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Meant to say both the increase in prices and new fraccing technology could increase the 2P number.

Thanks Callum. I did say in my earlier post that it could increase considerably from the 93 bcf.
" They previously gave the 2P resource as 93 bcf, which is still a lot. It maybe that with the increase in prices it will be considerably greater than that."
Unlikely to get near the 1 tcf though. Even if it did, to say contingent 2P resource is still nonsensical. Atb.

Lol.

I could win the lottery tonight. Gla.

Newbie. I talked about this yesterday. What it says on the website is a contradiction.
“ 1 TCF of contingent 2P gas resources."
You cant have a 2P resource which is contingent.
2P means proven and probable, whereas contingent means an amount that is known to be there but not commercially recoverable.
They previously gave the 2P resource as 93 bcf, which is still a lot. It maybe that with the increase in prices it will be considerably greater than that.
What irritates is that they put something that makes no sense on their website. Let's hope it's an error rather than a deliberate attempt to mislead.
On a lighter note, great to see the late recovery in sp. Gla.

Conger. Callum's usually yer man for that sort of thing. Atb.

At 0.4 cents, which is equivalent to 0.21p, the Oz price was already above the uk. At 0.3 cents, equivalent to 0.16p, it is below. There has always been this disconnect not helped by the minimum change in Oz being 0.05 cents. Atb.

Especially as there was no dump.

" This time next year, Rodney, we'll be billionaires". Lol.

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."

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

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.

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.

85 million traded. Gla.

Thanks Jasper, that's encouraging. Atb.

Reading my mind Jasper. As I said maybe just maybe, this time it will be different. By the way, any news on why GOI approval didnt happen a month ago, as expected by the management?

Was thinking the same myself Joe. Of course it would be a real vote of confidence in Oilex if they just held onto their increased stakes. Probably naive to hope for that as they have almost always sold in the past.