Member Info for jackpack

Hi Espenviking - The 2nd Tranche equity issue need to be passed at the general meeting on the 8th June before it can be RNS'S as complete ( although in RNS 21st April they did think at that point it could be RNS'S as complete before the general meeting) and a months notice of the meeting had to be given under Australian rules hence RNS 7th May giving months notice of meeting on 8th June. I think it will be in the following days after the meeting 8th June that the real news will start to flow.

If everybody remembers armchair trader said in their article on oex a few weeks ago that we would be drilling by end of this quarter which is 30th June . It turn out that they are part of financial times from what I can see and The article can still be found with a bit of digging - wonder if they have more access to information through their contacts than us mere shareholder s have.

Hi Gordon 1237
Thanks for the info

Hi Gordon 1237 do you have any idea as to what the cost of the drilling of the first two wells is likely to be given your obvious in depth knowledge . I feel that given the amounts already spent this could be less than thought.
In other words when the share price hits .476 which is exactly double the place issue price of .238 OEX will get extra 1.436 million when warrants are taken up would this cover the remaining cost of the drills?

Does the change of venue for the EGM mean that they now expect more shareholders?
Also is any poster on the board in contact with any of our Australian shareholders who might be attending or have access to hot
copper their board as could be useful for information as the what is said at the EGM

Whilst we wait for events to unfold
88e saw a 8 fold increase between December 2020 and end of March 2021 before dropping back
PRD saw an almost 5 fold increase between December 2020 and April 2121 before dropping back
For OEX that would equate to between 1.25 and 2p hopefully at some point in the not too distant future

Hi Callum 28
It goes without saying that any agreement is subject to the ability to extract in commercial quantity. I don't think this will be such a problem given all the work that has gone on and the success of other difficult gas projects within the last few years

Over the last few years we have been told by number of posters not to rock the boat and become involved. Looking at the situation we now have this looks to be the wrong advice. I think its time for the shareholder group to at least inform the courts we exist and request that interests be taken into account - what does everybody else think ?

Hi Gordon1237
I don't think oex will have difficulty funding drill s and running cost. My point is that we need a different type of JV partners than the normal partner who would more suit exploration than infer structure which I think is what oex needs and be a better fit for us .

What do we want to achieve with a joint venture? If its prove gas is there we already know it is . The big thing now is extracting it in commercial quantities and putting it into one of the new gas networks under construction. I think we should fund the drills ourselves and come to some form of agreement or JV with one of the new gas networks which would give us maximum financial benefit . After all we have done enough work over the last few years to now know how to extract it on a commercial scale.

Hi Conger2
I think moving forward that cambay now with all the detailed work that has gone on over the last few years and the lessons learned from other gas projects over the last few years that cambay has a very high chance of success . Indeed the lack of work at cambay due to the dispute means that we have the benefit of other similar gas projects through the world that have taken place whilst we were stood still to draw on Baker Hughes have been involved in many of them and they are very confident.
I agree that Indonesia is likley to move forward at some point this year and will be a good cash generator and could be one of a number of share price catalysts
I think a JV with a specialist partner with a good reputation and funds like aminex and the Zubs where oex gets a substantial free carry of 20 or 30 million thus removing the need for oxe to go to the market for further funding would be really good.
share price: The subscribers to the placing bought at .238 and probably sold at an average .28 thus profit of .04. For the subscribers to the placing to take one year options rather than insist on two years means they are confident on been able to exercise them within the time frame. Thus I think the price will be moved up to at least .5 or .6 reasonably quickly with catalysts been triggered. The one thing that will stop short term sellers selling into rises with the intension of buying the shares back later is something like a drill as becomes too risky thus at that point I think we will rise to at least 1p

Espenviking I agree with you. Also interesting that the people talking the placing shares also seem to be pulling out all the stops as well. Wonder if armchair investor is also right and we will see drill spud before end of this quarter. If so I would have thought we will see some real share price momentum at some point soon.

Looks like my post yesterday was correct and all the first batch of placing shares have now been churned and weeks ahead of expectations. Which bodes well for the second batch and future share price especially on the run up to the two drills.

Lets hope that President Samia as well as talking the talk now has the political power to walk the walk. I think the previous president stopped a lot of progressive developments moving forward due to is unusual beliefs to say the least - hopefully a lot of is more extreme followers will have lost power and influence with is death. I do think there will not be a problem with the licence extension, but given the tanz. gov. lack of money - money owed will take time.

Hi BONKL
We are now comfortably in the time frame for forward selling of the first batch of placing shares and thats how I think the vast majority will be churned to both retail and trade.

well I am surprised surly they cannot have churned all the first batch of placing shares so quickly. If they have it's looking very good.

Whilst I did not think they would go for a placing at this time with so many other options available I can see the logic. 2.4 million to pay for purchase of 55% cambay plus another 4.8 million when the options are exercised to pay for Drilling costs and any other expenditure. Thus fully funded for drilling etc.
I should have realized when I read The Armchair Trader piece on OEX where they say drilling program expected to complete quarter 2 is it that they heard this on the graph vine from somebody working for a potential farmin partner I wonder( I have no real knowledge of armchair trader if any poster does I would be interested to hear what they have to say) I have to say I thought it was a mistake. I now wonder as It could fit this latest piece of news . Any catalyst such as news on the east irish sea or Indonesia project could be enough to send the share price rocketing let alone if they suddenly announce they are spudding cambay later this quarter after all they do keep saying preparations are well advanced. If they do drill this quarter The option shares will be quickly churned with little or no effect on the share price in a market where the share price rises quickly . I think most holders of these placing shares will not be selling now when there are so many near term catalysts.

Hi Pacman
I think the poster on hotcopper is mixing oex up with another company. I can vaguely remember another small oil company that had a on site accident around 2014/15 and gave them financial problem. But am struggling to remember their name doubtless it will come to me or one of the other posters will remember first.

Two things seem apparent to me. First the easy they have been able to do the placing which I assume means that what has been said already will be backed up at some point with assay results. Second if the assay results are good the warrents will be quickly exercised and this will give ecr a total of approx 3.7 million which increases their cash from 4 million to 7.7 million almost double what do they want all the cash for?

Hi Accountant
I still don't think after re reading the various rns's from the start of the year and listening again to monday nights sharetalk interview that a placing would be fit for purpose given the other funding options available to oex at this juncture. Although after they have drilled the first two wells and with by that point a much higher share price possibly a overnight bookbuild to fund the development of production infrastructure . I doubt if any placing now or within the next 12 months would cause a problem anyway given the asset value