Member Info for gordon1237

It was 10 years ago today that I bought my first Oilex (Syn). 150,000 shares at 2.5p for £3750. That number of shares is now worth about 70 quid or alternatively that amount of money would now buy about 8 million shares.

At that time everyone was saying that price would never be seen again. How right they were. Lol.

Or until June, when hopefully a new well will start.

Surprised the sp has held up this long. The buy price has been 0.0478 for a good few days.

Yes A*rsenal. Right now I would bite your arm off for the high 0.1's. Was thinking about buying one more tranche to bring me up to 40 million. Not sure I can convince myself now. Recent contradictory comments by the Company make me think even they don't know what to expect.

You'd imagine he might retire anyway before it comes to fruition. He will be 72 in April.

I think Syn could put all the Cambay profits into this and barely scratch the surface. Thst possibility may be a big chunkbof what's hold down the sp.

The very fact that Harbour who have big CCS projects aren't inter in Syn's speaks volumes. The big boys are investing billions in this. It's several leagues above Syn.

Wouldn't know how to work out the cash burn at the moment Espen. Don't know how many are left on the payroll.

Mind you the 18 month work programme finishes at the end of January 2026. Would anyone be surprised if it was extended ?

Yes Espen, that was the only way I could reconcile the individual well numbers with the reduced ovetall number. Either that or Roland was a little muddled.

Can't see the first new well being before late in Q2.

Emailed Roland and Briana last week with regard to the expected gas production by the end of the year. In the October Investor Meet 8 mmscfd was indicated quite confidently whereas in the StockBox interview this has become 4 to 6 mmscfd . This in itself was inconsistent with the individual expected rates of 2 and 4 mmscfd each for the two vertical and one horizontal wells.

Received the following reply from Briana which I post with her agreement.

"

We are reluctant to give any production forecast but we are happy to share our expectations. Roland was sharing his expectations during the interview with Stockbox.

Happy for you to share. "

Amazingly tight spread at the moment. It's 0.0478 to buy 10 million and 0.0470 to sell. Disturbingly I can only dummy sell a maximum of 1.5 million.

To answer my own question. Joe was still chairman at the last annual report on 30/9/24.

He was pretty good at interviews.

Is Joe still a director ?

Nice one Espen.

Now 0.0478 to buy. Tempted to have one last punt. Hold me back guys. Lol.

Yes. You can get whips quite cheaply on Amazon.

Lol.

That should be 4 years before we saw any new wells.

That is a very good question Sprint and one I have asked myself many times. The obvious answer is that at the time I didn't know how it was going to turn out. Events don't go to plan and then you get trapped.

At the beginning of 2021, I had already been in for 6 years with an average of 0.32 with an sp of around 0.07. Then against all expectations Oilex acquired 100% of Cambay and I was able to get out with a modest profit at 0.40. Incidentally that was after Joe gave s brilliant upbeat interview.

I suppose I should have left well enough alone but when the sp dropped into the 0.2's it seemed overdone and I couldn't resist the opportunity. How wrong can you be? The rest, as they say is history. Delay after delay and moving of targets.

Who would have thought that after acquiring 100% it would be 3 years before we saw any new wells. My mood has varied from pretty confident to dismay. Have averaged down numerous times and now have 30 million at an average of 0.108.

Was thinking of maybe one more tranche at current prices but now not so sure.

In spite of everything I still think there's a decent chance of getting my money back or maybe double. Nothing is certain until it happens. A big concern for me is that whatever the return from Cambay it will go into the CCS money pit. That possibility may be what is deterring potential Institutional Investors.

If I am honest I have to admit, that whatever happens, I have enjoyed the ride.

Atb.

Syn have effectively sold their half of Cambay to Selan for 10 million and then used that to pay their half of the costs. Depends on how you look at it and doesn't matter in the slightest.

Calculations of P/E ratios for companies like this are meaningless. Only works for companies with a previous history of profits and where future profits can be estimated. Oilex/ Syn have never made a profit.