OEX - Oilex

[still_in_school]

Hi Guys,

did you watch and see OEX today, huge gain followed, by a market halt... could llok possibly good for VPE... looks like they hit a whale.

Cheers,
sis

[Bonk]

Big act to start this week with Nulla Nulla -1 show[ATP549 West] . OEX 's Rockwell South -1 is our look alike scene ! 14c share price give exceptional entry / leverage . ~~23mmbbloe play in primary zone . ~~5mmbbloe in secondary zone. Large 42% well share.

In addition , along trend with Nulla Nulla-1 , ==>ATP539 EPE [50%] to do 72klms 2D seismic plus 1 well within 12 months . ~~est 15 mmbbloe lead .

[yogi-in-oz]

:)

Hi folks,

OEX ..... will be alert for a strong rally,
around 06-10112006 ..... :)

happy days

yogi

:)

[Robroy]

Fat Prophets Mining has chosen OEX (Oilex) as their first new buy of the year.

The rave is an unusually strong one, with no negatives that I could see.

I note that OEX closed over its 7-month overhead trendline for the first time Monday.

Fat Prophets also points out that it’s successively broken above three shorter-term overhead trendlines in that period (and stayed above them).

OEX made an announcement yesterday afternoon re Indian government approvals of their Bhandut, Sabarmati and Cambay fields. The announcement included a host of other matters relating to other OEX projects around the world, including seismic surveys, drilling, and planned drilling programs.


Here’s a bit of what Fat Prophets said:

“The panicked reaction of some investors to the recent shakeout in the world oil markets mean they could miss what we consider to be one of the sector’s biggest buying opportunities [OEX]…

“Irrespective of the billions of barrrels that no doubt remain to be found, these untapped reserves will be more expensive to find and produce. We therefore must all become accustomed to a high oil price environment…

“US oil stocks are trading at their lowest level relative to earnings since 1982, while in Europe oil stocks are at their cheapest level in 4 years. We believe there is a mountain of investment money about to go bargain hunting…

“We believe the fallout of the last few weeks presents an ideal opportunity to present a high quality emerging oil play to our members. That company is the international oil explorer Oilex.

“The company has assembled a diversified international portfolio of exploration and production interests in India, offshore Australia, East Timor and Oman. Oilex has assembled most of this acreage in the last 18 months…

“While we expect oil to take time to establish a base, the longer-term outlook remains overwhelmingly positive in our view. In time, we expect that the price of oil will push above the December high of $US64.15 to trigger a return toward $US78.40 and beyond.

“With such a diverse portfolio of international exploration interests and significant activity planned on all of them, 2007 will be an exciting time for Oilex.

“We believe now is a great time for members to get exposure to Oilex.”

[Robroy]

It should have been a terrific week's finish for the company's share price:


1. Two positive announcements out, Tuesday and Wednesday.

2. Then Fat Prophets Mining report (Thursday) picked it as its first new BUY recommendation for 2007: the report was detailed and glowing.

3. Oil rose strongly and is at $57.50+ as I write (Friday evening).


All this against the background of an exploration program that is both aggressive and diverse.

Maybe the market was taking a short breather after the rises at the start of the week, and the week before...

Anyone care to speculate?

[canaussieuck]

It should have been a terrific week's finish for the company's share price:


1. Two positive announcements out, Tuesday and Wednesday.

2. Then Fat Prophets Mining report (Thursday) picked it as its first new BUY recommendation for 2007: the report was detailed and glowing.

3. Oil rose strongly and is at $57.50+ as I write (Friday evening).


All this against the background of an exploration program that is both aggressive and diverse.

Maybe the market was taking a short breather after the rises at the start of the week, and the week before...

Anyone care to speculate?

7% in one week, seems ok to me. Formed a pennant after breaking through some recent highs, what more could you ask for?

Cheers,

[Robroy]

The pennant formation OEX has just broken out of (one of the most reliable formations in TA) says it will go to 1.93. (Assuming a textbook performance.)

1.93 is also the alltime high, right above the market now.

So you would have to say that 1.93 is looking pretty strong as a short-term target right now.

Pennants aside, the chart Monday night looks strong, with the close at the day's high - on high volume.

And oil is still high, relative to recent times - nudging $60 as I write.

The rest of the week is promising to be very good for OEX.

[Robroy]

OEX hit 1.80 this morning, which accords with the idea that it's heading to 1.93 this week.

(That's the target predicted by its breakout yesterday from its pennant formation; plus 1.93 is the alltime high.)

I notice there's a selling panic on right now (lunchtime Tuesday). Sellers had piled in above the market overnight, excited by the sudden price rises. There were too many of them, and when the price blipped down and filled our nice little overnight gap, several of them - thinking they were about to lose their long-awaited profit - panicked and dropped their prices.

That of course forced the price down further. We're now at 1.65. I imagine the spasm might end about there, and that - given that nothing fundamental or technical has changed - OEX will proceed on its merry way to the 1.90s.

[chennyleeeee]

Sadly 1.80 was the highest it ever reached before it started to plummet down again Rob. But it had a good run though.

I brought in 2 months ago at 1.33. I dont know whether this stock has many good future prospects but I do like the predictability of the share price movement and when you compare it alongside the other oil companies such as Oil Search and Roc Oil which has either a consolidating graph or a down trending graph, its probably a better oil company then the rest.

I might get out of this stock if it starts to flutter at 1.50 and is met with heaps of resistance.

CHEN

[ormond]

Any one following this one?

Have noticed nice price-volume increase over last couple of days!

Look to have a great diversity of assets and looks like there will be a lot of news out over next couple of months particularly cambay & oman!

Any thoughts?

[lioness]

Ormond, I bought at 1.50, great uptrend should be re-rated sooner than later.

Hartleys issued a price target short term of 5 dollars based on success at Oman.

[porkpie324]

OEX looks interesting, looking at OEX chart the SP did'nt go below last low of 1.40, volume has risen also supporting SP (hav'nt got todays data yet) so will look tomorrow, will also do some fund research. porkpie

[henry vanderhave]

Hi guys.Not much to say except ill be re entering soon,traded it successfully before and think its an excellent prospect.When it drills GOG offshore well plus all the other works,to me it has quality stamped all over it.My view only. Just need to escape the clutches of a couple of duds and im in!cheers.

[lioness]

Hi guys.Not much to say except ill be re entering soon,traded it successfully before and think its an excellent prospect.When it drills GOG offshore well plus all the other works,to me it has quality stamped all over it.My view only. Just need to escape the clutches of a couple of duds and im in!cheers.

Henry, if it breaks 1.60 which it is sitting on the next previous high of 1.74 will be reached in my opinion, so do not leave it too late.

[kennas]

Henry, if it breaks 1.60 which it is sitting on the next previous high of 1.74 will be reached in my opinion, so do not leave it too late.Lioness, always remember to include some level of analysis when placing price targets. While 1.74 might be next resistance, that doesn't mean it's going to get there. Reminding us of the Hartley's valuation might be a start, but it would be better if you incuded the why part in the Hartley's target as well. Can you tell us that? Cheers.

[lioness]

Lioness, always remember to include some level of analysis when placing price targets. While 1.74 might be next resistance, that doesn't mean it's going to get there. Reminding us of the Hartley's valuation might be a start, but it would be better if you incuded the why part in the Hartley's target as well. Can you tell us that? Cheers.


Sure Kennas, see below for a detailed explanation as to why:

Oilex Ltd (“Oilex”, “OEX”, “Company”) and its Indian Alliance partners
have reported production testing of Cambay-72 with productive oil zones
identified in both the shallower Oligocene and the deeper Eocene
horizons. Secondary testing will occur after sand screens have been
installed over the Oligocene horizon.

Phase 2 will commence with a three well programme in May with a
combination of re-entry, sidetrack and new wells aimed at assessing field
recoveries as well as determining the optimum method for developing the
field.

A recent upgrade to the Cambay field in-place resource estimate has
increased the best estimate to 48mmb oil, 356BCF gas and 14mmb
condensate. Our analysis suggests confirmation of Oilex’s best estimate
for the field could be worth more than $3.70 per share (at NPV $25/bbl oil
and $4/mcf gas).

In addition, we believe the Oman acreage is highly prospective and has
the potential to yield significant discoveries. Drilling activities in Oman
are anticipated to commence in July 2007. Given the quality of the
assets acquired by Oilex and the strong management team to drive
exploration and production, we rate Oilex Ltd as a Speculative Buy.

PS Kennas, you are very good with charts, what is your estimate from here??

[lioness]

I cannot believe no-one is interested in this oil and gas stock, it is one of the best on the market.

Oh well, I am in big time here (have the house literally on it!!)

[ormond]

MUMBAI (Thomson Financial) - India's Videocon Ind said its 25 pct-owned Block No.56 on the eastern flank of the Central Salt Producing Oil Field in Oman has potential reserves in excess of 4 bln barrels.

Block No.56 was allotted to a consortium comprising Videocon, Oilex Australia, which is also the operator, together with Gas Authority of India Ltd, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd in March 2006.

The company is also seeking to reprocess existing data, acquire 1,000 kiolmetres of 2D seismic starting July 2007 and Drill around 3 wells in the third quarter this year, Videocon said in a release to the Bombay Stock Exchange.

Videocon said the consortium has signed a production sharing contract under which it will explore 11 wells in the first phase of drilling and 15 wells in the second phase.

[lioness]

Read todays announcement, should start to rise now dates are locked in, huge potential but at what risk I wonder??

[ormond]

Any oil experts out there?
Don't know what to make of todays announcement?
http://www.oilex.com.au/files/291007%20Drilling%20Operations%20Update%20-%20Indonesia%20&%20India.pdf
The share price took a pounding early in the day but recovered somewhat just before close.
cheers ormond

[Miner]

On 5 Dec Bruce McCarthy bought 4 M shares.
Any one is following OILEX ?
In today's newspaper they are looking for a very senior executive to oversee a substantial operational role. This is an indication that the company is making some serious forward plan.
What the experts comment on current and future trend of OLX ?

Regards

[wideboythin]

I am right there with you mate, i have bought into oilex too but find it very hard to find good info on it. Maybe i am looking in the wrong places. Anyone got a few pointers for this stock?:confused:

[Kuade]

Check out OEX company website (on the RHS under Latest News). There's a report on OEX that Hartley's have produced indicating they value OEX at $2.86 per share.


Throughout 2007, Oilex Ltd (“Oilex”, “OEX”, “Company”) has continued to process historical and new data to increase the level of confidence in its Indian redevelopment project. At the same time, Oilex has farmed in to production and excellent prospective acreage in Indonesia. Production from both India and Indonesia is expected in 2008. At least 15 wells are planned to be drilled, including several significant exploration prospects, starting in Oman from December 2007. Oilex offers a well balanced portfolio of low to high risk/high reward assets to feed its growth pipeline. The Company is currently trading at a significant discount to our valuation of 286cps. With rigs in Oman and India now mobilising, and a very active drilling program about to provide increased news flow, we rate Oilex Limited as a Buy.

[Kuade]

Quite a lot of volume today (1M). Last time it was this strong was when it made it up to $1.83. Perhaps there's an announcement on the way.

[ormond]

Oman drilling-
OEX up 25% today to $1.665 after announcement that recommends that a 7 inch casing be run and a production testing program be carried out over the primary and secondary object which exhibited oil and gas shows.
Very curious as to why this announcement was not released as price sensetive considering the price spike.
Has a lot more wells to be drilled this year in Oman,India and Indonesia this year so maybe a bit of speculation of upcoming drilling.

[MRC & Co]

With oil prices skyrocketing, it is surprising to see this one being hammered lately!

Looks like a very good company with a lot of upside potential as it comes online and starts to increase production. Has some short-term support just below where it is currently trading.

Ill be looking for a trend reversal on this one and then jump aboard if crude oil prices stay above the $100 mark.

Any thoughts?

[Tukker]

I bought in yesterday at 1.24. Fat Prophets has been recommending them for a while now. Lets see how she goes.

[tryagain]

Hartley's Valuation 317cps – Oilex has an experienced management and field team of over 75 people with offices in Australia, India and Oman. The Company has recently spudded its first development well at its cornerstone project in India and has also had recent success in Oman and Indonesia. With A$52m in cash, soon to be proven reserves in India, eight permits in prospective basins and a drilling program comprising over 15 wells this year, the risk/reward balance is heavily weighted towards the upside.

It has been a very successful year for Oilex, and 2008 is shaping up to be equally exciting. In India, production from Cambay and Sabarmati has met, or exceeded, the management's expectation; accordingly, it has arranged a long-term rig contract to drill six wells on the Cambay field and anticipates first production by Q2 2008, plus further definition of the reserve base. Some of the appraisal wells will be designed to test the Ogliocene avoiding the reservoir damage that is thought to exist in Cambay-72. Sabarmati also exceeded management expectations when put on pump so additional development will occur there in due course.

Appraisal drilling of the Pendalian discovery, in Indonesia, has revealed that Pendalian-3 has a production index of a possible 1,200bopd from pump assisted production. Both management and investors will be hoping that this well is able to meet this target when put on long-term production testing in Q3 2008. With a possible 3-5 development wells on the cards, this could be a significant asset to Oilex and a very well timed acquisition.

If that wasn't enough for one small independent oil company for one year, the management has topped things off with what looks like a heavy oil discovery from its first exploration well in Oman. With 12 successful months and a large fundraising behind it, Oilex has ambitious plans and an active drilling programme laid out. The management anticipates first production in Q2 2008, and that will be another significant step forward for the company.

Broker and Nominated Advisor, KBC Peel Hunt, recently released an update on Oilex. In the note, KBC said that it had a "core" net asset value of 64 pence per share, but there was considerable upside in this valuation depending on results in India and Oman. KBC added that they are anticipating over 20 wells in the next 18 months; 6 wells in India, 11 wells in Oman and 4 wells in Indonesia, plus the possibility of additional drilling at the company's assets in Australia if a rig can be secured.


I know people are a little freaked out by the market. but this is the perfect time to look around for the obvious stock plays out there.If you think oil and gas are places to be, then do your self a financial service and read what the hell is going on in this company. I went blue in the face trying to tell people about riversdale mining for a year when it was trading at $1. it hit $11. [the frigken assets were there for all to see]does anyone really think i care if the price moves up a little short term? am i talking my book? NO.
i really think the company warrants your time. let me know if i am wrong. happy to hear all views. forget about the pump and dumps out there promising quick money. There are so many 'dreamscapes' dressed up for punters, it takes a chain saw to get them out of the way. its a stock pickers parade right now and you better be dressed for the occasion. this is obvious for folk who are willing to go the 9 yards and get serious about the market.dyor.

[Tukker]

Hartley's Valuation 317cps – Oilex has an experienced management and field team of over 75 people with offices in Australia, India and Oman. The Company has recently spudded its first development well at its cornerstone project in India and has also had recent success in Oman and Indonesia. With A$52m in cash, soon to be proven reserves in India, eight permits in prospective basins and a drilling program comprising over 15 wells this year, the risk/reward balance is heavily weighted towards the upside..............dyor.


Welcome to the forum and a very nice write-up. Did Hartley's recently update their valuation or is this the one they did last year or so? If so could you post that link? Do you hold any shares with Oilex right now? Ive seen some support around 1.20, I reckon we will have a nice short term bull run then it will level out and go bear till the next news.

:) Tukker

[tryagain]

Hi,

Thanks for the welcome. This is Hartley's latest discounted valuation. I do own quite a few and will hold for the remainder of 2008 where I see the share price at much higher levels. News out of Cambay tomorrow and its pointing towards a very successful well IMO.

Another site in the UK with very good posters is the following.

http://www.iii.co.uk/investment/detail?display=discussion&code=cotn:OEX.L&it=le

Look for joatmon,jimmy noone,the rig for up to speed posts.

Goodluck.

[Tukker]

Thanks tryagain. That announcement came out during the jittery times the market was going through and really failed to create an itch. Since then they have done more work and identified better targets in the same region. I gotta be honest with you, i bought into Oilex from a TA trigger, not fundamentals which is a good thing for me cause i know very little about oil exploration and production. According to past announcement delivery there should be another update coming within the next 2 weeks, not that it would make a difference tbo. From what I've seen over the last 3 months is that it takes an amazing discovery to stimulate sp, or real steady flows of good results. Plain good results, or better than average is not stimulating atm. Relatively low volume also.

I am set to exit if it gets to 1.19. See what happens.

[Miner]

Hi,

Thanks for the welcome. This is Hartley's latest discounted valuation. I do own quite a few and will hold for the remainder of 2008 where I see the share price at much higher levels. News out of Cambay tomorrow and its pointing towards a very successful well IMO.

Another site in the UK with very good posters is the following.

http://www.iii.co.uk/investment/detail?display=discussion&code=cotn:OEX.L&it=le

Look for joatmon,jimmy noone,the rig for up to speed posts.

Goodluck.


Good site. It appears UK people are more active on this Oz share.

Is it because we are nearest from the Church and farthest from God ? Just a metaphor / proverb and no religious slanting here.

[Tukker]

Update out. Nothing too special. If Hartley's valuation is only half correct, the company is still worth $1.58... Question is, will they have the market's attention? How many other oil plays are there really right now? I wouldn't know where to begin looking, but i expect quite a few. Am i right that there are only 158mil shares knocking around? The Cambay field alone would value the company at $1.82...

[tryagain]

Stock: Oilex Limited (OEX 103cps)

Valuation: 312cps (prev 317cps)

Market Cap (Full. Dil.): $138.7m ($166.2m)

Issued Capital (Full. Dil.): 132.1m shares (158.3m)

Cash (as at 31 March 2008): $43.1m

Date: 2 May 2008


·Testing at Cambay Continues (OEX 45%) – Testing of the EP-IV interval at its Cambay-23Z well in India is progressing. The forward plan is to perforate a larger interval of the gas bearing zone, analyse the cores taken and then design and execute a frac to optimise flow rates.

·5 Appraisal / Development Wells at Cambay in 2008 – Oilex is in the process of moving the rig off the Cambay-23Z site in order to start drilling the next of 5 wells remaining in its program for this year. The wells are aimed at proving up the potential gas and oil resources which the Company believes are present.

·9 Exploration Wells in Oman (OEX 25%) – Oilex has drilled two wells this year in Oman, with one likely commercial success at Sarha-1 and one technical success with heavy oil at Ghadaq-1. The Company has recently spudded its Alyanbou-1 wildcat exploration well that is targeting a mean in-place oil resource of 135mmbbls.

·4-8 Development / Exploration Wells in Indonesia (OEX 45%) – First production from Indonesia is still expected mid-year, pending approval of the Oil Development Plan (“ODP”) by the government. Once approval has been granted, production can begin. This will enable the drilling of 4 development wells, which could see production of ~2,500bopd net to OEX by the end of the year. Up to 4 exploration wells are also planned on large structures that could hold more than 100mmbls of oil in-place.

Impact

·We value Oilex’s Cambay assets at 182cps. The assets are estimated to hold in-place resources of 300bcf of gas with 14mmbbls of associated condensate and 48mmbbls of oil. Much of the certainty associated with the resource and valuation is based on the strength of the technical team at Oilex and its experience in successful operations in India.

·The Sarha-1 well, in Oman, has flowed oil to the surface and will be revisited around mid-year. We estimate that two of the shallower zones may hold 20mmbls of recoverable oil. This would be worth ~36cps to OEX. Until the well is revisited, we have discounted our valuation of Sarha-1 by 50%. Larger potential remains untested in a deeper zone. The success of its first two wells in Oman is a good indicator of the prospectivity contained within the remainder of the program.

·OEX’s Pendalian project in Indonesia is poised to provide maiden production and cashflow for the Company which will help fund its exploration program in the highly prospective block. We value Pendalian at 28cps.

·Oilex is taking a measured approach to its development/appraisal project in Cambay. The technical challenges are far from insurmountable; however, it is vital that the required analysis and preparation is undertaken in order to ensure the greatest possible chance of success. This approach, combined with general delays associated with working in the sub-continent, has meant that progress has not been made as quickly as the market may have hoped. Importantly, the fundamentals have not changed and the project’s true value should be understood by the end of the year.

Oilex is the operator for a drilling schedule equivalent to companies valued at 5 times its current market capitalisation. Little value appears to be attributed by the market to its recent oil discoveries in Indonesia and Oman. There has been a recent sell off in the stock, which is most likely related to a lack of patience in the market. We believe a significant rebound is imminent, with success by the drill bit potentially leading to appreciation by multiples.

We rate Oilex Limited as a BUY.

[dj_420]

These guys look be a very underloved oiler, production starting at the end of this year. Estimates are it will be on a PE of 2.3 for 2009 earnings.

A number of targets for drilling this year, 77% of stock is held by the top 40 shareholders. $48 million in cash and only 20 odd percent off its yearly lows.

Seems to have been completely forgotten about in the gas and oil sector. Does anyone on ASF hold these guys? Hartleys also have a valuation of 3.18 on OEX, significant upside just looking at their production profile.

[MRC & Co]

If I was into holding more longer term companies, OEX is one I would be holding for a good risk/return play FWIW. Cheers.

[Kuade]

I doubled my holding today based on the bargain price and yesterday's threat of a big run. Multiple reports have the company valued at a min of 1.80 per share. Several suggest it's a $3 stock (Hartley's etc). It's just a matter of time before it heads back up to more realistic levels. Given it's previous climb from similar $1.10 levels in Sep last year when it ramped back up to $1.80 in the space of less than 2 months I expect when it goes, it will happen quite quickly.

We are getting nearer to a number of milestones in the next half of the year which will give it more publicity and momentum.

The presentation that was posted on the OEX company website yesterday is worth a look for the newbies.

[dj_420]

Anyone interested in OEX a nice presentation and broadcasts from the CEO

http://www-waa-akam.thomson-webcast.net/au/dispatching/?event_id=4a3e078127cfa5dac833c3a421b5a8b6&portal_id=e5ae742e20846db4804af53bb32680a8

[adobee]

Strong increase today 30% but still low in comparison to past looking at the chart.. looks like the market liked the announcement today (Below)

I have some exposure to this through LRF but might jump on board in the morning dependent on how it opens ..





SUBJECT: CAMBAY – 19Z FLOWS OIL FROM FIRST TEST Oilex advises that preliminary results from the first drillstem test at the level of the basal sand secondary objective in the Cambay-19Z appraisal well are available. �� The well has flowed oil to surface from the interval 1,966 metres – 1,972 metres at an average initial rate over a period of 16.5 hours of approximately 180 barrels per day on 1” choke at a flowing pressure of 30 psi. �� No formation water was produced during the test. �� The qualitative assessment of the oil, pending laboratory analysis is that it is a light, sweet crude of API gravity about 350-400 with a low wax content. The well has been shut in to record pressure buildup data. The next phase of testing may involve adding up to 12 metres of deeper prospective zones that have a similar log response to the initial 6 metre test interval. Oilex is very pleased with the initial results of the first oil flow to surface in Cambay-19Z and the first oil flow from this zone in the entire Cambay block. The well has confirmed the prospectivity of the deeper targets over the area of the Western High Block. The basal sandstone was a secondary objective in this well. It has been drilled in few of the previous Cambay wells and the Joint Venture has considered this to be a promising exploration target in the Western High area of the Cambay block. Further evaluation of the future production potential of this zone will be carried out in two of the four wells remaining in the current drilling program. In these cases, the wells will be designed to maximise the flow rate potential from the basal sand that will become a primary objective. On conclusion of the test of the basal sand, the EP III and EP IV primary objectives will be tested over a gross interval of 34 metres between 1,764 metres – 1,798 metres. These zones exhibited good gas shows while drilling. Participants in the Cambay Production Sharing Contract are: Joint Venture Party Participating Interest Oilex Ltd (Operator) 30% Oilex NL Holdings (India) Limited (100% owned by Oilex Ltd) 15% Gujarat State Petroleum Corporation 55%

[Motogoon]

Man i hope it keeps going up, the last couple of weeks have been a big slap in the face for me, on all 3 oil companies i'm holding! i bought at 1.10 so am happy to have broken even again at least.

[michael_selway]

I doubled my holding today based on the bargain price and yesterday's threat of a big run. Multiple reports have the company valued at a min of 1.80 per share. Several suggest it's a $3 stock (Hartley's etc). It's just a matter of time before it heads back up to more realistic levels. Given it's previous climb from similar $1.10 levels in Sep last year when it ramped back up to $1.80 in the space of less than 2 months I expect when it goes, it will happen quite quickly.

We are getting nearer to a number of milestones in the next half of the year which will give it more publicity and momentum.

The presentation that was posted on the OEX company website yesterday is worth a look for the newbies.

Hi do you know what the expected minelife of OEX is at full production rate?

Earnings and Dividends Forecast (cents per share)
2007 2008 2009 2010
EPS -18.3 -3.8 49.3 81.9
DPS 0.0 0.0 0.0 0.0

thx

MS

[Out Too Soon]

-------

We are getting nearer to a number of milestones in the next half of the year which will give it more publicity and momentum.

------

That half year has passed & some institutions are jumping on board, JP Morgan have just bought a large holding, anticipating a climb in sp. along with oil in general.:)

[SBH]

Hello to all still reading threads on stocks and not jumping off high ledges...
Any thoughts on the $10m fundraising at 23c? Is it the board members loading up on shares for super riches in a year or two or a legitimate need for more funds? To me it seems like they are happy to crash the share price at this stage to allow the 'sophisticated investors' to cash in.

Thats my conspiracy theory anyway! This thing is below 50m market cap.. seems unbelievable to me...

[newanimal]

Feb 6 change in substantial holdings announcement indicates JP Morgan bought 6,023,000 more shares (.23) on Feb 4. Yet volume that day was 80,252. Maybe someone can cure my newbie ignorance about institutional buying matters. http://www.aussiestockforums.com/forums/images/smilies/smile.gif

[glads262]

Only about a week to go until we find out the results of this well. It should lead to OEX becoming cashflow positive - ie begin funding exploration via cashflow instead of via capital raisings/asset sales.

[freddysa]

Oilex to suspend Indian well, shares fall 28 pct: Australia-based Oilex Ltd said the Cambay-75 appraisal/development well in India would be plugged back and suspended as log analysis indicated the presence of water with gas, although high gas readings were recorded.

Any thoughts?

[Miner]

Any one is following OEX to provide update ?
I do not hold but looking for some information if any one would like to post

Cheers

[bordercityfirm]

The word on the streets of perth (and even in the suburbia!) is that OEX have a rig and will drill the 2 wells this year.

Well done long term holders :).

[bordercityfirm]

10:25:30 AM 0.270 5,262
10:20:31 AM 0.270 5,262
10:15:33 AM 0.270 5,262
10:10:38 AM 0.270 5,263

looks like a bot is buying this morning

[maxmac]

The drilling announcement would have to be close. Bit more action on OEX last week. Finally bit the bullet and in at 27. Could've been in at 20 cents but that would have made too much sense! Anyone got any news/views?

Cheers
Maxmac

[Annwn]

The drilling announcement would have to be close. Bit more action on OEX last week. Finally bit the bullet and in at 27. Could've been in at 20 cents but that would have made too much sense! Anyone got any news/views?

From a TA persective -
Broken upwards from a symmetrical triangle that has been forming since end of July.
The upmove isn't convincing at this stage with Fri a small range day of 0.1, only moderate volume

Cheers

[bordercityfirm]

Looks like a cup and handle to me, not so say you are wrong Annwn. Either way they are bullish signals and a breakout would confirm both TA.

Looks strong this morning, hopefully we are having break out as we type.

:2twocents:2twocents

[BESBS Player]

Bought in today at ave. 28.5c. Looks a classic BESBS play. Big potential target, drilling soon but no details yet released.

Just had a quick read of this thread and noticed the comment from Bordercityfirm about a possible rig booking. Hmmm...a tasty treat is ever there was one! :p: This shall run quickly when a drilling confirmation is announced to the market. As Maxmac is suggesting, a very interesting fortnight ahead IMHO ;)


Holding OEX

[bordercityfirm]

BESBS, it's not the drilling confirmation thats getting me excited it will be the actual drilling which will get me hot under the collar. The offshore block JPDA 06-103 was hottly contested in the first place and OEX were lucky to get it. Since their other drilling hasn't really gone to plan I've waited my time to get into this big time. I think the oil in place will be high estimations, and a lot of other Multinational operators we're interested in 15% of the block which the Japanese gladly snapped up. I wonder why........ Kuta tasi, Laminaria and, Kitan oil discoveries all so close and great Seismic's. Then there the other 20 prospects in the block.

I'll be holding to the drill bit gets to bottom and this thing gets tested.

:2twocents :2twocents

[quarky]

jumped in at 0.285 and hoping that this one has a bit of movement and i'm willing to be patient with this one (as opposed to holding CTP)

Japanese interests, a rig, wells, ... OIL.

seems good so far. :p:

[DVEOUS]

seems good so far. :p:
This may end up being an understatement soon!

Close at 0.31 with an intra-day high of 0.33.
You could have made a tidy 15% in 24hrs.
Will be watching this closely during the week.

[skyQuake]

Bought in today at ave. 28.5c. Looks a classic BESBS play. Big potential target, drilling soon but no details yet released.

Just had a quick read of this thread and noticed the comment from Bordercityfirm about a possible rig booking. Hmmm...a tasty treat is ever there was one! :p: This shall run quickly when a drilling confirmation is announced to the market. As Maxmac is suggesting, a very interesting fortnight ahead IMHO ;)


Holding OEX

Nice to see it fill the gap then run up again later; Rising volume too.
Also, what does BESBS stand for?
Cheers

[DVEOUS]

Also, what does BESBS stand for?
Having never come across this before either, I was wondering this too.
Google is your friend!


BESB stands for "buy early, sell before spud". In a nutshell “besbs” involves buying stocks that are inactive and orphaned by the market and holding them until they move closer to drilling. The market wakes up and starts to accumulate the stock sending the price up. Time then for the patient and early investor to exit.The extent of the price movement and thus the potential gains depends on a number of factors, but gains are almost always guaranteed.

[BESBS Player]

Sorry for confusion, guys.

The description is a good one. Remember though, you can hold during the drilling depending upon the number of target zones in a drilling and the discovery of early hydrocarbons.

Cheers,
BESBS

[BESBS Player]

OEX are starting to set a nice steady upward SP trend. Now touching 32c. One can only assume that many punters are trying to get in before management confirm a rig and drilling date.
Given previous announcements, I would think that this should be soon (hence the increase SP & volume). Happy to wait and see...a classic BESBS play if ever there was one (as I have said earlier) but this one should also allow opportunities to follow the drill bit down as well.

Good luck to all holders.
Holding OEX at 28.5c ave

[swm79]

saw a 12 mth target on this one by hartleys at 89c in early July when the SP was at 15c

would have been nice at 15c instead of the 27c i got in at... but still from 27 to 89 sounds nice!

[Out Too Soon]

saw a 12 mth target on this one by hartleys at 89c in early July when the SP was at 15c

would have been nice at 15c instead of the 27c i got in at... but still from 27 to 89 sounds nice!

By the time Hartleys long term predictions are proven wrong everyone has forgotten. Not that I don't beleive 89c is probable, just I don't think such predictions are worth a pinch of salt :p:
Tell me what the share is going to do in the next week, then I'm interested;)
33287

PS: I think it's going to go up with the "POO" :D

[BESBS Player]

Hi OTS.

Always hard to say what the SP will be next week. However, one needs to look at what is a likely trigger for a SP spike. In the case of OEX, we have no official ASX announcements to go on BUT we should be close to the time when OEX will announce a drilling rig and date. Based on the over-the-top reaction to MMR when they mentioned that they were getting closer to funding Biggis, I think it is a fair assumption (although risky) to assume that the punters will love an OEX announcement confirming drilling at a large target pre-Christmas (if it occurs).

Bordercityfirm mentioned last week that the word on the street is that such an announcement is imminent. While I fully disclose that I have not had any face-to-face contact with anyone in the know, I have also heard a similar rumour from someone within the industry. I suspect that this rumour is what is driving the SP increase in OEX - already up from mid 20s to 33c in a week with no news to the market! Combine this rumour and the MMR example I listed, and suddenly you have a potential rocket for the OEX SP IF both assumptions/rumours are true.

I can't be sure but the trading in OEX is telling me that others think the same thing. Remember, we might all be wrong!

Best of luck with your investments,

BESBS Player

[BESBS Player]

Sold out of RNG and put the funds into OEX as a top-up.

Ready now for a drilling announcement. Hope it arrives soon!!!



Holding OEX @ 29.5 ave

[DVEOUS]

I think it is a fair assumption (although risky) to assume that the punters will love an OEX announcement confirming drilling at a large target pre-Christmas (if it occurs).
BESBS, looks like this happened after the market closed, yesterday.
From the OEX Annual Report;


The planned exploration drilling program in the
forthcoming months is an exciting, near-term project and will complete a sequence of intensive activity which saw the acquisition and interpretation of the large 3D data volume and the development of a portfolio of robust prospects.

The Company is working to secure the services of a drilling rig following the termination of the original rig contract by the drilling contractor due to issues unrelated to the Company. Current planning has the commencement of drilling of two wells in late 2009.
Looks like they are still on target to be drilling Timor Sea and the Carnarvon Basin before years end.

Further into the report, they become very tight lipped!

LIKELY DEVELOPMENTS
Other than the matters referred to elsewhere in this report, further disclosure as to likely developments in the operations of the Group and expected results of those operations would, in the opinion of the Board, be speculative and not in the best interests of the Group.

[BESBS Player]

Thanks, Dvious.

Hoping that drilling will be confirmed soon otherwise I might have to wait a little while.

Happy to hold...

[newanimal]

I topped up earlier today as well then put in a stoploss at .270. Obvious close call. I do hope the drop to .275 then move back up to .29 is only a gap closing and shakeout before resuming on. Any thoughts?

[bugmenot]

Cue Ready with Oilex Seismic Results

http://www.upstreamonline.com/incoming/article191908.ece/

Australia’s Cue Energy Resources said the processing of the data acquired under the Rose 2D and 3D seismic surveys is now complete.

Some 1400 square kilometres of 3D seismic were gathered from the survey completed in August 2008. Of these, 350 square kilometres 3D and 117 kilometres 2D relate to Cue Energy’s WA-389-P permit off Western Australia. Majority of the new seismic were acquired in Oilex-operated WA-388-P.

Wavefield Inseis vessel Geowave Champion was commissioned to perform the survey.

The new data will be used to mature the leads as possible drilling prospects in the two permits.

[swm79]

Cue Ready with Oilex Seismic Results

http://www.upstreamonline.com/incoming/article191908.ece/

Australia’s Cue Energy Resources said the processing of the data acquired under the Rose 2D and 3D seismic surveys is now complete.

Some 1400 square kilometres of 3D seismic were gathered from the survey completed in August 2008. Of these, 350 square kilometres 3D and 117 kilometres 2D relate to Cue Energy’s WA-389-P permit off Western Australia. Majority of the new seismic were acquired in Oilex-operated WA-388-P.

Wavefield Inseis vessel Geowave Champion was commissioned to perform the survey.

The new data will be used to mature the leads as possible drilling prospects in the two permits.

your link doesnt work.

i hope this comes soon... i'm so impatient :o

McCarthy says things should start happening early Oct re: return on investment i.e. indo should be approved... then india... and Oman's prod well should be producing "now"... i hope he's right and we start seeing some of that return!

[kelvin]

Sep 24, 2009 (Hugin via COMTEX) ----Songa Offshore SE is pleased to announce that a drilling contract has been concluded between its subsidiary Songa Offshore Drilling Ltd and Oilex (JPDA 06-103) Ltd on behalf of its Joint Venture for contract area JPDA Block 06-103 in the Joint Petroleum Development Area (JPDA) between Timor Leste and Australia for utilization of the semi-submersible Songa Mercur drilling rig. The contract covers a drilling campaign of 2 wells plus 1 optional well in the JPDA, with a mobilization and de-mobilization element included into the agreement.

Total estimated contract duration for drilling operations is 50 days plus an additional 25 days if the optional well is exercised, the Drilling operations day rate is US$280,000 per day, reducing to US$250,000 applying if the combined Woodside and Oilex contract period exceed an agreed period.

Subject to meeting certain contractual requirements, the drilling rig is scheduled to mobilize for the Oilex Joint Venture immediately after release of the rig from the earlier announced contract with Woodside Energy Ltd.

Limassol, 24 September 2009

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

SOURCE: Songa Offshore SE

[DVEOUS]

I'm aboard OEX, in at $0.295, this morning.
Kicking myself I didn't do it Tuesday at $0.275. :banghead:

Anyway, rig announcement released this morning, so let's see where this goes.
There's a lot of red on my screen at the moment, but at least OEX is holding in there.

[TabJockey]

Does anyone have a broker target price recently? Im in at 27.5c and im trying to work out an exit plan. Hoping for 30% by December but not really sure how far this ones going to run.

[DVEOUS]

I meant to include the announcement highlights in my post above:

OILEX SECURES DRILLING RIG FOR TWO WELLS IN TIMOR SEA
• Contract signed with Songa Offshore Drilling Limited to secure a drilling rig for two wells in contract area JPDA 06-103 in the Timor Sea

• Drilling to commence following release of the rig from Woodside’s imminent 1 to 3 well program on North West Shelf, WA

• Oilex has funding for these wells under a previously announced Farm-Out Agreement between Oilex and Japan Energy (OEX retains 10% interest)

• Initial two-well program to drill prospects with combined prospective oil resources of 285 million barrels (100% basis) adjacent to the recent Kitan oil discovery (ENI)


Hoping for 30% by December but not really sure how far this ones going to run.
A broker target would be interesting.


The drilling rig is scheduled to mobilise for the Oilex Joint Venture, subject to meeting certain contractual requirements, immediately after release from its current contract with Woodside Energy Ltd, anticipated to be in November 2009 on the basis of Woodside’s likely schedule of two wells.
I have no idea how long it would take to relocate the rig, and set it up once in position, but the announcement suggests November is when that will happen.
You may have some news before end of year.
Potentially a good Christmas present! ;-)

[TabJockey]

SP is all over the place this morning, if I spot a 29c buy I will be accumulating. Pretty cheap considering todays announcement.

[Alporfavor]

I expected that this announcement would have generated more interest from the market, but I guess that people a willing to wait until closer to the actual drilling before acting.

Btw I'm very new to the game so I don't really know much.

[swm79]

correctamundo

they'll wait to see what the drilling results bring... the fact that they ARE drilling means nothing. its good that they have approval etc, but who cares if they turn up nada? - you saw what happened to the likes of KAR on good results AND bad results in a space of a few months...

[BESBS Player]

Nice to see today's announcement confirm that a rig is now booked.

*Initial two-well program to drill prospects with combined prospective oil resources of 285 million barrels (100% basis) adjacent to the recent Kitan oil discovery (ENI)

This sized target will attract plenty of punters who will be ready to climb on board. Given it is a 2 well program, a follow-up 2nd well gives some stability to the SP if the 1st well is a duster. Funding is assured so there should not be the perceived threat of a capital raising - another factor that can dampen a pre-spud run.


Does anyone have a broker target price recently? Im in at 27.5c and im trying to work out an exit plan. Hoping for 30% by December but not really sure how far this ones going to run.

Really hard to say, TJ. Some stocks like MMR ran without drilling rigs confirmed while others vary - the market is always hard to predict. That said, one would hope that we would see 40-50c in the lead-up and early part of the 1st drilling (given the large potential reserves at stake).

As a BESBS (Buy Early Sell Before Spud) play, I would be hoping for 40-50% on this one based on an entry price around the 30c mark. As always, no guarantees. I have been topping up recently.

Holding OEX at 28.5c ave.

[Alporfavor]

Hi BESBS Player,

Would a BESBS play involve exiting your position in the stock before the first well is drilled if there are multiple targets in an upcoming campaign?

I'm guessing that there's no simple black and white answer but I'm just curious about this approach.

[bugmenot]

Another press release with lots of esoteric jibberish that I do not understand.

http://www.istockanalyst.com/article/viewnewspaged/articleid/3505529/pageid/2


London, Sep. 25, 2009 (PR Newswire UK Disclose) --
Media Release 25 September 2009
OILEX SECURES DRILLING RIG FOR TWO WELLS IN TIMOR SEA
* Contract signed with Songa Offshore Drilling Limited to secure a drilling
rig for two wells in contract area JPDA 06-103 in the Timor Sea

* Drilling to commence following release of the rig from Woodside's imminent
1 to 3 well program on North West Shelf, WA

* Oilex has funding for these wells under a previously announced Farm-Out
Agreement between Oilex and Japan Energy (OEX retains 10% interest)

* Initial two-well program to drill prospects with combined prospective oil
resources of 285 million barrels (100% basis) adjacent to the recent Kitan
oil discovery (ENI)

Oilex Ltd (ASX: OEX, AIM: OEX) is pleased to advise that it has signed a
contract with Songa Offshore Drilling Limited ("Songa") to secure the services
of the semi-submersible drilling rig "Songa Mercur". The rig will drill two
wells (with the option of one additional well) in the contract area JPDA 06-103
in the Joint Petroleum Development Area ("JPDA") of the Timor Sea.
The drilling contract is the latest in a sequence of recent events that will
culminate in the drilling of two attractive offshore oil prospects in JPDA
06-103 including:
* Oilex farming out part of its interest in this block to Japan Energy E&P
JPDA Pty Ltd, a subsidiary of Japan Energy Corporation - resulting in Oilex
being carried for its 10% share of all costs associated with the first two
commitment wells (up to an agreed cap) and repayment of some of Oilex past
expenditures;

* The term of the Production Sharing Contract (PSC) being extended to 15
January 2011; and

* The selection of the Loré and Lolotoe prospects － with combined prospective
oil resources of 285 million barrels of oil － as the locations for the
first two wells.

Prospects
The portfolio of prospects in JPDA 06-103 comprises over 20 structural
closures. Drilling locations have been selected for the first two wells on
prospects with recoverable mean prospective resources (on 100% basis) of 195
million barrels of oil (Loré) and 90 million barrels of oil (Lolotoe).
ROSPECTIVE RESOURCES - OIL
(probability in million stock tank barrels recoverable)
P90 P50 P10 MEAN
PROSPECT
LORÉ 20 102 515 195
LOLOTOE 14 57 220 90
Figure 1. Range of prospective resources on 100% basis, Lore& Lolotoe
prospects JPDA 06-103
The prospect portfolio was prioritised on the basis of potential resource
volume and technical risk.

While oil is the anticipated hydrocarbon phase based on nearest offset discoveries, the possibility also exists for significant gas condensate finds in the block. Conoco-Phillips' Bayu Undan gas condensate field is located about 40km to the south of JPDA 06-103. JPDA 06-103 lies close to significant recent discoveries and prolific producing fields further to the west along geological trend. ENI's 2008 discovery at Kitan, located in the adjacent PSC to the west of JPDA 06-103, is now under development and wells and fields to the south and west of JPDA 06-103 have demonstrated exceptionally high productivity on testing oil. The Kitan-1 discovery well is reported to have flowed oil at a rate of 6,300 bopd from a drill stem test in the Elang/Plover Formation. The discovery was followed by an appraisal well, Kitan-2, that confirmed its commercial viability. The Maura 3D seismic survey (2,140 km2), in combination with existing 3D seismic data in the block, provides 3D seismic coverage over about 90% of the contract area. The seismic data quality is excellent and the definition of events at the level of the top primary objective － the Elang and Plover Formation reservoirs - allows for interpretation with a higher level of confidence than previously achievable using older seismic data. Prospects were mapped in detail based on the integrated set of new 3D, regional 2D and older, reprocessed 3D seismic data and regional well data. Farm-Out Under the terms of the Farm-Out Agreement, Oilex has agreed to assign 15% of its 25% interest in the block to Japan Energy E&P JPDA Pty Ltd, a subsidiary of Japan Energy Corporation. The consideration payable by Japan Energy is made up of two components: (1) a part refund of past costs incurred by Oilex in relation to JPDA 06-103; and (2) future funding of Oilex's remaining 10% share of the costs for the first two commitment wells up to an agreed cap. Oilex will remain as Operator of the PSC. Rig Contract A drilling contract has been concluded between Songa Offshore Drilling Ltd and Oilex (JPDA 06-103) Ltd on behalf of its Joint Venture for utilization of the semi-submersible drilling rig "Songa Mercur". The contract covers a drilling campaign of two wells and the option of one additional well in the JPDA 06-103 contract area. The drilling rig is scheduled to mobilise for the Oilex Joint Venture, subject to meeting certain contractual requirements, immediately after release from its current contract with Woodside Energy Ltd, anticipated to be in November 2009 on the basis of Woodside's likely schedule of two wells. Figure 2. Location map JPDA 06-103, Timor Sea Figure 3.

Prospects and leads JPDA 06-103(Please refer to Oilex website for full report) The participating interests in the JPDA 06-103 PSC are: Joint Venture Party Participating Interest Oilex (JPDA 06-103) Ltd (Operator) 10% Global Energy Inc 25% GSPC (JPDA) Limited 25% Bharat PetroResources JPDA Limited 25% Japan Energy E&P JPDA Pty Ltd 15% For further information, please contact: Ray Barnes - Technical Director, Oilex Ltd Tel. +61 8 9485 3200 (Western Australia) Archie Berens - Director, Pelham Public Relations Tel. +44 20 7337 1509 (United Kingdom) Nicholas Read - Read Corporate Tel. +61 8 9388 1474 (Western Australia) The information in this report has been compiled by the Managing Director of Oilex Ltd, Bruce McCarthy B.Sc. (Hons) PhD (Geology) who has over 30 years experience in petroleum geology. The estimates of hydrocarbon resources were reviewed by Ray Barnes B.Sc. (Hons), the Technical Director of Oilex Ltd who has over 35 years experience in petroleum geology and is a member of the AAPG. Mr Barnes reviewed this announcement and consents to the inclusion of the estimated hydrocarbon resources in the form and context in which they appear. The resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resources Management System, 2007. Further information is available at www.spe.org. Oilex's nominated advisor in relation to the AIM market is RFC Corporate Finance Ltd, contact: Stuart Laing, stuartl@rfc.com.au END OILEX LTD

[BESBS Player]

Hi BESBS Player,

Would a BESBS play involve exiting your position in the stock before the first well is drilled if there are multiple targets in an upcoming campaign?

I'm guessing that there's no simple black and white answer but I'm just curious about this approach.

Hi Alporfavor,

Great question. Depends ultimately on risk assessment. As I see OEX, the odds of a SPP are limited (but not eliminated) due to the short time frame to drilling. That said, the odds of a capital raising via a placement to a Sophisticated Investor are very high. While this usually has an impact thats sees the SP weaken, this impact can soon be wiped out if the placement is quick, seen to add value to the company (ie. add needed cash in hand) and the company has a large potential prospect to drill in the near future. In June/July, this was the pattern for LKO and I suspect that OEX will follow (assuming that the general market holds up OK).

As you rightly point out, OEX have a 2well program. This allows one to invest in the first well with some security offered by a follow-up well if the first well is a duster. Nevertheless, the SP will tank somewhat if the first well is a duster.

In my case, I think I will hold as the drill goes down on the first well as there are several targets to test. Once it got to 2/3rds down the first well, I'd probably leave if results weren't showing hydrocarbons or gas/oil shows. To me, to hang on is too risky but many punters will hang on further - depends on risk analysis.

As a further play, I might also have a look at OEX as a Buy On Bad news (BOBN) if the first drill is a duster. Often punters sell off too hastily and one can easily get a cheap 20-30% profit on the bounce between the drills.

Hope this helps. Remember that it is just one opinion...

Kind regards,
BESBS

[BESBS Player]

STOCK EXCHANGE ANNOUNCEMENT


29 September, 2009
Pan Pacific Petroleum signs Farmin deal on Timor Sea Block
A wholly owned subsidiary of the Company, Pan Pacific Petroleum (JPDA 06-103) Pty Ltd (“PPPJ”) has agreed to acquire a 15% Participating Interest in the JPDA 06-103 Production Sharing Contract (JPDA 06-103) by executing simultaneous 5% farmout agreements with each of;
•
Global Energy Inc., an overseas wholly owned subsidiary of Videocon Industries Limited; and
•
Bharat PetroResources JPDA Ltd (a wholly owned Indian subsidiary of Bharat PetroResources Limited which is a wholly owned subsidiary of Bharat Petroleum Corporation Limited) ; and
•
GSPC (JPDA Ltd) (a wholly owned Indian subsidiary of Gujarat State Petroleum Corporation Limited)
The terms of the agreements include a partial refund of the farmout parties’ past costs and a contribution on their behalf to the costs of the first two exploration wells planned to be drilled in JPDA 06-103.
Other participants in JPDA06-103 are Japan Energy E&P JPDA Pty Ltd, a subsidiary of Japan Energy Corporation and Oilex (JPDA 06-103) Ltd (Operator).
Upon completion of PPPJ’s farmin obligations, the participating interests will be;
Pan Pacific Petroleum (JPDA 06-103) Pty Ltd 15%
Oilex (JPDA 06-103) Ltd (Operator) 10%
Global Energy Inc 20%
GSPC (JPDA) Ltd 20%
Bharat PetroResources JPDA Limited 20%
Japan Energy E&P JPDA Pty Ltd 15%
PPPJ’s farmin is subject to certain conditions including the waiver of pre-emptive rights by the Joint Venture partners, and the approval of the assignment by the Autoridade Nacional do Petróleo of Timor Leste, the Designated Authority.
JPDA 06-103 is located within the northern Bonaparte Basin, offshore northwest Australia, within the joint petroleum development area (the “JPDA”) issued pursuant to the Timor Sea Treaty between Timor-Leste and Australia. The contract area, which extends over 3700km2 in area is adjacent to several existing oil fields such as Laminaria and Corallina and the recent Kitan discovery (see location map below), and prospects similar to this successful oil play are believed to exist in JPDA 06-103. The Operator reports that a portfolio of prospects comprising over 20 structural closures has been identified in the block. Drilling locations have been selected for the first two wells on prospects which the Operator recently reported as having recoverable mean prospective resources (on 100% basis) of 195 million barrels of oil (Loré) and 90 million barrels of oil (Lolotoe). JPDA 06-103KitanBayu-UndanSunriseCorallinaLaminariaTroubadourOilGas50 km
Location Map JPDA 06-103
The semi-submersible drilling rig “Songa Mercur” has been contracted for a two well drilling campaign in the JPDA 06-103 contract area, with the option of one additional well, and is scheduled to mobilise for the Joint Venture, subject to meeting certain contractual requirements, immediately after release from its current contract with Woodside Energy Ltd, anticipated to be in November 2009.
PPP* is delighted to join the JPDA 06-103 Joint Venture, and to participate in the drilling of two attractive prospects in the short term. This is a very attractive area and the large number of prospects in the block indicates the potential for material upside...

While it probably has little direct impact on OEX, PPP do not usually throw money around so this commitment suggests that they like what they see.
Drilling likely in November...large potential targets...PPP vote of confidence...

Happy to hold OEX at 28.5c ave


PS. Looks like the market appreciates the announcement.:)

[swm79]

"What is essential in war is victory, not prolonged operations"

And as such, today i opt out of MOST of my OEX - time to gain more capital while we wait for this one.... as an American Govenor once said "i'll be back"

[bugmenot]

9 April 2009

Operations Update Cambay - Cambay-75 Drilling to Commence

Oilex is pleased to advise that drilling operations for the Cambay-75 appraisal
/development well are anticipated to commence within the next 7 days when rig
mobilisation is completed.

Cambay-75 Appraisal/Development Well
The primary objective of Cambay-75 is the Miocene Basal (MBS) oil sand which is
producing oil in the nearby Cambay-64 and -74 wells. Production and test data
indicate that these current producers are accessing separate reservoir
compartments in the faulted crest of the MBS oil field.

[quarky]

9 April 2009

Operations Update Cambay - Cambay-75 Drilling to Commence


why are you posting an article from 9 April 2009?
have you got anything to add to explain Oilex's downward slide?

i've been holding since 28.5 and should sold it at 0.33 highs....but that's my hindsight. :rolleyes:

anyway...the SP better go upward, given the price of oil and AU$ strengths

[quarky]

Oilex in trading halt from Wed., 14/10/2009.


"...unless ASX decides otherwise, OEX to remain in pre-open until the earlier of the commencement of normal trading on Monday, 19 October 2009 or when the announcement is released to the market.."

OEX advised ASX it:

(a) is seeking the trading halt pending an announcement in relation to an equity financing;




wonder what this means for the share price.
it's been moving sideways around the 0.28 - 0.32 mark, for few weeks now....so, interesting times ahead.

[Dreadweave]

Oilex in trading halt from Wed., 14/10/2009.


"...unless ASX decides otherwise, OEX to remain in pre-open until the earlier of the commencement of normal trading on Monday, 19 October 2009 or when the announcement is released to the market.."

OEX advised ASX it:

(a) is seeking the trading halt pending an announcement in relation to an equity financing;




wonder what this means for the share price.
it's been moving sideways around the 0.28 - 0.32 mark, for few weeks now....so, interesting times ahead.

Very interesting. Yesterday OEX climbed 13% and got my hopes up for some nice profit taking by Friday, but now a trade halt. Oh well hopefully good things are in the works.

[BESBS Player]

Equity financing...

Positives:
* Hopefully quick - not like a SPP
* Raises funds to secure future activities

Negatives:
* Dilutes holdings slightly


I'll be satisfied if it is a quick placement with no lingering SPP attached.


Guess we will see soon.

[quarky]

OEX opened at 0.30 today with a company announcement...


JPDA [OEX:10%]: Farmout completed, 2 well program late 2009
􀂃 2 wells to drill 2 of the largest oil prospects in Australasia in 2009 start late Nov ’09
􀂃 Targeting mean prospective resources of 190 and 95 million barrels oil
(recoverable,100% basis)
􀂃 OEX free carried for 2 wells
􀂃 Large prospects for further drilling
􀂃 WA 388P [OEX:14%]: Emerging exploration asset on North West Shelf
􀂃 On Pluto / Wheatstone play fairway
􀂃 Window of opportunity for gas supply to LNG projects
􀂃 3D seismic processing complete with indications of gas (DHI’s)
􀂃 Potential to accelerate drilling in 2010
􀂃 West Kampar [OEX:67.5%]: Prospective block – potential near term production
􀂃 Investment awaiting resolution of JV dispute
􀂃 Potential Pendalian development project with exploration leads to be matured
12
􀂃 India [OEX:45%]: Exploration/appraisal potential. Farmout opportunity

[DVEOUS]

the Company has resolved to raise up to $10.12 million through the issue of up to 44 million ordinary shares at an issue price of $0.23 per share.

WTF?
Where does 23 cents come from?
Isn't this a slap in the face for anyone who bought in recently at higher than that?

[TheAbyss]

23 Cents is a nice discount to institutional investors however impacts on retail investors where it hurts most.

Out at 30 cents and happy to get out at 30.

Plenty of opportunity to buy back at 23-25 cents in the near future i suspect. Still a good long term prospect with some good targets in site. They need money to drill and explore so nothing earth shattering. An opportunity to buy back in at a lesser price per unit for those who think the targets are good and opportunity to crystallize profits for others.

:2twocents

[Out Too Soon]

23 Cents is a nice discount to institutional investors however impacts on retail investors where it hurts most.

Out at 30 cents and happy to get out at 30.

Plenty of opportunity to buy back at 23-25 cents in the near future i suspect. Still a good long term prospect with some good targets in site. They need money to drill and explore so nothing earth shattering. An opportunity to buy back in at a lesser price per unit for those who think the targets are good and opportunity to crystallize profits for others.

:2twocents

Yes basically we're screwed again :mad:, when we should be making a profit in a Bull market, instead we're getting reamed by the big guys :mad:
Capitalism sux! I'm out at a loss too :swear:

[TheAbyss]

Yes basically we're screwed again :mad:, when we should be making a profit in a Bull market, instead we're getting reamed by the big guys :mad:
Capitalism sux! I'm out at a loss too :swear:

Not much point in griping is there! I was looking forward to watching this one for the next few weeks or so after the run up prior to the trading halt (was hopeful someone knew something about tests etc) Oil on the rise and OEX is going red on us is disappointing to say the least.

Don't know if i will bother coming back in or not but we shall see what transpires in the next few weeks re announcements etc.

[Alporfavor]

23c seems about the mark for this type of thing from what I've seen elsewhere. It'd be unlikely that there would be much institutional interest at a much higher price than this considering we've been trading at around 26c recently.

It's always a slap in the face to us holders in the short term when his happens but I don't mind too much here, with quick cash injected straight into the coffers. At least it gives us the opportunity to take up some cheap positions as the price drifts down toward 23c and then we can strap ourselves in for the ride that the drilling will bring

[Out Too Soon]

Not much point in griping is there! I was looking forward to watching this one for the next few weeks or so after the run up prior to the trading halt (was hopeful someone knew something about tests etc) Oil on the rise and OEX is going red on us is disappointing to say the least.

Don't know if i will bother coming back in or not but we shall see what transpires in the next few weeks re announcements etc.

No there certainly isn't much point in griping here but better to let the steam out anyway. We've all copped this sort of treatment before & bent over & taken it.
What if every one of us sent them a "Not happy Bruce" email explaining how their decision hurt us & how burnt small investors will inadvertently hurt the sp?

Send oilex@oilex.com.au a "Not Happy Bruce" email, I did & will in future when this type of thing happens.:cool::rocketwho

[swm79]

well now, this changes everything... sort of glad i got out when i did... feel a bit lucky.

i'd still like to get back in (maybe) but i need to re-evaluate now

why is it that we're in a bull market and MY shares are all going DOWN!!!!!

:banghead::banghead::banghead::banghead::banghead:

[BESBS Player]

While I can understand some of the frustration from an immediate perspective, I'm reasonable content with the outcome as a BESBS Play.

1. Drilling costs money. This deal allows OEX to almost double available cash along the line.
2. We don't have to endure a prolonged SPP that caps the price for weeks.
3. Often the SPP comes out once the SP run starts. This kills the run. This placement does not impact as much as we haven't started the pre-drill hype as yet.
4. Hartleys benefit...true. However they don't have recommendations on OEX for small numbers. With big institutions on board, they can help to build SP momentum.
5. We still have potential targets of 190mmbl and 90mmbl on offer - that hasn't changed. With the recent oil prices, this looks even more appealing.

Holding OEX and looking to accumulate on weakness

[swm79]

While I can understand some of the frustration from an immediate perspective, I'm reasonable content with the outcome as a BESBS Play.

1. Drilling costs money. This deal allows OEX to almost double available cash along the line.
2. We don't have to endure a prolonged SPP that caps the price for weeks.
3. Often the SPP comes out once the SP run starts. This kills the run. This placement does not impact as much as we haven't started the pre-drill hype as yet.
4. Hartleys benefit...true. However they don't have recommendations on OEX for small numbers. With big institutions on board, they can help to build SP momentum.
5. We still have potential targets of 190mmbl and 90mmbl on offer - that hasn't changed. With the recent oil prices, this looks even more appealing.

Holding OEX and looking to accumulate on weakness

agree with that... but dilution is the problem

when (if) the run up does come, it will now be less valuable.... well, possibly, as you say - the big instos may push it even higher now

i'm still looking at getting back in, and imo they should do well... maybe mid november

[BESBS Player]

Hi SWM,

I realise that dilution is a fundamental that should be taken into account. My experience has been that once a drilling is touted and it is a big potential target, emotion takes over many investors/traders and fundamentals such as dilution become less important.

Evidence: the SP is now as high or slightly up after the dilution news! The difficult question - weighing up fundamentals and emotion...

[swm79]

yeah, agreed. i guess if you look at it from the other prespective - it means people are now more confident that the company will stick around as, with the extra cash, they will now be able to pay down debts etc etc and it will give people more of a reason to believe that the company will be there for the long run.

i've tied up my old OEX capital though - in MEO - who ABSOLUTELY KILLING me at the moment!!!!!!! hopefully, in a perfect world (read as: in my dreams), MEO will resolve itself, for a hefty gain.... and at that time i'll be able to enter OEX who has given no news for a while and the SP is suppressed... once i get in, OEX will issue advice that they have struck an oil annomaly that would make the saudis blush.... and i'll live happily ever after

ahhhh dreams

[stretchie]

BESBS player - what do you think is a likely target on pre drill news ?

I think it's important for the SP chart for OEX to close above 30c near the days high. I'm kind of disappointed the large oil price move in the last week has pretty much been ignored by OEX. It's my primary oil holding and bought into this small cap avg $0.293 thinking I'd get decent leverage. Happy to hold until there's some drilling news. I don't think they're in any danger of going broke - 20 mil cash after the raising with a market cap of only 49 million values them pretty cheaply I think.

[BESBS Player]

Hi Stretchie,

Given the rules of ASF, I don't want to quote a figure. Fair enough as it is difficult to predict the market. That said, it also depends upon 3 things:

1. What is the size of the potential drilling prospect? In this case, OEX has large targets. This can be partly valued by fundamentals (including the oil price at the time) but also the emotional factor - the higher the potential target, the greater the greed stampede! Check the size of the target and then work out if you think it is on the larger size...To me, these are large targets.

2. What is the state of the general market? Will it encourage greed or fear? A strengthening market will help.

3. Are the broking houses on board, and to a lesser extent the chat rooms. I believe Hartleys are supporting OEX so that will help encourage a SP run. The size of the potential targets should get the chat room punters on board as well (PS...I'm here LOL)

I'll leave it at that. I have already assessed these questions using my own (often flawed) analysis and decided OEX is well woth an investment. Each to their own...

Cheers,
BESBS

[Dreadweave]

The recent capital raising has scared a few people off, I know of one person who sold off as soon as he heard there will be capital raising, But i held on and it seems to be paying off.

Midday today OEX is trading at .33 and looking good.

I hold at .29 and happy to hold.

[BESBS Player]

While I can understand some of the frustration from an immediate perspective, I'm reasonable content with the outcome as a BESBS Play.

1. Drilling costs money. This deal allows OEX to almost double available cash along the line.
2. We don't have to endure a prolonged SPP that caps the price for weeks.
3. Often the SPP comes out once the SP run starts. This kills the run. This placement does not impact as much as we haven't started the pre-drill hype as yet.
4. Hartleys benefit...true. However they don't have recommendations on OEX for small numbers. With big institutions on board, they can help to build SP momentum.
5. We still have potential targets of 190mmbl and 90mmbl on offer - that hasn't changed. With the recent oil prices, this looks even more appealing.

Holding OEX and looking to accumulate on weakness

For the reasons I stated earlier, I was happy with the placement and I think that we are now about to reap the benefits of the deal.


Still accumulating OEX (holding at ave. 29c)

[Alporfavor]

I was expecting a bit of a drop in SP too, and was hoping to grab a few more on the cheap, but happy with the nice rise today.

Has the price held up because of the imminence of the drilling?

[BESBS Player]

Looks like OEX is starting to build as a BESBS play. Since the $10m placement to Hartleys, we have seen a SP of 28c become 35c in the last week. Still waiting for definite dates on drilling but the momentum is building.
As I said below:

"My experience has been that once a drilling is touted and it is a big potential target, emotion takes over many investors/traders and fundamentals such as dilution become less important."

Emotion building regardless of fundamentals IMHO (although OEX is now cashed up and looking OK)

Holding OEX at 29c :)

[stretchie]

Alright finally we have some movement upwards! I sold down half my OEX holding as I was getting a little impatient at 32c and 33c, but will hold the rest now (avg 0.293) and see what happens.

Closed on the high and the chart is now looking good. (can't post it yet)

--

Oilex Ltd the operator of JPDA 06-103 has advised that the semi-submersible drilling rig the “Songa Mercur” was released to Oilex on 11 November 2009, and is now under tow from Dampier to the first well location. The rig is contracted to drill two wells in JPDA 06-103 (with an option of one additional well), and drilling is expected to start in late November 2009.
As previously announced Pan Pacific Petroleum (JPDA 06-103) Pty Ltd (“PPPJ”) has agreed to acquire 15% Participating Interest in the JPDA 06-103 Production Sharing Contract comprising 5% interest from each of Global, Bharat and GSPC.

Under the terms of the Farmout Agreements, PPPJ will contribute to the costs of the first two commitment wells which will target the Loré and Lolotoe prospects. The Farmouts are subject to approval by the Designated Authority, the Autoridade Nacional do Petróleo of Timor Leste (“ANP”), which will be requested as soon as PPPJ’s earning obligations have been completed.
JPDA06-103 is located within the northern Bonaparte Basin, offshore northwest Australia, within the joint petroleum development area (the “JPDA”) issued pursuant to the Timor Sea Treaty between Timor-Leste and Australia. The contract area is adjacent to several existing oil fields such as Laminaria and Corallina and the recent Kitan discovery and prospects similar to this successful oil play are believed to exist in JPDA 06-103.
Upon completion of PPPJ’s farmin obligations and subject to ANP approval the participating interests will be;

Pan Pacific Petroleum (JPDA 06-103) Pty Ltd 15%
Oilex (JPDA 06-103) Ltd (Operator) 10%
Global Energy Inc 20%
GSPC (JPDA) Ltd 20%
Bharat PetroResources JPDA Limited 20%
Japan Energy E&P JPDA Pty Ltd 15%

--

[BESBS Player]

Time to be getting on board OEX if it is going to run pre-spud.

* Rig on way to site
* 195mmbl and 90 mmbl potential targets
* Free carried
* Drilling expected to start by late November
* Hartleys involved

There are no guarantees in this game but many of the usual triggers for some BESBS gains are present. I'll be holding for the above reasons.


Holding OEX at 29c :)

[swm79]

Time to be getting on board OEX if it is going to run pre-spud.

* Rig on way to site
* 195mmbl and 90 mmbl potential targets
* Free carried
* Drilling expected to start by late November
* Hartleys involved

There are no guarantees in this game but many of the usual triggers for some BESBS gains are present. I'll be holding for the above reasons.


Holding OEX at 29c :)

damn it! i thought MEO would be done before this!

if MEO leaves me high and dry i'll be EXTREMELY annoyed!

Good luck BESBS

[BESBS Player]

G'day Swm,

Yes, as I said yesterday,

Time to be getting on board OEX if it is going to run pre-spud.

* Rig on way to site
* 195mmbl and 90 mmbl potential targets
* Free carried
* Drilling expected to start by late November
* Hartleys involved

Looks like it was a good call - OEX moved out to 38c at the close. Maybe tomorrow we could get some profit taking but at this stage, why would you do that now? I suspect that OEX shall hold and then continue to move for the above reasons providing that we do not get any negative global news.

Holding OEX at 29c :)

[DVEOUS]

I bought in at 29.5, 6 weeks ago, and very happy with the result so far.

It would be reasonable to expect the SP to move higher again, on the announcement that the drilling rig has arrived on site. One step closer.

I was going to bail at 39.5c, to make an even 10c/share, but after seeing the recent run, I am beginning to wonder if this would be too premature?

Has anyone done any number crunching, or tea leaf gazing, to figure where this pre-spud run might end up?

[BESBS Player]

G'day DVEOUS.

In this market, why bother?
I shall be simply trying to read the signs of the SP journey and play the cards as they fall. In this market, it will depend on so many factors (many variable) that I'd work on the road markers:

1. drilling getting closer (hovered around the high 20s)
2. Early Nov...we all new an announcement was imminent (Traders got in - SP up to 32c approx.)
3. Announcement that Rig moving...now pushing high 30c.

To come (assuming no problems):

4. Announcement confirms rig on site (hopefully more traders in). Given current interest from the market, I'd like 40c as a platform. However it depends how this is marketed and promoted by bigger broking firms that are linked to OEX. That is a wildcard here and a crucial point.

5. Rig set to drill. Might have a few nervous lads jump off straight away but SP should strengthen as the drill bit turns. There are plenty of opportunities for early good news so you can hold this one for a while down the hole. If it weakens further in the first few days of drilling, I'll abandon ship as it suggests that the market is not into risk on this drill. If the SP holds and grows on the way down the well, I'll wait until later before deciding.

IMHO, This one will be influenced much more by market sentiment and large broking houses than by TA and FA. Go OEX!


Holding OEX at 29c

[BESBS Player]

G'day all.

OEX has now made a good start for a BESBS play but I think that the next chapter of the action is about to begin. All the key ingredients are nearly set.

* Rig on way to site. Can't be too far away. A week out at worst. That is not long to get set. The recent large buyers signal this. Interesting that a large seller that was set at 38.5c has now disappeared. Not surprised - why sell now when action is so close??? Surely, at worst, now worth a watch and see at this point.

* 195mmbl and 90 mmbl potential targets. These are significant targets. The potential upside is huge if OEX hit the black gold. Punters like a potential high reward for risk in this game. I believe that these potential targets offer this in OEX.

* Free carried...expenses are covered for the drillings.

* Drilling expected to start by late November. This is very close. Traders don't have to leave their cash sitting for long in order to have a reasonable chance at a late pre-spud run. As stocks like MMR have shown, there are still loads of $$$ around for some oil & gas plays.

* Hartleys involved (from what I remember). It never hurts to have groups like this supporting the stock and pushing much higher valuations.

* Plenty of opportunities to get early positive signs on the way down the hole.

Now that the POO is lifting, the potential value increases.
Add all these ingredients into the mix and I believe that OEX has more to run.

Remember though, it is simply my thoughts and time might well prove me wrong. DYOR.

Cheers,
G


Holding OEX at 29c :)

[leedleed45]

Spot on BESBS, I agree with everything you said! In addition, there are two wells so if the first one turns out to be a dud there is still the second.

IMO I believe that with each announcement regarding drilling we will see some sort of movement in the SP! Trading volumes appear to be low as I suspect everyone is sitting back and waiting for more news since it is so close to drilling.

Holding OEX at 0.29 and happy to hold for the time being! :)

Thats my :2twocents

[stretchie]

Can anyone think of a reason for the weakness today? A few nervous nellies jumping ship ?

The oil price has been bolstered in the last few days so it isn't the POO. Maybe a few people jumping off the perceived risky shares lately, or there's a bit of downward momentum in the SP after it topped at 38c...

[stretchie]

Ahh of course, it was people jumping off before the wave of selling from people who got their shares at 23c. Twenty million new shares also dilutes things a little.

Not much else has changed though, still holding half my original purchase at avg $0.293. Waiting not so patiently for the drill rig to arrive.

[BESBS Player]

20 November, 2009

Company Announcements Office

OILEX SPUDS FIRST TIMOR SEA WELL

Oilex Ltd advises that the Loré-1 well, the first well of a 2 well program in
the Timor Sea contract area JPDA 06-103, was spudded at 13:15 hours (WST) on 20
November 2009.

The Loré-1 well is targeting a prospect with mean prospective oil resources of
195 million barrels (100% basis). The planned total depth of the well is
approximately 3,670 metres and is anticipated to be completed by late December
2009.

The "Songa Mercur" drilling rig arrived on location in JPDA 06-103 on 18
November and laid anchors ahead of schedule after mobilising from Dampier. The
rig is contracted to drill two wells in JPDA 06-103 (with an option of one
additional well). After drilling the Loré-1 well the rig will drill the Lolotoe
prospect which is targeting mean prospective oil resources of 90 million
barrels respectively (100% basis).

JPDA 06-103 is a highly prospective offshore oil exploration block and has the
potential to host significant oil reserves. It is located near to a number of
existing producing fields as well as Eni's recent Kitan oil discovery currently
under development.

Oilex is the Operator of the JPDA 06-103 Joint Venture. The participating
interests are:

Joint Venture Party Participating Interest

Oilex (JPDA 06-103) Ltd (Operator) 10%

Global Energy Limited (Videocon) 25%(1)

GSPC (JPDA) Ltd 25%(1)

Bharat PetroResources JPDA Limited 25%(1)

Japan Energy E&P JPDA Pty Ltd 15%

1. Pan Pacific Petroleum has recently signed conditional farmin deals with
Global Energy Limited, Bharat PetroResources JPDA Ltd and GSPC (JPDA) Ltd
to acquire a 15% participating interest in JPDA 06-103.


Yours sincerely,

B. H. McCarthy

Managing Director

[BESBS Player]

Looks like the 'pre-placement shares hitting the market' sell-off seems to have finished and the SP has stabilised. With the drill bit turning, the market would enjoy early good news. Given the size of the potential target, I am wondering if we might see some $$ start to slowly move into OEX. Not many 190mmbl targets around that shall have results within 3 weeks. Better still, a follow up 90mmbl to follow.


Holding OEX at 29c :)

[quarky]

Looks like the 'pre-placement shares hitting the market' sell-off seems to have finished and the SP has stabilised. With the drill bit turning, the market would enjoy early good news. Given the size of the potential target, I am wondering if we might see some $$ start to slowly move into OEX. Not many 190mmbl targets around that shall have results within 3 weeks. Better still, a follow up 90mmbl to follow.


Holding OEX at 29c :)
BESBS Player
would you still say that the SP has stabilized?
or $$ moving _into_ OEX?

the last week or so, has seen the SP decline by the very 35%+ of gains that i was sitting on.
now, it's almost zilch for me...as it's gone back to my purchase price of 0.285

feels like the OEX SP is being manipulated by heavyweights or do they know something behind why they're selling, e.g. JPMorgan (UK) offloading their 'substantial' holdings

[Tommo_Aus]

Hi all, long time reader of this thread but first time poster :D

OEX is still trading on high volume but I'm sceptical as to the source of the shares currently being traded (BESBS players getting out, traders with cold feet or pre-placement shares)... hopefully the pre-placement shares are almost out of the way.

What sort of ride are we looking at with 2 or possibly 3 wells? A rocky slope (up and down between wells) or perhaps a smooth rise?

Holding OEX @ 33c (in hindsight I should've waited a week instead of buying mid September but what can you do ;))

[stock_junkie]

Hi guys

I am a close watcher and owner of Oilex at the moment. I enjoy trying to read graphs and this one has some nice oscillating pattern to it. After watching it rise to 38c, I suspected a fall due to its pattern. Sure enough - so I'm now holding at 31c (although a little premature!)

As seen in the attached graph, you can see a nice trend starting to form with good oscillation. It is also hitting the 60 day moving average which may be another trigger for an up-movement. My prediction is a rise off this bottoming out and a continued oscillation but continued uptrend

Cheers

Oh, and apparently I need atleast 5 posts to insert an image or hyperlink?!
So if you like, please copy and paste the code below in your browser to see some basic charting analysis

img.photobucket.com/albums/v190/skary/OEX091126.jpg

Holding at 31c

Good Luck!

[Tommo_Aus]

Yes I've been noticing this oscillating pattern as well, sure helps with how closely I've been watching this stock. The peaks are remarkably consistent, if the oscillation continues I may consider selling @40c (where I'm predicting the peak to be, but don't take my word for it) then buying in at the trough. Time will tell.

[stretchie]

Looking at the graph you'd have to say the uptrend is over with a close below 25c. We got close today but I would say the up trend is definately weakening. It'll take some good drilling results to put us back on track I think. I nearly got out at 29.5c today but held on. I've only got a quarter of the exposure I used to have on OEX - a bit of nervous selling before the spike to 38c and didn't sell any at that price (stupid greed, why are we victims to these emotions). Happy to continue holding at 29.3c but this is now my highest risk stock - except maybe BLY :)

[basilio]

Looking at the graph you'd have to say the uptrend is over with a close below 25c. We got close today but I would say the up trend is definately weakening. It'll take some good drilling results to put us back on track I think

Today everything got belted. The problems with Dubai are serious so naturally the market is going to take a big hit.

Hopefully there is actually some result from the drill that will ive some impetus to the price . But for the next few days I think overall market sentiment is going to have the most effect.:2twocents

[BESBS Player]

Nice to see the SP hold and rise a little today.

I sold down quite a bit last week once the SP started to look in a serious downward trend. Given the size of the downward movement, I was not worried about Dubai - I reckon and still feel that we have witnessed some serious selling from a couple of institutions.

Time will tell if I was right. Hopefully they are closer to finished and the SP might recover as we get closer to the target zone. I shouldn't lose on this but currently have only made 10% to date. Need sales at 31c and above to really add to the %. Interesting week ahead...

[Putty7]

First hole wasn't what it could have been, not holding at the moment but a good opportunity to get on soon for the second hole depending on where SP finishes, at time of writing down .06c to .195c.

[swm79]

def good opp to get back in here today.... if i had the cash

with the next drill coming up i cant understand why people are selling... the next drill is free carried and has adds a potential 60c to the sp

ridiculous

[skyQuake]

def good opp to get back in here today.... if i had the cash

with the next drill coming up i cant understand why people are selling... the next drill is free carried and has adds a potential 60c to the sp

ridiculous

Looks like capitulation today. Got a nice chunk. May add to it if it comes back to 17s or 18s. Today's report doesnt look too bad so I just ignored it for now.

[swm79]

nice pick up SQ... been massively sold off - RSI in the 20s

cant believe it went sub 18 :eek::eek::eek: this morning

JPM selling 3m in late nov early dec has everyone skittish...

interesting to see what happens at the close

[skyQuake]

interesting to see what happens at the close

Hopefully spud oil. Oil with diamonds. In fact, screw the oil. Just spud diamonds. :p:
Hope the insto selling is done now.

DYOR, Been wrong before on that.
(the spudding diamonds part)

[Putty7]

Couldn't go past these this morning, picked up a parcel at .19, might not have bottomed but pretty happy with that, thankfully MEO held me up last month or I would have been crying today not smiling.

[YOUNG_TRADER]

Ive bought this for a bounce trade too

share price should recover in the lead up to the spudding of the next well

[Tommo_Aus]

I added to my position today so now I'm down to holding @ 28.5c avg :)

Talk about a slow day of trading! :P

[zippy69]

Yes, grabbed a parcel at .19 and has brought my cost basis from .31 to .248. So lets hope that it all works out well

[happytown]

sell-off continues today, although on decreasing volume, currently @ .17, chart-wise, crucial support in .145-.155 range

the marketrazon has landed
we eat markets for breakfast, lunch and dinner (and a small snack in between)

[skyQuake]

This morning's failure to run and the pulling of the bid at 19 gave it away. Too many true believers still holding for it to bounce properly...

[BESBS Player]

Nice to see the SP hold and rise a little today.

I sold down quite a bit last week once the SP started to look in a serious downward trend. Given the size of the downward movement, I was not worried about Dubai - I reckon and still feel that we have witnessed some serious selling from a couple of institutions.

Time will tell if I was right. Hopefully they are closer to finished and the SP might recover as we get closer to the target zone. I shouldn't lose on this but currently have only made 10% to date. Need sales at 31c and above to really add to the %. Interesting week ahead...

Well done to you guys who managed to trade OEX on the recent bounce. I got nervous last Tuesday as we were 2 days from the next expected update and no SP movement was occurring. Sold off last 10% at 27c (a loss for these shares). Took a bit of gloss off the small profit I made. In this market, preservation of capital is the key for me. Good luck to all holders for the 2nd drilling.

Bought OEX at 29c
Sold 90% at ave. 32c
Sold 10% at 27c
Made a small 7% profit approx. Nothing to write home about...

[enigmatic]

Don't know to much about OEX however looks like it has lost all gain from the possiblity of success of the first well.

Now that they are abandoning the first and moving to the second how long does do you all think it will be until results start coming in for the second well..

[leedleed45]

Now that they are abandoning the first and moving to the second how long does do you all think it will be until results start coming in for the second well..

well, it took them around 2.5 wks from start to finish for the first well. if my memory serves me well the second well is not as deep hence possibly less than 2.5 wks? however, with the Christmas and New Years period coming up i'm not sure if they will slow down the drilling or continue at full pace... anyone who has more insight would be greatly appreciated.

holding at average 22.5 cents.

[Putty7]

Oilex Ltd (ASX/AIM: OEX) advises that the Songa Mercur rig arrived at the Lolotoe-1 well location at 07:15 on 16 December 2009 and at 16.00 hours (WST) was running anchors prior to spudding. The Lolotoe-1 well is the second well of a 2 well program in the Timor Sea contract area JPDA 06-103.

Announcement this morning, new hole close to spud, only the first paragraph, refer to ASX announcement, be good to see some market reaction to the second hole.

[Tommo_Aus]

I wonder if we'll see an upwards movement this time or whether buyers will wait to hear the drilling results. With any luck they'll hit oil this time :)

[Putty7]

TIMOR SEA DRILLING UPDATE – LOLOTOE-1 WELL

Oilex Ltd (ASX/AIM: OEX) advises that the Lolotoe-1 well spudded at 02:30 (WST) on 17 December 2009. At 16:00 (WST) on 23 December 2009 the well is at a depth of 2,496 metres preparing to cement 13 3/8” casing. The Lolotoe-1 well is the second well of a 2 well program in the Timor Sea contract area JPDA 06-103.

Time of report: 18.00 (WST) on 23 December 2009
Status: Preparing to cement 13 3/8” casing

Operations:

• Well spudded 02:30 on 17 December 2009 (WST)
• Surface casing set at 176 metres
• 17½” hole drilled to 2,496 metres
• 13 3/8” casing run to 2,491 metres

Objectives

Elang/Plover sands (primary)

Flamingo sands (secondary)

Planned total depth (TD): Approximately 3,985 metres

Days from spud to TD: 20 – 25 days on a trouble free basis

The Lolotoe prospect is a robust 3 way dip faulted anticline having about 300 metres of vertical relief. The well is targeting a mean prospective oil resource of 90 million barrels (100% basis) in the primary objective Elang/Plover formations. The water depth at the proposed well location is 105 metres.

The reservoir objectives penetrated in the Lolotoe-1 well will be evaluated by a full suite of data including mud log, real time drilling data and wire line logs after the well reaches total depth to determine presence of hydrocarbons. The well design does not include drill stem tests and will be plugged and abandoned when the evaluation is concluded.

The Joint Venture participating interests in JPDA 06-103 are:

Joint Venture Party Participating Interest

Oilex (JPDA 06-103) Ltd (Operator) 10%
Videocon JPDA 06-103 Limited 25%(1)
GSPC (JPDA) Ltd 25%(1)
Bharat PetroResources JPDA Limited 25%(1)
Japan Energy E&P JPDA Pty Ltd 15%

Announcement from Oilex today, 15 minutes from open and not much movement planned looking at the OEX Market Depth, guess a lot of punters are playing the wait and see game on this one now, still it is early in the day.

[Tommo_Aus]

Rather quiet today, fair guess is the masses are waiting for final drilling results and reports of oil. New Years/Christmas probably has something to do with it as well.

[Tukker]

20-25 days untroubled for the spudding. Could start to see some movement in January. I don't hold. Good luck to those who do.

[Putty7]

20-25 days untroubled for the spudding. Could start to see some movement in January. I don't hold. Good luck to those who do.

Sold some out yesterday to top up my GOA, dropped the rest today on the less than spectacular announcement with 200 metres left to drill, not sure what other work they have coming up but unless they add some volumes to the shows it doesn't look great in the short term. DYOR

[stretchie]

topped up a little on Friday with some more shares at 17.5c to lower my avg price down to 25c. I hold only 9000 shares now, just waiting to see what happens with lolotoe. Would be nice to see some updates on their other prospects but I guess this is the big play in the spotlight at the moment.

Movement to 20c+ prior to the announcement is positive I guess. The bad news on the previous well took it down to about 15c, so 17.5c doesn't appear to be a bad entry price.

Hopefully this well isn't a duster, we should get an announcement in the next day or two!

[Tommo_Aus]

Yes I've noticed the movements over the past week, its nice to see the SP increase for a change. With any luck we'll see the SP strengthen leading up to the announcement, although at this stage its anyones guess as to the contents of the announcement. If this well is a duster then the SP will probably take another hit, then perhaps a capital raising if they decide to try for the third well.

Fingers crossed.

[Tommo_Aus]

Oilex Ltd (ASX/AIM: OEX) advises that the Lolotoe-1 well was running intermediate 9⅝” casing after
successfully drilling the sidetrack hole from 2,491 metres to 3,770 metres. Once intermediate casing is set
the well will drill ahead to evaluate the primary objective Elang/Plover Formation sandstones to a total depth
of approximately 3,985 metres.

Good news, no cave ins this time :P Not too much further to go, should start to see some data relatively soon.

[Korban]

has this stock been way oversold??? in at $0.10 right now - seems like a lot of potential upside if you're willing to buy and hold.

[Atlas79]

has this stock been way oversold??? in at $0.10 right now - seems like a lot of potential upside if you're willing to buy and hold.

Glad I got out a week ago at 18.5 cents, about the same as I got in on it. Is there any actual indication of any reason for this stock to rise from its current position in a nervous market?

[quarky]

SP has hit 0.125 today
good for those that bought in at 0.088 52-week lows

now, the response to the ASX query doesn't say much, i.e. the company doesn't know what may have caused this jump.

thinking of jumping into this one, even though i'm sitting on a loss of more than 50% after buying a heap at 0.285 last year...good upside with its exploration targets, i guess... :rolleyes:

[Paulo30]

Seems to have had another push this week.. now resting on support above .10, looks like it will his .125 or above very soon.

No news, but they seem to have reached and passed their low point.


SP has hit 0.125 today
good for those that bought in at 0.088 52-week lows

now, the response to the ASX query doesn't say much, i.e. the company doesn't know what may have caused this jump.

thinking of jumping into this one, even though i'm sitting on a loss of more than 50% after buying a heap at 0.285 last year...good upside with its exploration targets, i guess... :rolleyes:

[No Gain]

Does anyone know when OEX are going to start drilling in the Timor Sea again? On 15 Feb they said they had $19 million cash and were planning further exploration drilling in the Timor Sea. Have there been any other news articles anywhere that might shed some light on it. I still hold and hope they have a good discovery - one day:)

[DVEOUS]

They need to pull some trick out of their hat, and soon, otherwise this will become a penny dreadful before you know it! :eek:

[pistol72]

bit of interest creeping into the stock recently,nice little base and gap with increased volume,rsi had a nice bullish divergance ,now in the oversold area.all activity on no news/announcements,something in the wind?.unfortunately cant get a chart up.
P

[quarky]

bit of interest creeping into the stock recently,nice little base and gap with increased volume,rsi had a nice bullish divergance ,now in the oversold area.all activity on no news/announcements,something in the wind?.unfortunately cant get a chart up.
P
i hold this stock and it's nice to see that from the lows of 0.077, the share price has steadily risen to 0.15 today. :)
about a 100% rise in about 6 weeks. nice returns for those that jumped in.

and last week, they posted the following cash flow statement, so i guess it was taken positively...as OES goes for more.



Oilex Reports Negative Cash Flow of $2.15m for the June 2010 Quarter
Tuesday July 27, 2010, 9:40 am

Original Announcement: Quarterly Report to Shareholders 30 June 2010 (http://au.biz.yahoo.com/finance/coannounce.html?s=OEX.AX&f=01082106&d=20100727)

Oilex reported negative cash flow of $2.15m for quarter ended 30 June 2010. Operating cash flow for the period was $(2.1m). Payments for exploration and evaluation were $(1.83m). Investing cash flow was $(38,000). Financing cash flow was $(6,000). Cash in hand at the end of the quarter was $16.81m.

[zippy69]

OEX over 25% up today. had a trading halt and then an announcement regarding Significant Reserves Identified at Cambay Field India. Lets hope this takes off to the levels it was at last year. Closed at .185

[No Gain]

OEX over 25% up today. had a trading halt and then an announcement regarding Significant Reserves Identified at Cambay Field India. Lets hope this takes off to the levels it was at last year. Closed at .185

I've had a look at reasons why it may have got to 38 cents on 12 Nov 2009 and all I could find was that they were intending to drill in the Timor Sea. I think those wells ended up dry. At least this reserve upgrade isn't dry. I know they have 16 million in the bank so there may be new drilling and hopefully discoveries to come as well. Happy today been holding these for a while now:)

[Tanr]

Article from the The Hindu re reserve announcement.


copy of article...12 November..

'Oilex of Australia has announced that it has struck huge reserves of natural gas in the Cambay Basin in Gujarat, in what is being dubbed as a big discovery after Reliance Industries' gas find in the KG basin and Cairn India's discovery in Rajasthan. “In-place reserves in the Cambay Basin block near Khambat town,160 km south of Ahmedabad in Gujarat, is 16-21 trillion cubic feet (tcf),'' Oilex Managing Director Bruce McCarthy said here. Of these reserves, 10 per cent or at least 1.6 tcf are recoverable. Initial gas production could be five million standard cubic feet a day, rising up to 50 mscfd by 2012-13.

The in place reserves are almost equivalent to what RIL has found in the KG basin fields. Mr. McCarthy said Oilex was looking to replicate Cairn India's success in using U.S. technology to produce gas from the on-land block by mid-2011. The Cambay field is a pre-New Exploration Licensing Policy (NELP) block that was originally awarded to the Gujarat State Petroleum Corporation (GPSC) and Canada's Niko Resources. Oilex stepped in upon exit of Niko. Oilex holds 45 per cent interest in the Cambay field while GSPC holds the balance.'

I cant post url as site wont let me...
Simple question folks..if this in public domain why isn't there anything on OEX website??

I hold shares in this company...

[Miner]

Article from the The Hindu re reserve announcement.


copy of article...12 November..

'Oilex of Australia has announced that it has struck huge reserves of natural gas in the Cambay Basin in Gujarat, in what is being dubbed as a big discovery after Reliance Industries' gas find in the KG basin and Cairn India's discovery in Rajasthan. “In-place reserves in the Cambay Basin block near Khambat town,160 km south of Ahmedabad in Gujarat, is 16-21 trillion cubic feet (tcf),'' Oilex Managing Director Bruce McCarthy said here. Of these reserves, 10 per cent or at least 1.6 tcf are recoverable. Initial gas production could be five million standard cubic feet a day, rising up to 50 mscfd by 2012-13.

The in place reserves are almost equivalent to what RIL has found in the KG basin fields. Mr. McCarthy said Oilex was looking to replicate Cairn India's success in using U.S. technology to produce gas from the on-land block by mid-2011. The Cambay field is a pre-New Exploration Licensing Policy (NELP) block that was originally awarded to the Gujarat State Petroleum Corporation (GPSC) and Canada's Niko Resources. Oilex stepped in upon exit of Niko. Oilex holds 45 per cent interest in the Cambay field while GSPC holds the balance.'

I cant post url as site wont let me...
Simple question folks..if this in public domain why isn't there anything on OEX website??

I hold shares in this company...

Very good question
Incidentally OEX got a speeding ticket today AND tried to relate this piece of news in their previous disclosures.

Look at the volume todaY

Prices are delayed by at least 20 minutes. Retrieving any price indicates your acceptance of the Conditions.

Code Last % Chg Bid Offer Open High Low Vol
OEX 0.255 13.33% 0.245 0.255 0.260 0.270 0.250 4,257,528


I do not know how many investors really aware of Hindu Newspaper published in India, read and acted on the piece of news causing the massive sale today as explained by innocent OEX management. It is all oily fishy from Cambay in my opinion

See attached

disclaimer - Hold very small parcel bought just last week.

[Miner]

Recent announcement in ASX no ripple in the market
Hartley Report - hardly any scratch
Strahan Report Sept - astonishing claim - not much SP change

Probably it needs Mr Speculator to comment in Eureka report or small capital to write a story to jack up the SP sky rocketing

Experts - please comment on this neglected OEX.
Disclaimer - I bought recently and would like to see my judgement behind purchase not only well supported but also to see SP goes up

As always DYOR and do not make your decision just because forum collection was good

Regards

[Chief Wigam]

The valuation on page 2 of the Hartley report is 56c. I also notice that they say the WA-388-P well has the potential to add more than 53c if the well is successful. This area has great potential and the likelihood of finding some gas is high. The market is overlooking this and only focussing on teh shale gas assets in India, but this has potential to make the share price really climb as the spud gets closer in 1st qtr next year.

[Miner]

The valuation on page 2 of the Hartley report is 56c. I also notice that they say the WA-388-P well has the potential to add more than 53c if the well is successful. This area has great potential and the likelihood of finding some gas is high. The market is overlooking this and only focussing on teh shale gas assets in India, but this has potential to make the share price really climb as the spud gets closer in 1st qtr next year.

thanks Chief Wigam for sharing your observation.

Last night (SUnday) I was discussing lone of my old mates from Toronto who was visiting Perth on his way to India to strike some deals before returning to Toronto.

He mentioned that currently with the use of hydrochloric (HCL) acid to break the shale there are significant environmental concerns. Hence Shale gas assets are not as favourable as it used to be. I should say this gentleman is a resource expert but not even half bottle full on oil and gas.

What are your and others thoughts on this HCL issue and possible impact on OEX shale gas.

Notwithstanding I am putting my mooney on the basis of OEX portfolio and farm in with Apace (the next Woodside) as a long shot .

Cheers

[zippy69]

Big movement with these shares, up to over .32 today. They have climbed from around 25 last week. :)

[Miner]

Big movement with these shares, up to over .32 today. They have climbed from around 25 last week. :)

Not OEX related but wondering how could you got escaped from 100 character restriction in your brief message :confused:

[Miner]

My 10 minutes fame to be at the top of tipping ladder looks like going to be over soon. I noticed the company is under trading halt with an equity raise. That could mean the price may drop down once the halt is removed. :banghead:

Hope OEX will do me a favour and follow the AUT and EKA trend by rising above the closing price prevailing at the halt ;)

[absolute1]

looks to be an interesting day ahead with possiblility of exiting the trading hault today

[Miner]

Is OEX like collingwood - either you love it or hate it :confused:

Very light postings.

Any way good to see a please explain to OEX. I think the report was good and it is only time.

I am watching my falling position in Stock Tips and hopefully OEX will rise by 31 Dec :D for me to climb up (Kgee and Hang Seng watch your tipping).

Attached the late night ASX please explain response by OEX

[miti 1000]

Hi, from London..bloody freezing ..loads of snow!!

An exciting time for oilex....

The recent placing of 30mill shares at 20p has been well absorbed.Since these were placed post the Dec 6th presentation , they must have liked what they heard.

http://www.oilex.com.au/index.cfm?objectid=B9405E3B-1372-5CE6-242A10885E378824



The Independent Review for Cambay Reserves is expected in early 2011 followed by the 1st drilling wells.

I'd expect the shares to keep rising as we get closer to that report . Uk investors will get very excited about the Cairn Energy connection and the possible massive reserves at Cambay.

In 2006-2008 when OEX 1st started to drill at Cambay the shares rose to 80p(equiv. in uk is now 23p) . Using North American techniques this time, I'm hopeful that that market will get pretty excited in the build up.

I've been building a large position in OEX at roughly 22p average (clearly well higher than recent lows ) but since news is only a few months away , I reckon the fun has just started as uk investors have been slow to pick up on it. Once they do, it will fly IMO , DYOR.

[absolute1]

good strong start today up 4 cents, and steady

[absolute1]

hit 40 cents - resistance line today

neared 42 cents in uk

so hopefully it can push through

[absolute1]

finished the day at 43 cents up another 10 percent today. up 22.8 percent since start of year

[absolute1]

another good day so far, up another 14 % at 48 cents

[prawn_86]

Absolute1,

Instead of just offering price commentary (which anyone can look up) why not tell us why you think the price is going up? And is this good or bad?

All your posts in this thread have been 1 liners and offer very little for other readers to discuss.

Thanks

[miti 1000]

Well as I posted above, uk investors are now finally taking notice of OEX and the huge potential over the next few months as regards Cambay news. Today the stock is now up 24% on heavy volume to 34.75p.

In 2008 OEX spiked to 80p on drilling at Cambay. Now armed with successful North American Shale techniques, OEX seems better equipped to get commercial reserves out of the ground.
Despite the dilution which has occurred, it should test old highs hopefully which is double the share price from here once the Independent Report on reserves is released in the next month and drilling starts shortly after.
With the current fever in small cap mining and oil shares , this feels like the share to own in 2011 with its massive reserves in place. DYOR, IMO

[Supersnipe]

Hello all, new to this forum, thought I would throw some info at you folks, (see below)..........

Time to stop "talking the talk".......and start "walking the walk"! Is this already a mis-step??? I'm wondering if drilling will be pushed back a few more months.......between the Indian Directorate General of Hydrocarbons & Oilex, god knows when drilling will start??? I sure hope the drilling gets done before I die.......I'm only 49 and in good health, lets gets this thing cranked-up & fracked soon + have the off-take system (pipes) set to go!!!

Some highlights below.....I'm not a subscriber to: http://www.indianpetro.com/
so I can't provide the full details, sorry.

Snipe

================================================== ===============

Pilot horizontal well in Cambay by April 2011: Oilex

Jan 24: Aussie E&P major Oilex Australia is expected to launch its freshest drilling programme in the Cambay tight gas project in Gujarat by April 2011. Speaking to Indian Petro News on Monday (January 24, 2011) a senior Oilex official revealed that a pilot horizontal well -- also called concept well -- has been planned in the contract area after March this year. Work on the project is expected to take place along with additional drilling to establish tight Eocene reservoirs in the block, sources added. The operator is expected to secure an onland rig contract shortly with plans to sell natural gas to the local market by the second quarter of 2011. Oilex may employ multi-stage fracture stimulation technology at Cambay to improve flow rates.

8The petroleum ministry has already endorsed a separate proposal made by the operator to revamp its existing Gas Collection Station (GCS) at Cambay. The GCS is going to have an installed capacity to process more than 15,000 barrels of oil per day (bopd) and 3 million standard cubic meters per day (MMSCMD) of natural gas.
8Two wells -- Cambay-74 and Cambay-64 -- are currently producing at an average daily rate of approximately 320 bopd and 1,150 million cubic feet a day (MMCFD) of associated gas. The Cambay-75 well -- with an estimated 5-15 million barrels of oil in place potential resource -- is being added to the current production stream. Oilex has a 45% participatory stake in the Cambay field.

By Sadiq Shaban Details

http://www.indianpetro.com/

================================================== ===============

Heading: Cambay Field: DGH unhappy with Oilex Ltd's operations
Section: news
Date: 17 Jan, 2011

on Australian E&P major, Oilex Ltd's operations in the Cambay field in the state of Gujarat. Primarily..... for the year 2010-11. 8Oilex had submitted a second revision to the work programme and budget..... 17, 2009. 8It should also be pointed out that Oilex had refused to answer the DGH's communication..... for the Cambay field, which was submitted in October, 2010. 8Pertinently, Oilex Ltd currently..... , in 1995. Oilex farmed in with a 30% stake and then purchased 15% of Niko's stake in the field. (Click

================================================== ===============

Heading: Oilex scouts for onland rig, concept well by February 2011
Section: news
Date: 03 Jan, 2011

Aussie E&P major Oilex Australia is likely to carry out fresh drilling in the Cambay tight gas project in Gujarat by February 2011. Speaking to Indian Petro News on Friday (January 31, 2010) a reliable Oilex source revealed that plans are currently afoot to drill a conceptual well by early this year..... production stream. Oilex has a 45% participatory stake in the Cambay field. By Sadiq Shaban Backgrounder: Readers would recall that Oilex awarded a Letter of Award (LoA) to commission a new land

[miti 1000]

Supersnipe,
Thanks for those links..any idea when the Independent Reserves Report is coming out ? I reckon should be anytime.

[zippy69]

11% + increase today, but not really sure of the reason for the big jump. No announcements apart from the roadshow presentation announcement last week. Any ideas to why the big jump today. Not complaining of course.

[leedleed45]

11% + increase today, but not really sure of the reason for the big jump. No announcements apart from the roadshow presentation announcement last week. Any ideas to why the big jump today. Not complaining of course.

The Notice of General Meeting of Shareholders was scheduled for today 7th feb 2011. The relatively large trading volume today can be attributed to people buying in anticipation of an announcement from this meeting. Fingers crossed its good! :)

holding oex at 22.5 cents average.

[quarky]

been holding from 0.28c (that is from 2009!) and rode the dip to > 0.10 and now back up to 0.54+

don't want to see something like MEO happen to OEX, as it's biggest stock (in quantity..and perhaps quality...:D) in my portfolio, but the last time OEX drilled in 2009, they found a duster...so, not sure when the well is to spud in March, but the buying into it is slowly getting stronger.


also, this got posted



Oilex First Half Losses Rise (http://www.stockmarketwire.com/display/?id=4076660&sectionId=standardNews)

StockMarketWire.com - Oil and gas explorer and producer Oilex posts an interim after-tax loss of $8.5m - up from $7.1m last time.

The firm said the loss was mainly due to $2.5m incurred on exploration expenditure which largely related to geological studies undertaken in India; a write down of capitalised development assets of $477,754 and share-based payment transactions totalling $2.5m.

Cash and cash equivalents held by the group - which has a diversified portfolio of interests in India, Australia, Timor-Leste and Indonesia - increased by $3.3m to $20.1m - up from $16.8m at the end of June.

The net increase includes the placing in December which raised A$9.5m.



Story provided by StockMarketWire.com

LON:OEX

[Miner]

OEX did not move much inspite of an aparent looking bad financial report published today.

When I read the balance sheet I was not too concerned.
Few things made me interested : the financial acid ratio or the ratio between current asset to current liabilities. Fantastic on operating movement
Secondly cash in hand $20 M
Thirdly, the high expense on exploration

I understood in the AGM some people talked with MD and they felt good.

So I will wait and see what strategy comes from board and how market reacts tomorrow.

Good luck holders and that includes me

[zippy69]

wow they have really gone south in recent weeks. Lets hope they bounce back.

[quarky]

wow they have really gone south in recent weeks. Lets hope they bounce back.
wonder why the share price is in a free-fall. currently at 0.38 and still no 'support' in sight (from highs of 0.55)

is it because of BHP getting into shale-gas in USA?
i.e. a new competitor for services & materials, when Oilex is getting ready to frac with horizontal drilling?

or is it because, last week, an Oilex non-executive chairman (Max Dirk Jan Cozijn) indirectly sold 500,000 shares for $232,515 on-market on February 15, 2011 and 16.
(he indirectly holds 1,000,000 shares and 1,000,000 options)


i don't know what has changed, as in the gas/oil is still there, waiting to be extracted...

[Chief Wigam]

http://brokermandaniel.com/2011/03/03/the-oilex-time-bomb/ (http://brokermandaniel.com/2011/03/03/the-oilex-time-bomb/)
The Oilex Bomb!

Its been a busy day here on the BMD blog of all Blogs but I couldnt leave for my weekend retreat to the swiss alps (Hackney Marshes actually!) without a word or two on OILEX.

Theres an awful lot of nonsense being posted on this stock and some seem to think that the slight delay in the spud date on WA-388-P permit offshore Western Australia has caused the recent retrace. Well there maybe something to it but you would hardly invest in a company that began a drill in a cyclone now would you? Its all down to nerves the retrace is attributable to those with a nervous disposition! As of today the RNS out clearly states that Oilex have a free carry here for 8.4% and they are targeting prospective resources of up to 2.8 TRILLION CUBIC FEET OF PAY! with a best estimate recoverability rate of 100%.

Now they have spiked to just over 35p/36p and are currently in the doldrums at 24p!

The Company?s main area of focus is in India where it operates three onshore production sharing contracts in Gujarat on behalf of Joint Ventures with Gujarat State Petroleum Corporation Ltd (GSPC). Of these, the Cambay Field contract area has considerable oil and gas resources and Oilex intends to further evaluate and exploit these through proven North American tight gas andshale gas technology, including horizontal drilling and fracture stimulation.

The first horizontal, fracture stimulated well is planned for drilling in Q1 2011. Oilexs, Managing Director, Bruce McCarthy is currently based in Gujarat to manage this project and the Companys other Indian interests.

The Cambay prospect is a shale play and the technology used has been proven time and again in the USA. Remember Cambay has already been drilled via well 73 and gas was encountered and the tech needed for these tight plays has now been proven beyond any doubt.

Theres been mooted whisperings in the city of shenanigans here with trading halts a plenty and related party interest options. Its known as a carve up and that carve up caused the spike. Now bear this in mind as theres no point going through what the Blogosphere already know about OILEX. Suffice it to say they have no debt and have cash.

Oilex are sat on massive gas {proven} reserves. Cambay is a gas giant and Oilex are quietly confident that proof of concept will lead to a staggering increase in sp value over this quarter. There are 50p minimum targets being mooted here. 100p looks set to be hit on Cambay news alone.

It wont be long now before 50p is breached here. Any good news on Cambay and western Australis will push the sp. Great value for money at this present time. However please research your investments after all it is your money not mine!

Success at Cambay will make the current sp look ridiculous and we will all rue the day we never researched them. Oilex a ticking time BOMB!

News is expected shortly from the company via a Cambay update. It will shoot up on it. Hold for the news big gains here. Do not UNDERESTIMATE the potential here on Cambay it is company making!


Viva!

Daniel

[zippy69]

One would think an announcement my be coming soon, share price up as are volumes

[leedleed45]

Anyone wise mind out there know what is going on with OEX? or have any thoughts and opinions?

Been holding for a while and lately not much news, low trade volumes, downward movement...:(

[Chief Wigam]

Current drilling on La Rocca isn't significant to the market. Market is waiting on India progress which is coming in a few weeks. That's why not a lot of action of late.

Hopefully the US market will be positive tonight and help stocks like OEX :D

Chart wise, this is a good support point, and likely to go up from here.

[zippy69]

Oex up almost 15% in first 30 minutes of trading. There hasn't been a recent announcement so somebody knows something the rest of us dont