The worrying thing for me with the interview was where he said "we always hope the performance of a well is going to be better than it is, but we are quite pleased with it". This seems a big come down from when we had the RNS which gave us the big rise when he was going on about flaring gas, light crude, pressure 300% better than anticipated. He just seems to be dumbing it down now and keeps going on about "proof of concept" and "have learnt a lot for the next drill". I recall after the failure of Cambay 76 lessons had been learnt and 77H was going to be the big one! I keep my fingers crossed that the flow results are better than anticipated to give us a much needed boost. Fed up of throwing my money at this to keep trying to average down.
Thanks for the effort guys, appreciated.
RE: Proactive Investors Write Up
Looking at share trades has a similar effect for me Callum. There are a few people on here that would have you believe that sells outnumbered buys today. They didn't. Not by a very wide margin. Should start ticking up unless there are hidden sales still to be revealed tomorrow.
RE: Proactive Investors Write Up
Thanks Elartu , I just like typing stuff out like the Ron miller Interview helps me focus my mind .
Proactive Investors Write Up
http://www.proactiveinvestors.co.uk/companies/news/74747/oilex-md-ron-miller-is-satisfied-with-cambays-progress-to-date-74747.html Oilex MD Ron Miller is satisfied with Cambay's progress to date By Ian Lyall November 26 2014, 9:54am Oilex (LON:OEX) managing director Ron Miller declared himself “satisfied” with progress to date on the company’s breakthrough Cambay 77H well in Gujarat State. Speaking following the launch of the firm’s share purchase plan, he said Oilex is now a first mover in India, having successfully completed the country’s first horizontal, multi-frack discovery. Currently, the group is testing the well. And having already flowed it on test for 300 hours, it has now been shut-in. The process is designed to measure “down-hole parameters” such as temperature and pressure that will be used to “refine and recalibrate the model” for the well, Miller said. The data is expected sometime next month. “Once we do the analysis we will release the information from the time we opened up well to time we finish production test,” said Miller. “We did not want to give interim results that may be misinterpreted, but we are quite happy with the well results so far. “We are really geared up and keyed up for the next 14 to 28 days when we recover the gauges and analyse the data and get the preliminary results.” Miller said the well test was never designed to measure the initial flow rates as the well has been produced for about 90 days. Instead they will assess “the long-term deliverability of the well”. “We are making sure we get the right scientific data, rather than things that make headlines,” Miller explained. “The things that make the headlines don’t always create the same underlying long-term value achieved by collating good scientific data. “We hope to have a well interpreted, easy to understand statement.” Earlier, Oilex said it was targeting a $5mln capital raise with the sale of shares to existing investors. The offer is being partially underwritten by Australian brokers Patersons Securities and DJ Carmichael - so the first $2.5mln of the raise is secured. Shares will be priced at a 20% discount to the average price (volume weighted) for the five trading days prior to the share issue, and Oilex said eligible shareholders will be able to subscribe for up to $15,000 (£8,250) worth of new shares without incurring brokerage or transaction costs. The subsequent cash injection will be used to support Oilex's activities in the Cambay basin.
Underwriters of SPP
At least we know share proce will definitly be over 10 cents in the next 3 year if Patersons Securities Limited and DJ Carmichael Pty Ltd are involved. " Each of the underwriters will be issued with 5 million unlisted options exercisable at 10 cents with a 3 year expiry, for consideration of 0.00001 cents per option" I reckon they will want this to go past the 10 cents price by a fair bit before exercising options. Patersons Securities Limited "The Australian Stockbroker', is one of Australia's largest full-service stockbroking and financial services firms". DJ Carmichael Pty Ltd "Our team can provide corporate advisory services to corporate clients including capital structure advice, marketing, mergers and acquisitions, IPO's " Both would it seem benefit from the Oilex SP rising !
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