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TWB: I think yours and my definition of the word 'fundamentally' must be very different. A refrac was due in q1 and now has been pushed back months for reasons that should have been easily spotted. If you know about operational delays in India, why didn't the board? No apology in the RNS for the delay. This lot move the goalposts more often than rampaging Scottish fans at Wembley.
Sell up then Zag. If you don’t believe, sell. It is a question of simply of what you believe. The same doom and gloom brigade on here were saying GOI approval was never going to come and that came, did it not? This is going ahead and to repeat I will simply add on overreactions and profit when it does kick off. You are still talking like Oilex does not have 100% of Cambay - but all that matters, is it does. Nothing fundamentally changed apart from your emotions / throwing a hissy fit on an operational delay in India, which is totally normal if you’ve experienced India operationally. But they happen to be one of the biggest economies in the world now and need Gas and oilex are there to profit. And they will - mark this post. I’m done trying to explain the bleeding obvious.
Sorry WTB. Cant agree. Everything just keeps getting pushed back. How many weeks is it now that production has been imminent? Refrac now pushed back at least 2 quarters. I think it was only last week when it was commented on that they hadn't procured the refrac equipment, it was said that it made sense not to have the kit sitting idle and Roland with his experience would have no trouble getting it quickly. Obviously, can't be avoided, but why are they always so utterly clueless as to how long anything is going to take?
Shan't be selling but expecting a substantial drop tomorrow. Atb.
Zag. Perhaps they'll tell us it's a good chance to average down or whatever other nonsense gets spouted in these situations. Perhaps they were hoping for a small spike so they could get out with a profit before this news landed.
Let’s let the market judge
Twb
Simply more delays as before, and how many times has Imminent stretched into months.
All this talk of a new team in place etc etc etc, several posters on here so full of themselves with their " direct access to the big man Roland. Let's see if these two reply tomorrow, I doubt it.
You’ve been shooting me down and frankly based on this RNS I have been proved right to query your “Intel”
I need wait no longer. RNS out in Aus. If this is 'great' heaven knows what a bad week will look like. I don't expect an apology or a " yes you were right to be sceptical", because that never happens on here. I'll hold until I can get my money back but my .4p is now looking optimistic. Refrac results in the autumn....
Jasper and oilman I’d be interested to hear your views? This RNS contradicts much of what you’ve told us and your totally inaccurate back of a fag packet calculations
Massive overreaction Gordon - production, for the first time in years confirmed to restart imminently. We will get flow rates and they will be able negotiate rates to improve revenue. And the refrac is clearly going to happen soon - so what it’s July? the global supply chain issues plus the lack of activity in India doesn’t make that unbelievable does it. I’ve gathered from that RNS they clearly know what they are doing. If people jump out because they ain’t getting the refrac tomorrow, despite imminent production, I will be adding on any daft overreactions. Everything clearly going ahead.
So not only is the refrac not going to be in Q1, it is not even going to be in Q2. Probably no results until Q4. Plus lower flow rates than previously indicated.
Only 2 mcmfd after the refrac, I thought it was producing that before
What a bloody shambles. So much for Roland's experience meaning there would be no problem with equipment procurement.
You were right Shenners. Probably a big drop tomorrow.
No issues at all there from my perspective. Oilex now clearly managed by a proper and professional outfit that know exactly what they are doing. Roland and his team is going to deliver on this. Production to restart imminently and fracking not far off as soon as equipment in place.
Oilex’s Chief Executive Officer, Roland Wessel, said:
“After a protracted hiatus, we are very pleased that gas and condensate production on the Cambay field is due to resume in the near future, thanks mainly due to the efforts of Oilex’s India team. In addition, the Bedrock / Manan project management team are working assiduously to execute the C-77H re-frac as early as possible without compromising the technical approach to this key field development operation. My recent visit to the Oilex Baroda office and to the Cambay
field demonstrated that Oilex has a professional and motivated team in India fully capable of developing and operating the Company’s key Cambay asset. I look forward to updating investors as we make further progress.”
Oilex Limited (Oilex or the Company) is providing the following update to its operations in India and in particular, with respect to the Cambay field development.
Following the Government of India Ministry of Petroleum and Natural Gas approval of the transfer of assignment of the 55% Participating Interest in the Cambay Field PSC held by Gujarat State Petroleum Corporation Ltd (GSPC) to Oilex (taking the Company’s interest to 100%), the Company is finalising the completion accounts in conjunction with GSPC personnel with a view to completing the transaction at the end of March 2022.
The Gujarat Pollution Control Board (GPCB) is expected to approve the re-commencement of production on the Cambay field imminently. All necessary operational preparation, including system integrity checks and safety system validations, has been undertaken to allow for an immediate re-start of gas production from two wells (C-73 and C-77H) upon receipt of GPCB approval.
The Company continues to prepare for the C-77H re-frac operation. Tenders for all the required equipment and services have been received and evaluated during the last week. The global oil and gas services sector is facing an acute shortage of capacity following several years of reduced activity and India is suffering from these constraints. Specifically, there is a shortage of hydraulic fraccing pumping equipment as well as several other key services required for the C-77H re-frac.
Oilex is in the process of finalising contracts with a current timeline of July 2022 for the re-frac operation. Following the re-frac, the C-77H well will need to be flowed to clean up the well bore and it will be 30-60 days before a stabilised gas flow level can be established to assess the level of success of the re-frac. Gas production will be processed on location and sold via the existing grid connection under a new gas sales agreement. Similarly, associated condensate production will be sold under a separate sales agreement.
The targeted new initial production rate from the two new re-frac zones is 2 mmsfd. A successful re-frac operation will enable the initiation of the full Cambay field development with two new horizontal and fracced wells planned for end of 2022 / Q1 2023, subject to funding. Oilex’s project studies and experience from other stimulation projects result in an expectation of initial production rates of 4-5 mmscfd for new horizontal wells which will provide robust economics. India is the third largest energy market in the world. Indian gas demand growth is outpacing domestic supply with circa 50% of gas requirements from LNG imports. Robust gas prices are underpinned by the high marginal cost of LNG imports.
Price sensitive and reads well.
https://www2.asx.com.au/markets/company/oex
Not sure the market will like the delay
Oilman: I haven't suddenly appeared although as a recent arrival here you wouldn't know that. Secondly, are you going to give us a 30 June target price? Scepticism born from experience is not quite the same as casting doubts although to be honest, I don't see your "great week" materialising.
I haven’t felt were in a better place shenners.. I am in zero rush. Rather wait to allow for a meaningful rns to come out. Atb
Well let’s see how long it takes for some more of the faithful to start casting a few doubts
Wondered when you'd show up Shenners.
Ok old man we shall see
Blimey. Even I'm not that pessimistic. Frustrating as the delays are, the restart is obviously going to happen. Very unlikely to see refrac results this quarter but no reason to think it wont happen.
Calling me a pr### that’s very classy jasper. What can Roland tell me that isn’t in the public domain? I’d rather base my opinion on facts so I guess let’s see where this is at on Friday