Member Info for jackpack

Hi gordon
Been too busy with work to keep up to date with all the posts. I was left wondering with all the new drilling methods that keep appearing if we had moved on from baker hughes to even newer techniques. The reason I mentioned the majors and their computer resources is that they are investing millions in super computers and i was left thinking that the workovers might be an indication of remodelling with the even newer techniques.

First Gordon whilst we don't always agree thank you for the support on this occasion.
The 2021 annual report say's a significant body of work has taken place regarding Cambay and we now have 2 workovers first half 2022. Yet no mention of the Baker Hughes GE study have we now moved on from this? and no mention of cost of this body of work. Has this work been undertaken by a potential JV partner as a research cost to them prior to a potential investment under a NDA I wonder. A few of the companies that come to mind with the computer resources capable of this type of work are BP, Shell, Repsol, chevron etc .
I now have a new list of potential catalyst's
1. GOI ratification
2. 2 workovers 1st half 2022
3. Further drills 2nd half 2022
any or all of which could take us over 1p

A quote from the above report "Following a submission by the Oilex team in India. The Indian regulator (DGH) has recommended Cambay Eocene to ER committee for a incentive under ER policy"
I am left wondering if this is where all the misunderstanding started about Indian government becoming involved with oilex when the minutes of this committee were reported. It just show's how easily things can be misunderstood .

Been away working and have just been reading some of the recent posts. I don't think the indian government want to be involved with cambay due to the costs involved and there lack of specialist knowledge , hence all the problems we have had over the last few years.
However there are I think more and more clues appearing as to what is happening in the background . It started with Rolands appointment and then the other new directors and corporate governance specialist etc . Its following a pattern employed by large public companies before major investment . Look at aminex and the zubair corporation in the last few years as an example. Large oil and gas companies have shareholders and AGM'S and will make sure such as oex tick all the box's to avoid any criticism from their own shareholders. Guessing who the company considering a big investment is very difficult usually they will insist on an NDA( none disclosure agreement ) to safeguard themselves from a compeditor coming in at the last moment after they have done all the work. We may get a better clue from any specialist firms OEX employ and if they seem to do a lot of work for one large oil and gas company. Myself I think this has all the hall marks of BP but i'm probably wrong could be any one of a number of multinationals.

HI Gordon
No wish to put words into your mouth . It was your post yesterday morning that made me think you were talking about tight gas drills generally. Since the linked article in your post from 2019 I seemed to think I have read of successful drill in similar geology to cambay some where at least one maybe two . Away working in london from tomorrow for the rest of week . Will do some digging next weekend.

Hi Gordon
Could I suggest you read RIGZONE article 'What is tight gas and how is it produced ' I hope you will find it interesting. You are wrong when you state that there have been no successful tight gas drills - in fact there have been a number of very successful tight gas drills the US been a case in point. This article should also be of interest for any shareholder who intends to be around for next years workover and two drills and gives an insight as to why they have changed from vertical to horizontal drills.

Hi Gordon
Modern drilling and separation methods mean they can now get much larger amounts out of the ground than previous and you don't have to be as successful with the gas extraction now to do well with the condensate as you did 10 years ago. I also think reserves will go up as we go further down the road with cambay.

Hi Liquid 1
I was not doubting what you have found at all . According to my old calculator at 38 dollars 61 million barrels is 2billion, 318 million dollars gross . A very large sum of money for a small company like oex.

If liquid 1 post which states 61 million barrels of condensate is correct and i think its going to be at least that. Then even at say 38 dollar's a barrel then that's 2 billion,318 million dollars and that wont be such a problem to extract regardless of the gas. Thus what ever the outcome of the drills cambay is going to generate a substancial amount of money over the next few years

Wonder if the next rns will be about cambay or the purchase of a mature gas field. Callum I think to our new team funds are always going to be available for the right project thus money now not so much of a problem as it was previously.

One point from the rns worth a mention is the new strategy of buying mature gas fields as well as depleted reservoir storage it also holds the possibility of more gas from these type of fields using more modern drilling that has previously not been possible. especially with a team of people with the right experience.

Hi Gordon
My own feeling is that in the last few years specialist well management teams for the types of well we are undertaking have developed and Roland with is knowledge and experience of this type of drill is going to know which will be the best team for the job. The right team rather than trying to bring together a team who may not have worked together before is much better and substantially increase chance of a very good result

Hi gordon and Espenviking
As I said I don't think they have a lot of money but not such a problem - forgot the 55% was in dollars and the 1st and 2nd tranche was in pounds thus the difference. June 30th is the last date options can be exercised and if they do workover at very start of year then options may be exercised then. Also don't forget the condensate that could be worth a quite a large sum.

Hi Espenviking
No tranche 1 and 2 were for the purchase of the 55% of cambay with appprox £200.000 extra to cover associated expenses.
Although they don't have a lot of money I don't think they have problems. Especially if they are going to start getting condensate from cambay again soon.

Sorry my last post should have read up to 30th June 2022

In the RNS 21ST APRIL there are options attached to the 2nd tranche of 603 403 361 at .476p exerciseable up to 30th 2022. this would give them near enough 3 million and I can now see them been exercised as the workover early next year should create a catalyst even if nothing else does in the mean time. Add to that all the condensate which should generate quite a large sum. Interesting use of words by Roland not JV or farmout but funding. Also we now have a top management with the sort of people in place who should be able to get funding indeed he touched on it in todays RNS with the word leverage. I therefore think we could see a share price ceiling of approx .60 until all the options are issued and profit taken.

The last news regarding cambay was RNS report 31st July and in one interview it was said approx 3 months which takes us to sometime in October which I feel is about right. The India government still have a lot of catching up to do as a result of covid.
However I do think we are busy doing a lot of ground work in the meantime.

Just a little reminder in October last year on granting of initial one year licence share price hit 1.5p . I therefore hope to see 1.5p again in the coming days/weeks and can see as various news comes in hitting hopefully at least 2p by year end.

Its the one big thing I like about AEX when you see the damage its done to the share price of Tower and other AIM shares. When we get news and hopefully a share price rise nobody with any reason to forward sell in large quantities and bring the price down.

Remember zn keep asking for zoom to be suspended at his request during the recent court hearing what's he wanting to hide. He comes across to me as someone who as been caught out and his trying to avoid this going any further . One interesting thought SN is as well as been possible our biggest shareholder a US citizen which could yet mean ZM facing a request for extradition to the US. Wonder if ZM will ever turn up in person to any of the cases in the US?