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Somewhat surprised by the volume on ASX after JS presentation. Here are a few snippets. BUILDING VALUE IN 2017/2018 LOW COST RISK MANAGED APPROACH FDP required for extension application for Cambay completed and lodged Recent evaluations confirm: • Phased development plan for EP-IV to access multi-TCF gas • Potential re-entry of old wells followed by new vertical well to confirm optimal recipe • Initial lower rate production into low pressure pipelines • Followed up by horizontal production drilling • Aggregated higher rates delivered into high pressure national grid • Additional phased plan for smaller volume OS-II conventional reservoir Economics of phased development positive at all stages • Single well developments expected to be positive – leverages existing infrastructure • Initial delivery through small gas processing plant • Horizontal wells require larger gas plant later Potential sale of non-core smaller asset - Bhandut Active new business opportunities being considered • Focus areas include Australia, Europe and UK • Focus on discovered volumes or technology plays rather than exploration The most surprising thing was cost of horizontal well $6M

spantrout "The question is, will they drill another well before mid 2018 (GOI approval date) when they will know whether they have extended the current PSC?" I guess that answers my question...

Hi Callum I read this article this morning. I still think there is more behind the MW story than we know. Why would he arrange $500M of funding for Magna and then resign? Looks like he's still working for GOI/DGH, but for what benefit? Let's hope Oilex doesn't get shafted and the PSC handed to someone else who's friends with GOI!! Think this is one for Adam.

JS presenting at the Good Oil Conference in Perth September 13th (the irony of the name is not lost on me!!). He's first up, so they are obviously sending out the big guns early doors, to really get the delegates excited. http://www.riuconferences.com.au/upload/conferences/goodoil2017/programme/GO17%20Programme%20Brochure.pdf

Spantrout Whilst I understand your gripes with Oilex, having been here for a long time myself, waiting for the proverbial "promised land" called Cambay, , I echo most of your sentiments, but for me the fault lies with the gung ho approach of Ron Miller and before him Bruce McCarthy. I actually think JS has done a good job. When he became MD in 2016, Oilex was on it's knees. We had the fiasco that was C-77, a non co-operating JV partner GSPC, followed by litigation by major shareholders Zeta Resources. He has set about resolving most of these matters, which I didn't think was possible. With regards to C-78, this was a "dual objective well" targeting limited production from OSII but primarily taking core samples for future stimulation studies. Well, he saved the company several millions by using existing cores from C23Z for these studies, (quite why RM & BM never did this is inexcusable). The work-overs of C-70 & 23Z ,were a mistake IMO, as they had been previously worked over with limited success and the market put too much emphasis on them. Future success now all depends on drilling another fractured well, but before that securing a PSC extension. The question is, will they drill another well before mid 2018 (GOI approval date) when they will know whether they have extended the current PSC?

Schlumberger and Baker Hughes reports are imminent, this should then be a catalyst for further news. Possible farm out/ new JV for Cambay. They have had nearly four months to prepare a detailed forward plan regarding future drilling/PSC extension and funding, so I would be very disappointed if this wasn't presented to the market at the same time. They have also hinted and possible Bhandut sale and new assets.

Thanks Callum, here's wishing for a new JV partner or 100% ownership of Cambay, then we might get the ball rolling again.

Looks like GSPC are selling off some Cambay assets after all. Billionaire Dilip Shanghvi’s Sun Oil and Natural Gas is close to acquiring state-run Gujarat State Petroleum Corp.’s (GSPC) 66.67% stake in the Hazira gas field located in the Cambay basin in Gujarat, two people aware of the development said. http://www.livemint.com/Industry/oSvFsh7MRIArL631PWugJL/Dilip-Shanghvis-oil-firm-may-buy-GSPCs-Hazira-field.html

54 million shares? What makes you so confident? Did you meet with management when they were in London last week? Have you tried purchasing shares on the ASX?

I see the report as HOPEFULLY being a catalyst for other news. Farm out/selling of cambay, news of new assets and resolution of the outstanding GSPC impasse. But I am an eternal optimist..

Gujarat State Petroleum Corporation to merge into ONGC soon http://www.thehansindia.com/posts/index/Andhra-Pradesh/2017-07-01/Gujarat-State-Petroleum-Corporation-to-merge-into-ONGC-soon/309623

JS has just done a interview with VOX Market, it's worth a listen. Some pretty irrelevant questions, but he did seem confident on GSPC settlement (not necessarily in cash IMO) and bullish on new projects.

Little 88 In short no, they will await analysis of core samples from C23z prior to drilling of new well

jamesc7 I was thinking the same.. Also Zeta and Magna could purchase all of Oilex for a lot less then they paid for their 20%/15% respectively. I wonder what their thoughts are now? My take on today is, that too much importance was put on the workover flow rates, by PI's who don't understand the companies intentions. You only had to look at past history to see the had already worked-over C-70 less than three years ago, it's all about collating data for the PSC extension and it seems a farm out or even sell off of Cambay. Could we be seeing a change of direction with Oilex and them moving out of India? As negative as I have been on Oilex's long term prospects, I saw today as a good trading opportunity so took some at 0.18p (never thought I would again)