Fair enough.. My opinion is my opinion and yours is yours. I guess the market will need to work out for itself what a multi frack stimulated well that is reporting over pressurized 5.000psi from every zone might result in. I personally feel that unless the pressure drops suddenly during cleanup, 77H will likely flow at better than just 1 mmcf. I think experts in the industry will likely give their opinion and I guess everyone will have to wait for the results.
I also think the market has been pretty rough on Oilex. 76H and now 77H are all about proof of concept, they needed to be high risk drills because it's not proven yet what design, facking, milling and cleanup methods would prove fruitful in Cambay as a production well in a tight shale reservoir. The way Blackhat and the like carry on you'd think a multinational was drilling its 500th well and screwed one up due to incompetence. 76H, 77H, 77G are all about proving what works and what doesn't. If you as a shareholder or institution place a bet on that speculative situation then you can win big but also lose big. Just don't come on here like an aggrieved ex contractor and moan constantly if it doesn't initially work out or they need to try different approaches. It is what it is, enjoy the rewards of success or it's better luck next time and move on....
The SP at this time has no enterprise value factored in at all and even if you completely removed Cambay the Canning assets are worth more than 6p IMO.
We were at 7p prior to even starting the frack programme.
OEX Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held