News: Oilex sees “significantly improved performance” in Cambay 77-H well, page-45

No problem Boomer, I saw your post about selling options to buy pizza and realised that you were probably suffering financially.  Bad enough to be holding the shares but the options are a real kick in the face when the market is heading south.  The market cap for OEX is now around £22 million and they have about £5 million or more in cash so Cambay and Canning are currently valued at maybe £17 million (AUD $30 million).

What we need is for 77H to produce at least 450 barrels a day to turn this situation around.  That's 200 barrels a day for OEX or  USD $18 thousand.  In a year that's going to yield $6.5 million or about one fifth the current mcap.  This well alone won't turn things around but proving up the concept at Cambay runs on from this well and that becomes the turning point.  Cambay is 161 sq kilometres in size and each succeeding well will add to reserves and increase the value of this sizeable asset.  This can still be a huge money spinner if OEX get 77H working reasonably, (there's a lot of oil sitting in the Miocene) and take the lessons learned and apply them to the next well drilled.

Fingers crossed your options come good in the next few months.  Don't go spending them all on pizza.

http://energy.cr.usgs.gov/WEcont/regions/reg8/P8/tps/AU/au804312.pdf