News: Oilex sees “significantly improved performance” in Cambay 77-H well, page-9

Chillam ,

There is a big difference between doing these things on dry land and doing them a mile underneath it or out at sea or sitting behind a desk never delivering anything like Beaufort Securities .

Perhaps Oilex can be criticised for overpromising - not setting expectations realistically but if they had of been anything other than optimistic they would never have got the funds to drill 77 .

Ron tried to reduce Oilex exposure to costs by reducing the interest at the project level and also arranged the Darwin facility as a contingency . Difficult to see what else they could do on that front in this climate .

They had the good sense to take out insurance which if I remember correctly they have already claimed against for a previous incident with this well . It won't cover coiled tubing costs for cleanup but it may cover the stuck packer .

I don't know in which industry(s) you were a project manager . Construction projects which have been done hundreds of times before in some variation can be estimated to margins which are just not possible in industries dealing with intangibles like software .

Companies already know that when they ship stuff internationally it's going to be late . Track and trace is there to let them know how late it is going to be .

Packers getting stuck is not an uncommon event . I am just relieved they fished it out from what will be the first horizontal unconventional well in India .

What matters is that at the end of the long wait , what is delivered has been worth waiting for .