Member Info for guod7

Well I've ridden this train for nine years now, nothing left to do but wait and see if these promises have any substance.

"Wouldn't want to be out of this one over the weekend"

No one for a minute doubts the veracity of this, the elephant in the room is that over the last three years precious little progress has been made in manifesting the goals

Just maybe their hand will be forced at the AGM, they can't run and hide forever!

This heralds the last link to an era where wheels turned and tangible progress in exploration was actually made. All that remains now is a bunch of "johnny come latelys" who have so far accomplished virtually nothing.

Don't be to hard on yourself after all how were we to know! Oex did go through a period of profound growth with several diverse joint ventures and then became interest holder/operator in a promising asset in Cambay, additionlly secured a 100"% stake in Canning. Unfortunately during the disastrous tenure of Ron Miller the wheels fell off and the current management have shown themselves to be totally inept ... so I suppose many of us just chose the wrong horse.

Where to from here, bailing now wouldn't even pay for a good night out at the Pub

The lassitude and the total lack of progress over the last three years speaks volumes!

They have a responsibility to be transparent with their shareholders but simply continue to ignore this. Years ago in a massive purge the regulators cleaned up this kind of sloppy behaviour, maybe it's time for another overhaul.

Based on results it would appear that the hardest work they involve themselves in is probably their daily saunter to the pub for lunch to shoot the sh*t

Probably just out for a long lunch!

In a recent rns it was revealed that GSPC are now honouring on going cash calls which would appear to indicate that the JV may be back on a relatively healthy footing (though we actually know little) Instead of obsessing about the recovery of the disputed monies it would be far more encouraging to see the management concentrate on the the drilling of another well. This is after all is the primary reason for Oilex's involvement

Unfortunately the sad reality is that these cash calls stem from work undertaken three years ago during the drilling of 77h. The fact that they are still being disputed doesn't bode well for a successful resolution in favour of Oilex

Oilex does have substantial acreage in the Canning Basin in Western Australia (100% ownership) that has potential. Exploration is still in its infancy and large sums of money will be needed to progress it. Still subject to native title approval, but once this is secured they'll be in a position to look for a JV partner to fund further work

Small niche market exploration company requires the services of an additional board member to join a group of easy going like minded layabouts. Office located in a leafy, prodigious Perth suburb close to all amenities including several five star restaurants. No previous management experience necessary but it is essential that one is versed in art of positive yarn spinning. Excellent renumeration for as long as this junket lasts.

ASX up by 25% on turnover of 20 million

At least another nine months sitting on their hands while AIM continues to use Oilex as a punching bag, nothings really changed

The most disappointing issue for me is that Cambay and Oilex had enormous potential. Invested here in 2008 on the basis of sound research and a certain degree of emotion, as I'd worked under contract to the Indian Government in the early 80's on shallow water seismic in the the Gulf of Cambay (not that this entitled me to any privileged information) Over the years Oilex as operator have been involved is several promising Joint Ventutes, none of these were successful, however they appear to have been well managed and shareholders were kept full informed during operations and briefed on final conclusions. Along came 76 in Cambay which we all know was unsuccessful. This was followed by 77h with its massive cost overruns and exorbitant claims of high performance which were never substantiated (very probably the reason for the GSPC cash calls still being mired in dispute) Since the departure of the previous MD (good riddance) the new guard have little to show apart from hiring a legal team to settle a dispute with a major shareholder. It now seems evident that with still no resolution to the JV dilemma and no sign of a follow up well this share is on its last legs.

Based on current performance it's doubtful if he actually knows what oil is. But hey let's hope he proves me wrong!

Polishing the crystal ball may be the only plausible option left