It is usual in the oil business that when a well reaches a critical 'price sensitive' stage the operator (Oilex in this case) declares a 'tight hole' situation and this means that all information is held in very strict confidence until the operator makes a formal announcement to the market. Anyone from the location breaking the ruling by releasing information will be fired either by the operator or the service compant he works for.
"Term used in oil and gas for describing a well where information is to be kept secret. Only people in the know are to hear or see information."
The lack of news is therefor to be expected, and is not unusual.
In my view no news is good news in this case - if the well did not perform Oilex would stop the test to cut costs, and demobilise the testing spread and crews.
joatmon
OEX Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
