Member Info for gordon1237

Ultimately, if the refrac is successful and subsequently a number of new wells are drilled, the aim is to connect to the high pressure pipeline.

Production was as expected already very low. Now due to reasons beyond their control it is a bit lower. Just means the cash burn per month will be a little higher. All becomes irrelevant when the refrac starts next month. Gla.

A modest drop in oil and gas rates. I have always said the flow rates now aren't that important. What they are after refrac is all that really matters. Gla.

No, longer than that even. Remember you saying you picked some up at the lows of 0.08 ish which was around December 2020.

This is hilarious Espen. You know who on Twitter is claiming that your rns means he was right all along about the price being held for a big buyer, when all the regulars on here know you have been building your stake for the last year or so. Stb.

Famous at last Espen. Your very own rns. Just under 3.2%. Well done. Atb.

Well, if something was happening, it looks like it's stopped, with the sp drifting down. Atb.

Some of us have been waiting for 7 years. Lol.

Absolutely, Espen. Tbh, I actually thought it was a little disingenuous of the company to keep quoting a near 1TCF contingent reserve, when by definition that means it is not all recoverable. At the risk of blowing my own trumpet this is part of what I said on 12th Aoril.
" As I discussed the the other day, the I TCF is the contingent resource. The old 2P value for 100% of Cambay was around 200 bcf. Of course that was before the massive increase in prices so would be higher now."
I did think that the massive increase in prices might push the commercially recoverable amount higher than 200 bcf. Atb.

It is in fact based on what used to be stated as the 2P reserve in the gspc days. That was 93 bcf for a 45 % holding which works out as 206 bcf for 100 %.

previous tcf contingent reserve

As expected, the 2P reserves are now given as just over 200 bcf. This is still a massive amount but avmuch more realistic statement of what is recoverable rather than the previous tcf. Atb. contingent reserve. Gla.

Dave. Can't see any problem with say a 100 to 1 consolidation, giving an sp of about
19p and 800 million shares. It's not true to say that at these levels it won't drop further, as it has previously been as low as 0.06 p.

Espen. I agree nothing has changed. The figures I gave a couple of days ago show how much Oilex could make if refrac is successful. Was merely pointing out that it is by no means a certainty. If it was, the sp would be multiples of what it is now. Atb.

Too right guod. Some talk as though that stated 75% COS means it's in the bag when it indicates that there is a 1 in 4 chance of failure. There also could be degrees of success depending on the uplift in flow rates. Guess we wont find out until August at the earliest. Gla.

That's per well of course!

If the refrac is successful and the hoped for flow rate of 2 mmscfd is achieved, we are in a whole new ball game. That would bring in around £670k per month. If the new wells do 3 to 5 mmscfd thst would be about £1.0 to £1.7 million per month. Here's hoping. Gla.

Yes Conger, that looks about right. Great to have some cash coming in at last. Just over £100k per month. The average cash burn per month in quarter 1 was about £170k. Guess that will have
increased with production so still a fair way to go to break even. Wonder when they will switch to 77h where production might be higher? All academic in a way, as it's production after the refrac that's key to unlocking the potential. Atb.

Are we expecting a drop on Friday when, assuming things are on schedule, just over one billion new shares will be added? Hoping it's already priced in. Not sure. Gla.

In that case it will definitely be beyond my investment horizon. Lol. Joking apart, you'd think there might be more if a sense of urgency.