Ann: India Operations Update, page-7

bb, I know you sold the heads to buy into options. I sold mine after the 77H debacle @0.005c after paying 1.6c for them.
The options have got absolutely no chance of being in the money--isn't the strike price 15c???? Cant remember now but
I think it is. In which case how in hell are they going to get the SP up to 16c or so in 6 months with the current oil
environment ; " The first well is expected to spud late in H2 2015, subject to the finalisation of funding."2 big big caveats there going on Oilex's previous performances, plus you have
the rotten oil market environment at the moment, likely to continue to year's end. A CR and/or reduction in WI to
finance these drills will be the only option. This, together with a stagnant and possibly still worsening Price of Oil
environment will most likely see the SP in the 2c range post CR. That's what I predicted the SP would get to post
77H fall-out. It may still get there yet.

"Updated independent Reserves and Resource statement anticipated to be complete during April 2015 "

Don't expect any catalysts there. There are no Reserves of any significance currently, nor will there be post "work-overs"
and Resources remain just that--pie in the sky until successfully drilled and flow tested.

Surely, the only course management can take as far as the options are concerned is to extend the expiry date to Sep/Dec
2016 or past the date when they know at least one future well will be spud and tested. That may get interest back in
the Options and give some sort of a spike pre-drill and some chance at least of getting in the money post successful
flow test. I would take them up if the time-line was extended.

GLTAH