Member Info for gordon1237

Guys. This was all in an rns in 2017. We have been waiting all this time to see it hopefully come to fruition.
https://www.lse.co.uk/rns/OEX/core-analysis-and-review-confirms-cambay-potential-0sg5kkj8eqrh43q.html

Maestro. Reinvested last year and added some more last week. Atb.

Maestro. The whole point about Cambay is that the Standard North American technology did not work very well, due to the different nature of the rocks. This was the reason for the dispute with gspc. Around $125 million invested jointly in the Cambay project with minimal return. This is why Oilex commissioned the Baker Hughes /Schlumberger report which suggested modified fraccing techniques. A bonus is that Schlumberger are doing the fraccing with an estimated 75% cos. Atb.

Maestro. Dont think we know that, not in any rns. If that had been the case they could have bid 2 years earlier, avoided a massive amount of cash burn and have been much further down the road by now. There was a lot of debate at the time about what first refusal meant. Hard to believe Oilex could get it for a pittance if the original candidate was offering a lot more. The assumption is they dropped out leaving a clear field for Oilex.
Anyway, it's all in the past. It's the future that matters.
On holiday, just had a cracking pub lunch and and sitting in the car on Dartmoor with a great view of Haytor. Blowing a gale and raining but still beautiful. Atb. Gla.

Conger. Think your memory is playing tricks. Oilex were not ordered to sell. In late 2018 they and gspc were ordered by a judge to go to arbitration over the cash calls dispute. They filed a case in the
Singapore arbitration Court but continued to negotiate among themselves. In September 2019 they announced an agreement that gspc would sell their Cambay share and both sides would drop all legal action. Gspc had already tried to sell it before in 2016. GSPC were supposed to complete the sale in 90 days. Around December 2019 they said they had identified a preferred bidder. We heard nothing by March 2020 when came the pandemic. All went quiet until February 2021 when we heard Oilex were trying to buy it, presumably because the preferred bidder had dropped out. Huge luck for Oilex sbd thus they find themselves the proud owner of 100% of Cambay.

Lol. On holiday tomorrow. South Devon and Dartmoor. Atb.

Wish they could have come up with something a bit more original. Just filled up with petrol (184.9!!!) and on the pump they were advertising Synergy oil products.

What's in a name?
" What's in a name? That which we call a rose,
By any other name would smell as sweet." (Romeo and Juliet)
Mind you old Bill Shakespeare had probably never heard of PR.
Gla.

If it's in August, that's 38 to 68 days until we know. Gla.

Bit surprised at the lack of posts. Only a few months ago an rns like that would have produced dozens of posts.

Soon be back over 3% Espen. Atb.

Results earlier than expected. Excellent news. Gla.

Jack. In the April Q and A, Roland answered the question thus.
"I estimate at a greater than 75% chance of success. If the re-frac is unsuccessful, we will have to review the future of Cambay – probably with a scaled-down field development."
Read what you will into scaled down. Hopefully, won't come to that. Atb.

Hi Steven. Dont think chats with Roland would tell us anything. We know the schedule of everything that matters. Refrac in July. Results August /September. Atb.

bought another 3 million at 0.1607. Wasn't expecting to do that! Gla.

Hi span. Been a while. Yes it was Schlumberger last time. Doesn't mean they can't get it right this time with what had been learned since. Atb.

Well Schlumberger were involved with Baker Hughes in producing the recommendations for improved fracking back in 2017, so in effect they are acting on their own guidance. So they have a double motivation for making it work if at all possible. This from an rns in 2017.
" Oilex Ltd (the Company) is pleased to announce that the C-23z core analysis has been completed. The analysis, by Schlumberger and Baker Hughes has confirmed that the EP-IV tight siltstones at Cambay can be effectively stimulated, and that commercial gas flow rates are potentially achievable."
Here's hoping.

Hope so Vf. Possibly the Company's estimate of 75% is even on the cautious side. Atb.

Hi Jack. I have been reasobably optimistic for some time, otherwise I wouldn't have reinvested a year ago. However that optimism is tempered by the knowledge that everything is dependent on the refrac. Yes a lot of research had gone into it and we have been told they think it has a 75% chance of success. Which is great and what we all hope for. It does however mean there is a one in four chance of failure. Not that likely but not impossible. Where has Roland said anything about a new low pressure system? He said the operators were addressing the problems with the current system which were hollding the rates down. It has accommodated much higher rates in the past, so it shouldn't be that difficult, you'd think.
Even with the current high gas prices, the best flow rates they can hope for, pre refrac, will still be loss making. That would still be the case even with the 0.5 to 1.0 mmscfd they said they were hoping for on production restart. These sort of rates make a welcome contribution to reducing the cash burn but are not enough for a commercial venture. If they were, we can be certain the company would be stressing thr fact that whatever happens the Cambay project will be profitable. They are hoping for 2 mmscfd from a successful refrac and 3 to 5 mmscfd from the new wells if they go ahead. The upper end of that would be a jackpot for the company and us. Here's to a great outcome. Not too long to wait now. Atb.

Callum. Interesting. Yes, Possible. A forced seller and nothing to do with Oilex's situation. Atb.