Member Info for tintin35

Oilex Ltd (Oilex or the Company) advises that the South Australian State Government today announced the successful bid for Block CO2019-C (PELA677) (Permit) in the Cooper Eromanga Basin by Cordillo Energy Pty Ltd (Cordillo), a wholly owned subsidiary of Oilex. Completion of the award will follow the formal licence offer by the South Australian Department for Energy and Mining and acceptance by Cordillo together with the engagement with applicable native title parties and the South Australian government to develop the necessary access agreements.



The Permit is within and adjacent to the 27 Petroleum Retention Licenses in the Northern Oil and Gas Fairway, currently subject to the right to acquire from Senex Energy Ltd (refer the Company's announcement on 27 September 2019) (Northern Fairway PRLs). The award extends coverage of the area that Oilex had identified as having high prospectivity, being nearby to a number of discovered oil and gas fields. The guaranteed work programme over the first five years includes the acquisition of 250 square kilometers of 3D seismic and the drilling of 2 wells.



The Permit is part of the Company's Cooper Eromanga Basin interests that is subject to the proposed sale to Armour Energy Limited (Armour), as announced on 15 June 2020. As such, any expenditure associated with the Permit would be borne by Armour.



For and on behalf of the Board

the get rich quick brigade were always going to leave when they were staggered to discover we hadn't received £9m in the bank today. But Saudi news not far off and funding could happen anytime. There must be plenty of banks tempted by the solid economics on display...

you persistently deramped a share you were invested in? What a tw*t

any chance he could take his mate with him?

I don't think anyone really expected the money to suddenly be in our bank accounts today. Project finance still looks great and Saudi could literally double the value of this company in the next couple of weeks....

you remembering to take your pills hun?

I think you will find Manu and topsharepicks are the same person.

are you ramping or de-ramping today? Might need to check your diary or something...

1.097p paid - wanna get on board?

Leaning to the exit"

According to Aftonbladet sources, the party board is unlikely to make a decisive decision this weekend.

A source of transparency states:

- Nothing's done. But it leans towards a majority for exit if the other JA parties move on in migration issues.

- On the other hand, it is not likely that we will leave immediately in that case. It will probably only be when decisions are made on the issues, in committees or the like.
Can't see it myself - they are making threats we they can't follow up as they are powerless outside the coalition.

..to news on funding and Saudi results - can't blame people for piling in....

...and we're off...

why don't you? You're not invested here.

Also 8 posts today - pound a pop - that's nearly minimum wage! well done.

A third infill well, New Well 151, has been spudded and is to be drilled to a planned Total Depth of 2,500 meters. Assuming no unforeseen issues we expect this well to start to produce in Q3 2020. Funding has also been sourced to drill a fourth infill well, New Well 152 following the completion of New Well 151. Drilling at New Well 151 has now resumed.

Q3 starts next week.

nice try CC - there will be updates on developments - drill results etc.

he's being paid per post - what is it - a pound a go?

For the first time we report a gross profit of $5.1 million (2018: nil)

not yet?

Once acquired we will seek to rent out the Caspian Explorer for both an immediate economic return, in the form of rental payments, but also where appropriate seek a position in the development consortia.



Completion of the acquisition of the Caspian Explorer remains subject to regulatory approvals in Kazakhstan and the UAE.

that was my thoughts....

planned Total Depth of 5,300 meters, initially targeting the same pre-salt carbonates that were successfully identified in the Deep Well A5 at depths of 4,342 meters but with a prime target being the deeper carbonate of the Devonian to Mississippian ages towards the planned Total Depth of 5,300 meters.



We identified intervals of interest at depths of 4,342 meters. We then had to decide whether to seek to produce from the intervals identified or whether to continue to the original Total Depth of 5,300 meters. The arguments in favour of seeking to produce from the higher interval were short term commercial considerations of expected significant immediate income. The arguments for continuing to the original Total Depth were based on the far greater potential from intervals in the Devonian.



While we favour pressing on to the original Total Depth of 5,300 meters a final decision is yet to be taken. As with Deep Well A6 above the planned acid treatment at Deep Well A8 has been delayed.



Deep Well A9



The next deep well on the Airshagyl structure will be Deep Well A9, which, if successful, would extend the perimeter of the Airshagyl structure. The well has a planned Total Depth of 5,300 meters and will target the same Jurassic prospects as A5 & A6.



Our intention was to spud Deep Well A9 in the first half of 2020. However, we have delayed drilling the well pending greater certainty on the lasting impact of the Covid-19 virus.