Oilex has asked its shareholders to vote in support of a capital funding program for work on the Cambay and Bhandut fields and the Canning basin.
The company is looking to build on a “growth opportunity” which it says is underpinned by a recent independent reserve classification of gas and light field oil in the region.
Managing director Ron Miller has written to shareholders asking for support to make the new investments.
He said a number of funding structures had been reviewed before adopting a model of two tranche placement.
The move comes after Oilex announced its first local market gas sales from the Cambay field which it described as a “significant milestone” for the business.
In addition to its Cambay-73, other gas production wells coming online during 2015 will include Cambay-77H and Bhandut-3.
The funding program would help facilitate work on the Cambay field, Bhandut field and the Canning basin, which would see technical work carried out to develop a leads and prospect portfolio to facilitate a farm-out.
Shareholders have been asked to vote at the general meeting which takes place on August 12.
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