Ann next week

I'm expecting an Ann next week {possibly Mon 4/8} announcing completion of clean up and production testing
to begin. It will be 3 weeks since clean up began and Oilex were expecting 2-3 weeks for clean up.

Not sure if any additional flow rates will be released, particularly in regard to the light oil. One thing is for sure, more
condensates and gas would have been recovered over the last week or so than after the 1st 7 day report. If an ann
is coming Monday 4/8 then that would give 14 days of "reasonable" and measurable barrels of oil recovered. The last
few days of recovered fluids probably contained 10-15% comprising frac fluids, sand etc. The rest hopefully, is full of
HC's.

If they announce a flow rate for that period then I would be expecting somewhere in the region of say about 200 bopd,
particularly for the last week when frac fluids would be approaching the 20% or less mark. I expect a crude post clean
up production flow rate of about 280 bopd, based on 7 days recovered oil@ about 112 bopd. A crude extrapolation
admittedly but fairly reasonable. If we were to get an average flow in the last 14 days @112 bopd still, then that would not
bode well for the condensate side of the well. No updates on amounts of gas recovered to date so that remains open.

If results like 200+ bopd recovered in the last 2 weeks are reported then the SP imo will come close to the 30c mark
Full commercial testing {at least the 24 Initial Flow Rates} will only be a matter of days away. They did give that result
in the last ann stating that 784? barrels of oil had been recovered, to my admitted surprise. We saw what that did to the
SP. If a result like that is announced then commercial flow rates imo are significantly de-risked.

If no announcement regarding bopd recovered during the entire clean up phase then I can only assume it was not
up to "scratch" or they want to stick to their intention of only releasing a production flow rate AFTER clean up has
been finished. ie about 2-3 days after final clean up. However, they were under no obligation to report any oil flows
either I would have thought in the 21/7 ann unless I suppose it is deemed "material". Either way, they have set a
precedent last ann so in retrospect, I would expect an update at least on the Light Oil recovered at the end of
the clean up phase and prior to production testing.

Something I missed in the last quarterly below ; 665 barrels of Oil is still only 7 bopd v 244 bopd previous qtr. But 77H
produced 355 of those barrels in 7 days.

The end-quarter report from Oilex (LON:OEX) revealed the company’s net oil production in the three month period more than doubled.
Net oil production in the second quarter was 665 barrels, up from 244 barrels in the first quarter when there was one lost time incident recorded on the Cambay-77H drilling operations in Gujarat, India.
The Cambay field produced 789 barrels, of which 355 were attributable to Oilex, which is the operator of the field and has a 45% stake.
The Sabarmati field, also in Gujarat, produced 775 barrels, of which 310 were net to Oilex, up from 281 barrels (Oilex: 112) in the preceding quarter.

GLTAH