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Not sure why you say its a 'weak chart' Flower - it has gone from 5c to 12c in 6 months so the chart looks pretty good to me. Everything has so far gone to plan (more or less) and there really isn't any new information - this is why the price hasn't moved. We all expected to get a good pressure response from each frac stage. Pressure is not the issue. The flow rate will be the make or break news.

 

Buyers got in a while ago and are awaiting the production test next month. As am I. Given the geology in the area I am very confident of a good flow rate. I reckon we will get a rate of over 5 mmscf/d with good liquids in which case I see the SP running to 30c.

 

The leak with the surface equipment sounds minor to me, although I am a little annoyed that they did not provide an update on the timing of the resumption of operations. Atleast it isn't a downhole mechanical issue like on the last well. That would be serious.

 

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  • 2 weeks later...

VERY encouraging results so far. The market liked the announcement last night too, up 39%. I like the fact that there appears to be a very high liquids content.

You can't say you weren't given a heads up on this one...

I still expect this to go to 30c once a stabilised flow rate is announced. It could also be much higher - it all depends on the rate. 30c minimum though.

OM

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Light crude is about the sweetest sound in the oil business. OEX has always had the capacity to move very quickly on good news. Nice to see such a good outcome ... we've certainly seen some serious ups and downs over the years.

 

R/Di

 

 

 

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Did you see the Quarterly today Di? 589 bbls of condensate has been recovered from the well already. That sounds like quite a lot to me, considering most of the liquids in the early part of the clean up would have been frac fluids.

Can't wait for the stabilised rate data.

 

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From ft.com:

 

UK Small Companies

 

Small-cap Week

July 26

Bryce Elder

 

Oilex soars as light find exceeds expectations Oilex surged to the top of the Aim leaders board following greater than expected hydrocarbon flows from drilling and a near-trebling in production, writes Michael Pooler. Shares rallied early in the week after gas flared and light oil flowed from the minnow explorerÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s onshore Cambay 77H well in the Indian state of Gujarat following a fracking programme. Volumes exceeded earlier forecasts and the company, which also has assets in Australia, Indonesia, Timor Leste, said flowback would take two to three weeks. In addition, Oilex received permission to sell gas from a separate well located in the Cambay field in what it called a ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“critical milestone for increasing productionÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ. Giving a further boost, the Australia-based company later revealed it had produced 665 barrels from its two Indian oilfields in the second quarter, up from 244 in the first quarter.The stock rocketed by 80 per cent across the week to touch a two-year high of 11.7p, giving Oilex a market capitalisation of ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚£70m.

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