Ron is an investor and nobody deliberately destroys their own wealth. The truth is simply that Ron banked too heavily on this well. It is not deliberate. He is the biggest loser here.
the well is a dud, if the pressure were good, the water would return fast. The slow recovery spells poor pressure, poor pressure spells poor gas returns. If it is just an oil play, the geology is wrong and the field is a dud.
btw, Oilex has had a few duds over the years, under the leadership of BM, but with heavy reliance on RM advice. There was East Timor, Oman, Indonesia to name a few. Surely it's time for a whitewash of the board. Surely the evidence is now overwhelming.
a new board would bring back new investors. Hopefully they take OEX off AIM.
OEX Price at posting:
9.5¢ Sentiment: None Disclosure: Not Held