SYN - Synergia Energy

[Miner]

Re: OEX - Oilex

On 5 Dec Bruce McCarthy bought 4 M shares.
Any one is following OILEX ?
In today's newspaper they are looking for a very senior executive to oversee a substantial operational role. This is an indication that the company is making some serious forward plan.
What the experts comment on current and future trend of OLX ?

Regards

 

[wideboythin]

Re: OEX - Oilex

I am right there with you mate, i have bought into oilex too but find it very hard to find good info on it. Maybe i am looking in the wrong places. Anyone got a few pointers for this stock?

 

[Kuade]

Re: OEX - Oilex

Check out OEX company website (on the RHS under Latest News). There's a report on OEX that Hartley's have produced indicating they value OEX at $2.86 per share.

Throughout 2007, Oilex Ltd (“Oilex”, “OEX”, “Company”) has continued to process historical and new data to increase the level of confidence in its Indian redevelopment project. At the same time, Oilex has farmed in to production and excellent prospective acreage in Indonesia. Production from both India and Indonesia is expected in 2008. At least 15 wells are planned to be drilled, including several significant exploration prospects, starting in Oman from December 2007. Oilex offers a well balanced portfolio of low to high risk/high reward assets to feed its growth pipeline. The Company is currently trading at a significant discount to our valuation of 286cps. With rigs in Oman and India now mobilising, and a very active drilling program about to provide increased news flow, we rate Oilex Limited as a Buy.

 

[Kuade]

Re: OEX - Oilex

Quite a lot of volume today (1M). Last time it was this strong was when it made it up to $1.83. Perhaps there's an announcement on the way.

 

[ormond]

Re: OEX - Oilex

Oman drilling-
OEX up 25% today to $1.665 after announcement that recommends that a 7 inch casing be run and a production testing program be carried out over the primary and secondary object which exhibited oil and gas shows.
Very curious as to why this announcement was not released as price sensetive considering the price spike.
Has a lot more wells to be drilled this year in Oman,India and Indonesia this year so maybe a bit of speculation of upcoming drilling.

 

[MRC & Co]

Re: OEX - Oilex

With oil prices skyrocketing, it is surprising to see this one being hammered lately!

Looks like a very good company with a lot of upside potential as it comes online and starts to increase production. Has some short-term support just below where it is currently trading.

Ill be looking for a trend reversal on this one and then jump aboard if crude oil prices stay above the $100 mark.

Any thoughts?

 

[Tukker]

Re: OEX - Oilex

I bought in yesterday at 1.24. Fat Prophets has been recommending them for a while now. Lets see how she goes.

 

[tryagain]

Oilex about to pop

Hartley's Valuation 317cps – Oilex has an experienced management and field team of over 75 people with offices in Australia, India and Oman. The Company has recently spudded its first development well at its cornerstone project in India and has also had recent success in Oman and Indonesia. With A$52m in cash, soon to be proven reserves in India, eight permits in prospective basins and a drilling program comprising over 15 wells this year, the risk/reward balance is heavily weighted towards the upside.

It has been a very successful year for Oilex, and 2008 is shaping up to be equally exciting. In India, production from Cambay and Sabarmati has met, or exceeded, the management's expectation; accordingly, it has arranged a long-term rig contract to drill six wells on the Cambay field and anticipates first production by Q2 2008, plus further definition of the reserve base. Some of the appraisal wells will be designed to test the Ogliocene avoiding the reservoir damage that is thought to exist in Cambay-72. Sabarmati also exceeded management expectations when put on pump so additional development will occur there in due course.

Appraisal drilling of the Pendalian discovery, in Indonesia, has revealed that Pendalian-3 has a production index of a possible 1,200bopd from pump assisted production. Both management and investors will be hoping that this well is able to meet this target when put on long-term production testing in Q3 2008. With a possible 3-5 development wells on the cards, this could be a significant asset to Oilex and a very well timed acquisition.

If that wasn't enough for one small independent oil company for one year, the management has topped things off with what looks like a heavy oil discovery from its first exploration well in Oman. With 12 successful months and a large fundraising behind it, Oilex has ambitious plans and an active drilling programme laid out. The management anticipates first production in Q2 2008, and that will be another significant step forward for the company.

Broker and Nominated Advisor, KBC Peel Hunt, recently released an update on Oilex. In the note, KBC said that it had a "core" net asset value of 64 pence per share, but there was considerable upside in this valuation depending on results in India and Oman. KBC added that they are anticipating over 20 wells in the next 18 months; 6 wells in India, 11 wells in Oman and 4 wells in Indonesia, plus the possibility of additional drilling at the company's assets in Australia if a rig can be secured.


I know people are a little freaked out by the market. but this is the perfect time to look around for the obvious stock plays out there.If you think oil and gas are places to be, then do your self a financial service and read what the hell is going on in this company. I went blue in the face trying to tell people about riversdale mining for a year when it was trading at $1. it hit $11. [the frigken assets were there for all to see]does anyone really think i care if the price moves up a little short term? am i talking my book? NO.
i really think the company warrants your time. let me know if i am wrong. happy to hear all views. forget about the pump and dumps out there promising quick money. There are so many 'dreamscapes' dressed up for punters, it takes a chain saw to get them out of the way. its a stock pickers parade right now and you better be dressed for the occasion. this is obvious for folk who are willing to go the 9 yards and get serious about the market.dyor.

 

[Tukker]

Re: Oilex about to pop

Hartley's Valuation 317cps – Oilex has an experienced management and field team of over 75 people with offices in Australia, India and Oman. The Company has recently spudded its first development well at its cornerstone project in India and has also had recent success in Oman and Indonesia. With A$52m in cash, soon to be proven reserves in India, eight permits in prospective basins and a drilling program comprising over 15 wells this year, the risk/reward balance is heavily weighted towards the upside..............dyor.

Welcome to the forum and a very nice write-up. Did Hartley's recently update their valuation or is this the one they did last year or so? If so could you post that link? Do you hold any shares with Oilex right now? Ive seen some support around 1.20, I reckon we will have a nice short term bull run then it will level out and go bear till the next news.

Tukker

 

[tryagain]

Re: OEX - Oilex

Hi,

Thanks for the welcome. This is Hartley's latest discounted valuation. I do own quite a few and will hold for the remainder of 2008 where I see the share price at much higher levels. News out of Cambay tomorrow and its pointing towards a very successful well IMO.

Another site in the UK with very good posters is the following.

http://www.iii.co.uk/investment/detail?display=discussion&code=cotn:OEX.L&it=le

Look for joatmon,jimmy noone,the rig for up to speed posts.

Goodluck.

 

[Tukker]

Re: OEX - Oilex

Thanks tryagain. That announcement came out during the jittery times the market was going through and really failed to create an itch. Since then they have done more work and identified better targets in the same region. I gotta be honest with you, i bought into Oilex from a TA trigger, not fundamentals which is a good thing for me cause i know very little about oil exploration and production. According to past announcement delivery there should be another update coming within the next 2 weeks, not that it would make a difference tbo. From what I've seen over the last 3 months is that it takes an amazing discovery to stimulate sp, or real steady flows of good results. Plain good results, or better than average is not stimulating atm. Relatively low volume also.

I am set to exit if it gets to 1.19. See what happens.

 

[Miner]

Re: OEX - Oilex

Hi,

Thanks for the welcome. This is Hartley's latest discounted valuation. I do own quite a few and will hold for the remainder of 2008 where I see the share price at much higher levels. News out of Cambay tomorrow and its pointing towards a very successful well IMO.

Another site in the UK with very good posters is the following.

http://www.iii.co.uk/investment/detail?display=discussion&code=cotn:OEX.L&it=le

Look for joatmon,jimmy noone,the rig for up to speed posts.

Goodluck.

Good site. It appears UK people are more active on this Oz share.

Is it because we are nearest from the Church and farthest from God ? Just a metaphor / proverb and no religious slanting here.

 

[Tukker]

Re: OEX - Oilex

Update out. Nothing too special. If Hartley's valuation is only half correct, the company is still worth $1.58... Question is, will they have the market's attention? How many other oil plays are there really right now? I wouldn't know where to begin looking, but i expect quite a few. Am i right that there are only 158mil shares knocking around? The Cambay field alone would value the company at $1.82...

 

[tryagain]

Oilex Hartley's significant rebound is imminent

Stock: Oilex Limited (OEX 103cps)

Valuation: 312cps (prev 317cps)

Market Cap (Full. Dil.): $138.7m ($166.2m)

Issued Capital (Full. Dil.): 132.1m shares (158.3m)

Cash (as at 31 March 2008): $43.1m

Date: 2 May 2008


·Testing at Cambay Continues (OEX 45%) – Testing of the EP-IV interval at its Cambay-23Z well in India is progressing. The forward plan is to perforate a larger interval of the gas bearing zone, analyse the cores taken and then design and execute a frac to optimise flow rates.

·5 Appraisal / Development Wells at Cambay in 2008 – Oilex is in the process of moving the rig off the Cambay-23Z site in order to start drilling the next of 5 wells remaining in its program for this year. The wells are aimed at proving up the potential gas and oil resources which the Company believes are present.

·9 Exploration Wells in Oman (OEX 25%) – Oilex has drilled two wells this year in Oman, with one likely commercial success at Sarha-1 and one technical success with heavy oil at Ghadaq-1. The Company has recently spudded its Alyanbou-1 wildcat exploration well that is targeting a mean in-place oil resource of 135mmbbls.

·4-8 Development / Exploration Wells in Indonesia (OEX 45%) – First production from Indonesia is still expected mid-year, pending approval of the Oil Development Plan (“ODP”) by the government. Once approval has been granted, production can begin. This will enable the drilling of 4 development wells, which could see production of ~2,500bopd net to OEX by the end of the year. Up to 4 exploration wells are also planned on large structures that could hold more than 100mmbls of oil in-place.

Impact

·We value Oilex’s Cambay assets at 182cps. The assets are estimated to hold in-place resources of 300bcf of gas with 14mmbbls of associated condensate and 48mmbbls of oil. Much of the certainty associated with the resource and valuation is based on the strength of the technical team at Oilex and its experience in successful operations in India.

·The Sarha-1 well, in Oman, has flowed oil to the surface and will be revisited around mid-year. We estimate that two of the shallower zones may hold 20mmbls of recoverable oil. This would be worth ~36cps to OEX. Until the well is revisited, we have discounted our valuation of Sarha-1 by 50%. Larger potential remains untested in a deeper zone. The success of its first two wells in Oman is a good indicator of the prospectivity contained within the remainder of the program.

·OEX’s Pendalian project in Indonesia is poised to provide maiden production and cashflow for the Company which will help fund its exploration program in the highly prospective block. We value Pendalian at 28cps.

·Oilex is taking a measured approach to its development/appraisal project in Cambay. The technical challenges are far from insurmountable; however, it is vital that the required analysis and preparation is undertaken in order to ensure the greatest possible chance of success. This approach, combined with general delays associated with working in the sub-continent, has meant that progress has not been made as quickly as the market may have hoped. Importantly, the fundamentals have not changed and the project’s true value should be understood by the end of the year.

Oilex is the operator for a drilling schedule equivalent to companies valued at 5 times its current market capitalisation. Little value appears to be attributed by the market to its recent oil discoveries in Indonesia and Oman. There has been a recent sell off in the stock, which is most likely related to a lack of patience in the market. We believe a significant rebound is imminent, with success by the drill bit potentially leading to appreciation by multiples.

We rate Oilex Limited as a BUY.

 

[dj_420]

Re: OEX - Oilex

These guys look be a very underloved oiler, production starting at the end of this year. Estimates are it will be on a PE of 2.3 for 2009 earnings.

A number of targets for drilling this year, 77% of stock is held by the top 40 shareholders. $48 million in cash and only 20 odd percent off its yearly lows.

Seems to have been completely forgotten about in the gas and oil sector. Does anyone on ASF hold these guys? Hartleys also have a valuation of 3.18 on OEX, significant upside just looking at their production profile.

 

[MRC & Co]

Re: OEX - Oilex

If I was into holding more longer term companies, OEX is one I would be holding for a good risk/return play FWIW. Cheers.

 

[Kuade]

Re: OEX - Oilex

I doubled my holding today based on the bargain price and yesterday's threat of a big run. Multiple reports have the company valued at a min of 1.80 per share. Several suggest it's a $3 stock (Hartley's etc). It's just a matter of time before it heads back up to more realistic levels. Given it's previous climb from similar $1.10 levels in Sep last year when it ramped back up to $1.80 in the space of less than 2 months I expect when it goes, it will happen quite quickly.

We are getting nearer to a number of milestones in the next half of the year which will give it more publicity and momentum.

The presentation that was posted on the OEX company website yesterday is worth a look for the newbies.

 

[dj_420]

Re: OEX - Oilex

Anyone interested in OEX a nice presentation and broadcasts from the CEO

http://www-waa-akam.thomson-webcast...b6&portal_id=e5ae742e20846db4804af53bb32680a8

 

[adobee]

Re: OEX - Oilex

Strong increase today 30% but still low in comparison to past looking at the chart.. looks like the market liked the announcement today (Below)

I have some exposure to this through LRF but might jump on board in the morning dependent on how it opens ..





SUBJECT: CAMBAY – 19Z FLOWS OIL FROM FIRST TEST Oilex advises that preliminary results from the first drillstem test at the level of the basal sand secondary objective in the Cambay-19Z appraisal well are available. The well has flowed oil to surface from the interval 1,966 metres – 1,972 metres at an average initial rate over a period of 16.5 hours of approximately 180 barrels per day on 1” choke at a flowing pressure of 30 psi. No formation water was produced during the test. The qualitative assessment of the oil, pending laboratory analysis is that it is a light, sweet crude of API gravity about 350-400 with a low wax content. The well has been shut in to record pressure buildup data. The next phase of testing may involve adding up to 12 metres of deeper prospective zones that have a similar log response to the initial 6 metre test interval. Oilex is very pleased with the initial results of the first oil flow to surface in Cambay-19Z and the first oil flow from this zone in the entire Cambay block. The well has confirmed the prospectivity of the deeper targets over the area of the Western High Block. The basal sandstone was a secondary objective in this well. It has been drilled in few of the previous Cambay wells and the Joint Venture has considered this to be a promising exploration target in the Western High area of the Cambay block. Further evaluation of the future production potential of this zone will be carried out in two of the four wells remaining in the current drilling program. In these cases, the wells will be designed to maximise the flow rate potential from the basal sand that will become a primary objective. On conclusion of the test of the basal sand, the EP III and EP IV primary objectives will be tested over a gross interval of 34 metres between 1,764 metres – 1,798 metres. These zones exhibited good gas shows while drilling. Participants in the Cambay Production Sharing Contract are: Joint Venture Party Participating Interest Oilex Ltd (Operator) 30% Oilex NL Holdings (India) Limited (100% owned by Oilex Ltd) 15% Gujarat State Petroleum Corporation 55%

 

[Motogoon]

Re: OEX - Oilex

Man i hope it keeps going up, the last couple of weeks have been a big slap in the face for me, on all 3 oil companies i'm holding! i bought at 1.10 so am happy to have broken even again at least.