Excellent news but derampering continues, page-25

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drbrooks

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17/12/14

21:07

Post #: 14477539
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Originally posted by mandurah ↑

You dear Sir are a serial ramper.

" What has contingent rescource got to do with it

" Oilex has a stack of "Contingent Resources" NOT produceable "reserves" as you put it. Companies
with "produceable reserves" usually have cash flow, make a profit and have strong balance sheets.
I would hate to add up the number of companies {some of which I have been invested in over the years}
that have gone into administration or carried on at the penny dreadful level for a decade, based on
"contingent resources ".

We have plenty of producable 'reserves' right now, and I expect them to increase as a result of the Cambay 77H production test.

Yes P3 reserves at best will increase to {Oilex's 45% share} 27 000boe based on EUR of 77H which came
in at 360mmscfge or 62 000 boe over 3 years. That will not be booked until a sustained output per day is
realised on 77H post production test. I would expect a downgrade on that number anyway as the flow rate
divulged by Oilex was over about 100 days with flow-back @0.62mmscfge/d. If you extrapolate their estimated
return over 3 years @ 360mmscfge then the flow rate = 0.32mscfge/d over that period.

So, yes 25 000 boe booked as a P3 reserve from a 2C un-risked contingent resource to OEX of 37mmboe.
Getting there slowly. Only another 1500 wells @ the rate of 77H to convert to reserves.

Reserves are for now and they always increase as more of the field is drilled and proven to produce ''.

Can't have it both ways. More of the field does in fact have to be drilled and proven so reserves can then
be booked. "Contingent Resources" is what Oilex has "Now".

I have been working in the oilfield since 1976 and I am still working in it, and that is my expertise) - what backs up your claim to being an expert?

I don't claim to be an expert in the O&G sector, just an investor in this sector. Just because you clean the
building,doesn't mean you built it or understand it's intricate design. No one has a mortgage on knowledge.
And facts are facts.

"All the knowledge in the world is useless to a fool"

Well said.

GLTAH

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M
Can u email me if I put a temp email addy up here?
db

OEX Price at posting: 4.9¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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Excellent news but derampering continues, page-25

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