Real shame ain't it Chill. Oilex doesn't owe me a penny I...

Real shame ain't it Chill. Oilex doesn't owe me a penny I suppose but it's a shame to see what could be a
good asset in the Cambay be ballsed up twice in a row now. I thought they had about $5m in the bank still
from previous CR, sales from oil/gas however minimal. Anyway, 77H would have blown way over budget,
so that dough is probably toast. And what a weird CR? It is "anticipated" flow back and production will be
announced before close of the offer. Obviously expecting fair-good results 77H. Can't see many signing up
if results on 77H are once again late to the party! Interesting next few weeks.

"Scant mention of approval process, yet to be commenced, to engage JV partner (Indian gov't) for the 4 well drill campaign in 2015 - negotiations likely to be protracted going on past experience.
And nooooooo reference whatsoever of sourcing funds for the 4 well 2015 drill campaign."

V salient point.

Long road ahead $ wise and protracted signing off/licences/JV partners etc. They said they were planning
it though........... Then another CR required to fund Oilex's 30% {or is it 45%, can't remember anymore} for
their share of the costs. Be interesting to see the total cost of 77H at some stage, last I remember it was
up around the $12-14m mark.

A lot hangs on this substandard production test. Talk of 200boepd. Can't see it myself but anything's
possible. May have to buy back in if the results surprise to the upside.. Will leave those options alone
though I think, lost $ on them previously. Cant see them achieving a SEP 15 deadline for results on
78H to get them in the money. All hangs on production results 77H, I'm tipping about 0.75mmscfgd
& about 40bopd. if you use the generous ratio of 6/1 then approx 160boepd. That's actually not a
shocking result for a compromised well, although declines would have to be factored in over the next
6-9 months. They were predicting 100boo/1mmscfg, in this case if 0.75mmscfgd then + 70bopd. I think
they will struggle to get this ratio, oil of course being much more the valuable commodity.

The Canning?? Another virgin basin that to my understanding hasn't even had a drill sunk into it? Will
need JV in this. At least the Cambay in Oilex's acreage has sunk at least about 8 wells I think. We
know it produces oil & gas, just need the expertise to bring it off. Canning is light years away, especially
in this environment of low gas/oil prices. Tell em' they're dreamin' as Daryl would say.

Still a glimmer of hope yet. Await the production results 77H.

GLTAH