Member Info for gordon1237

Jack, I am afraid you are incorrect. Although the refrac does have a good chance of success (75%), it is pretty much a do or die situation. The current flow rates, and even a fair bit higher, are simply not commercial. Previously 77h was initially close to being commercial but the rates declined massively, fairly quickly. You say we have two new wells to look forward to. The whole purpose of the refrac is to prove the viability of those wells and attract a jv partner. If the refrac is not successful, or it at least gives strong indications that adjustments can be made to make it successful, it is unlikely that those wells will be drilled. Of course, there can be degrees of success and only Oilex and their potential jv's know how much improvement will be needed to make it viable.
None of this is talking it down. I am reasonably optimistic that all will be well but nothing is certain. I do find the current big sell off strange. Nothing had changed. The refrac is on schedule and is no less or more likely to succeed than it was months ago. Tempted to buy some more. Atb. Gla.

Hard to believe anyone who took part in the placing would sell at 0.15. Gla.

Fair enough Espen. Still seems a very surprising number of sells at this time. Atb.

Hi Steven. The only news that matters is the results of the results of the refrac. Probably, mid August to mid September. Atb.

Conger. You could actually say your average is zero as you are playing with free money from your previous profit. Almost tempted myself at these prices. Very strange the massive sell off today. At least 200 million sold. Strange so many were grey when at the prices they were obviously sells. I mean there can't be bad news leaking as there is no news expected at the moment. Atb.

Must stop repeating myself. Lol.

Must stop repeating myself.

Come back to haunt us Chesh?
All the best. (Long time no brackets. Lol.)
Beadle. Even I wouldn't complain about no news when none is expected. Gls.

Come back to haunt us Chesh?
All the best. (Long time no brackets. Lol.)
Beadle. Even I wouldn't complain about no news when none is expected. Gls.

Or massive sells. They are the grey for a reason. Right on the mid point.

Come to think of when NPL was run by Serco, they had a share save scheme which I took advantage of one year. There was a strike price which was set at a discount to the current price. At the end of the year if the price was then greater than the strike price you could cash in and get cheap shares or get your money back. So it would be hypocritical to grumble too much. Gla.

So Conger, if the shares go to double the exercise price, i.e. 0.44 pence they could get half the allocated number for free? Is that right? Nice work if you can get it. Might have been nicer to hear some directors were buying shares. Atb.

If all the options are exercised at some point, it would be a cash inflow to the company of around £850k. Gla.

Yes Espen. Brings their holdings to what I think, is the highest ever 16%. That is quite a difference in sp, but oddly, it is unchanged on the day, with zero shares traded. Let's see if it has any effect here. Atb.

Snowball's in hell, come to mind Espen. Lol. Atb.

There is a high pressure system in existence. They have said they will connect to it if production is enough to make it worthwhile

fjones. Nothing has changed. It has always been a massive punt with everything dependent on the refrac. Yes, the flow rates are a little lower than expected, but that is pretty academic. All thst matters is what they are after refrac, which we find out in August/September. Atb.

The % of the company held by Espen (and everyone else) has droppef due to the 1 billion new shares which are on the market from today. Gla.

No need to guess sausage. It's all on record. All of Oilex's problems started with the massive costs and non commercial flow rates of 77h. They spent in excess of 30 million usd on the well. Initial flow rate was around 1 mmscfd, which declined to much lower values, and led to the dispute with gspc and the eventual shut in of the well. All in all more than 100 million usd was spent on Cambay for minimal return. They are hoping for around 2 mmscfd from the refrac and 3 to 5 mmscfd from the new wells. Atb.

Except that's not the problem they have. The pipeline has coped with much larger flow rates in the past. Atb.