oilex reduced exploration costs by more than 50%
Oilex (LON:OEX) confirmed on Monday that it rose from a loss of $2,023,782 the previous year for six months ended December 31, 2020, at $418,881.
Oilex reduced its exploration costs to more than 50% to $256,917, bringing care and maintenance costs to $63,765, and its management costs to $424,297.
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Cash and cash equivalents held by companies listed on AIM fell to $102,901 from $173,816 at the end of June 2020.
In its report, Oilex confirmed in its report that it is about maximizing shareholder value from the key assets of Cambay Basin, located in India’s land-based Gujarat. portfolio.
The company’s plans on Cambay are very advanced, including drilling up to two vertical wells, especially provided that they have the necessary funds.
Oilex’s stock price fell 1.25% to 0.16p in early morning trading. In mid-February, the company’s stock price jumped from 0.10p to 0.21p.
Oilex has recently worked well in AIM exchanges as oil and gas companies have benefited from a revival of crude oil prices.
