I was not expecting the next announcement until next week because OEX stated the following:
'Oilex intends to inform the market about progress during drilling operations on a milestone basis as indicated below. ? Setting and cementing of the 13 3/8 inch casing at approximately 590mMD ? Setting and cementing of the 9 5/8 inch casing at approximately 1,650mMD ? Completion of drilling operations at well TD, approximately 2,357mMD ? Setting and cementing of the 4 1/2 inch production casing ? Completion of mobilisation of the fracture stimulation spread to site ? Completion of the fracture stimulation programme ? An announcement in relation to flow back and production testing will be dictated by the well response to the stimulation programme'
Also earlier OEX stated:
'we expect to have a flow-rate result by end Q2/early Q3 CY14.
The critical well activities are the following: 30 days drilling 5 to 7 days fracture stimulation after rig demobilisation 6 to 8 weeks well clean-up and production testing'
Therefore still months to go until we have a flow-rate result.
OEX Price at posting:
7.2¢ Sentiment: Buy Disclosure: Held