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We're all billionaires, we just have to get it out of the ground....................
It’s looking better and better
Debt free
100% owned
Billions in the ground
No brainier
So 200 million traded. Interesting to see what tomorrow brings. Another false dawn or a springboard to greater things. Gla.
Just to clarify this is the definition of contingent from the Society of Petroleum Engineers.
" Contingent Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable."
Let’s hope the board will remAin busy, Twitter has been frenzy with activity today - atb
It was only recently under Roland that they started talking about a near 1TCF reserve, which I thought at the time was misleading. Now it seems even more so. Dont get me wrong, even if they recover the lower amount, or a bit more, it will be great for Oilex's prospects. Atb.
Continued.
Previously on the website they gave the 2P reserves as around 93 bcf. Even that is a decent amount. It may be that the higher gas price will make mote gas commercially recoverable but it still makes no sense to say 2P contingent. Atb.
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Hi Conger. I wasn't going to mention this, bit since you refer to it I will.
I know that they say it on the website but contingent 2p reserves makes no sense.
2P reserves means proven plus probable quantities. 3P would mean proven plus probable plus possible quantities.
Contingent by definition means reserves that are known to be there but are not thought to be commercially recoverable.
So there is a contradiction there.
Previously on the website they gave the 2P reserves assround
I been doing a few sums and I see .70 to .95 as sensible valuation right now, it values the company assets at £50m to £70m.
I see Cambay at around £40m conservatively, on its own now it is free with it is 100% owned even unproven, then there is existing infrastructure to add, two other fields, the good will, 2.5m in cash and intangibles .... Cambay has audited 1TCF of contingent 2P gas reserves, if they get the flow rates they have the rights on 161km sq of land there.
I was trying to get sensible pump price for gas in India (Cambay) per 1Mcf but did not have much luck maybe someone else can give me that?
Sold another stock to buy more in my sipp
really strong buying pressure!!
also shares are being flipped quick!
news arrives and overhang gone will make sp go mental!
Dakad. This from the last quarterly report with regard to 77h.
" C-77H had initial production levels of up to 1.0 mmscfd. The Company believes that a successful re-frac stimulation will increase production levels by 3 to 5 times." I think 73h was similar. From memory, just before the wells were shut in, the rates were down to about 10% of that. They did say they were expecting the rates to go up again, even before refraccing, due to pressure build up over 3 years. It as you say, the refraccing that we are pinning our hopes on. Atb.
Gordon, can you remember the flow rates from the well that’s about to be turned on? If I remember correctly it was painfully low, just a few hundred quid per day. Hopefully more now they have had time to build up etc. it’s the proof of fracking we need.
Hope so Gordon I'm still well under water as bought in at 0.43 so hopefully one day will see it back there and beyond GLA
Feels more like 30 years. Lol. Fully funded for the refrac of 77h. Hopefully that will demonstrate the success of the new techniques and enable a really good jv deal.
My my, haven’t those 3 years flown by Gordon. Look out! we are about to go into production and own all of Cambay debt free! Just let that sink in…
Cherry on the top: fully funded for fracking.
You wouldn’t want to be out any time soon!
85 million traded. Gla.
production started rns could land tomorrow and we might see us trading in low 0.20s!!
Yes definitely someone is filling there boots past few days has be a fair few 2mil 3mil buys
Been waiting years for this to take off, hopefully the start of the great run higher!!!
...occuring
and the buying pressure continues!!!!
some trades are flip(5mil) and might not be too long before overhang is gone and we are free to move!!
Todays market capitalisation of £11.7m bares absolutely no logic to what Oilex now currently have in play. We are funded to own 100% of the Cambay licence, pending final GOI ratification. We are funded to re-commence production and re-fracking of two previous producing wells. All permits granted which will see production commencement by end of January. We will be cash flow generating in February for the first time in 3 years. We have over 900bcf of gas to monetise.
All of this for todays market price of .165p (market cap £11.7m). Absolutely ridiculous and even if you doubled this to £22m, that still feels on the low ball side. There are other tiny E&P outfits with a market cap higher than ours today and they are no where near the point Oilex are today. This will re-rate very soon and smart money will know this.
thanks jasper,good news finally.
production news will make the sp moving here!!
also there are some rumours about ratification, as covid cases in india reducing and ministers are ready to see oex board arriving for their meetings!!
good luck all,might not be that long wait now!
JPM believes crude might reach $125, and that won’t be short lived - atb