The below text from another forum re what happened last time Oilex drilled and reported gas.... nothing has changed here, just that we now have 77H well almost at TD instead of 76H which was shut in due to mechanical failure from equipment getting stuck down the hole that couldn't be recovered. There is no reason 77H will not flow commercial if no fracking failure occurs. The gas and condensate is still there!!
Keep in mind that India pay double for shale as stated below... noting the price increase happened in 1 day! If ASX holders don't get in beforehand, they might wake up and the horse bolted overnight on the LSE.
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Here is a taster of what can be and why from history. Don't forget dilutions, also don't forget poss of canning potential and farm ins, also don't forget shale gas price doubled in india, so to little snippets
Mon, 6th Sep 2010 16:20 Shares in Oilex almost tripled on Monday after the oil and gas explorer announced a "significant" upgrade to its gas for the Cambay field in Gujarat, India.
Following a nine-month drill programme of studies, it now believes the field holds 248bn cubic feet (BCF) of gas and 11m barrels (MMbbls) of condensate with a 90% probability of being produced.
The company, which has a 45% stake in the project, watched its shares trade at 21.5p each after closing at just 8p on Friday.
Mon, 5th Mar 2012 14:59 Oilex surged on Monday after reporting that operations at the Cambay-76H horizontal well, onshore Gujarat, India, to retrieve the stuck milling assembly and coiled tubing have been successfully concluded with the entire assembly now having been recovered at surface. The well is currently being prepared for resumption of milling of the seven remaining fracture stimulation stages and when this operation is completed, production tubing will be run and the well will be flowed to surface for cleanup and production testing. Shares climbed 3.5p (20 percent) to 19.75p.
OEX Price at posting:
8.2¢ Sentiment: Buy Disclosure: Held
