Oilex says it has raised $6.8 million in a placement to further develop its Cambay and Canning Basin assets.

The placement, priced at a discounted 7.2 cents a share, closed oversubscribed with the shares being taken up by domestic and international institutions, sophisticated investors and Oilex directors Max Cozijn, Sundeep Bhandari and Ron Miller.

Oilex managing director Ron Miller said the placement continues to support the company's ongoing efforts to deliver value from Cambay and Canning Basin assets.

"It ensures the company has a strong balance sheet entering into the operational phase of Cambay-77H well which is due to spud between February 22 and March 9," he said.

Oilex shares were off one cent, or 10.42 per cent, to 8.6 cents at 11.05am.

The West Australian

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