PSC to mitigate funding requirements.