Ann: Southern Cooper Basin Operations Update, page-35

Hey fellas - psi81, Al99 & other knowledgeable O&G'ers
Off-topic STX - my apologies, but please indulge me for just one two minutes.

I'm a longterm holder of Strike, but now only a small passive silent holder, pending clarification of financials and expenditure requirements - yes, an inveterate skeptic.

But my issue today relates to another holding I have in a small Aussie O&G explorer called Oilex (OEX), MC <$100M, that are applying US shale fracc technology in Cambay, India - looking for gas and maybe some oil/condensate, on ex-Cairn Energy acreage (Cairn operated above the shale).

They have reached a similar stage to STX, in that they have just completed a 'concept well', come producer if it all pans out. The well, 77H, is now flowing back with gas flaring and oil/condensate being sold off pre flow-testing .......... and no water!

It has me excited - but my chronic skepticism and lack of technical savvy is playing havoc with my nerves.

psi81, Al99 et al - I'd really appreciate your candid critique of OEX and it's prospects - I'm no O&G techy - and definitely not ramping or selling. (I note that psi99 keeps an eye out for prospects to assess!)

Up-front, OEX has a checkered record (but which small Aussie o&g explorer doesn't?) - their previous well at Cambay (76H) in 2012 had a tech problem, over-pressure, which lead to foul-ups/failure pre plug mill-out and was nearly curtains for OEX - leading to placements, CRs and dilution (sound familiar??).

So while the recent announcements seem informative/positive there does not appear to be adequate info provided to make an informed assessment - thus my interest in your take of the situation. The current SP is recalcitrant, though it has more than doubled since the first ann and the Johnycomelatelies and rampers are blindly keen. However, IF it really is a good thing the potential appears to point to OEX being the equivalent of STX for India, supplying the desperate local demand for energy - with potentially similar (huge??) SP upside. Also, if it does stack up I don't want to keep it all to myself - my personal strategy is to roll out of OEX when/if it takes-off & moves to production or t/o, and then roll back into STX for a similar experience (fingers crossed, all going well).

Anyway - pls do us a favour (and maybe yourself) and run your bopeeps over OEX and their recent anns and give us your frank and fearless assessment. They also have just as busy and constructive HC forum as STX which is helpful - especially recent posts. OEX is also listed on the LSE/AIM.

Pls post any comments directly to the OEX forum.

Apologies once again for being off-topic and thanks for your forbearance - Chilla