SYN - Synergia Energy

[Putty7]

Re: OEX - Oilex

TIMOR SEA DRILLING UPDATE – LOLOTOE-1 WELL

Oilex Ltd (ASX/AIM: OEX) advises that the Lolotoe-1 well spudded at 02:30 (WST) on 17 December 2009. At 16:00 (WST) on 23 December 2009 the well is at a depth of 2,496 metres preparing to cement 13 3/8” casing. The Lolotoe-1 well is the second well of a 2 well program in the Timor Sea contract area JPDA 06-103.

Time of report: 18.00 (WST) on 23 December 2009
Status: Preparing to cement 13 3/8” casing

Operations:

• Well spudded 02:30 on 17 December 2009 (WST)
• Surface casing set at 176 metres
• 17 ½” hole drilled to 2,496 metres
• 13 3/8” casing run to 2,491 metres

Objectives

Elang/Plover sands (primary)

Flamingo sands (secondary)

Planned total depth (TD): Approximately 3,985 metres

Days from spud to TD: 20 – 25 days on a trouble free basis

The Lolotoe prospect is a robust 3 way dip faulted anticline having about 300 metres of vertical relief. The well is targeting a mean prospective oil resource of 90 million barrels (100% basis) in the primary objective Elang/Plover formations. The water depth at the proposed well location is 105 metres.

The reservoir objectives penetrated in the Lolotoe-1 well will be evaluated by a full suite of data including mud log, real time drilling data and wire line logs after the well reaches total depth to determine presence of hydrocarbons. The well design does not include drill stem tests and will be plugged and abandoned when the evaluation is concluded.

The Joint Venture participating interests in JPDA 06-103 are:

Joint Venture Party Participating Interest

Oilex (JPDA 06-103) Ltd (Operator) 10%
Videocon JPDA 06-103 Limited 25%(1)
GSPC (JPDA) Ltd 25%(1)
Bharat PetroResources JPDA Limited 25%(1)
Japan Energy E&P JPDA Pty Ltd 15%

Announcement from Oilex today, 15 minutes from open and not much movement planned looking at the OEX Market Depth, guess a lot of punters are playing the wait and see game on this one now, still it is early in the day.

 

[Tommo_Aus]

Re: OEX - Oilex

Rather quiet today, fair guess is the masses are waiting for final drilling results and reports of oil. New Years/Christmas probably has something to do with it as well.

 

[Tukker]

Re: OEX - Oilex

20-25 days untroubled for the spudding. Could start to see some movement in January. I don't hold. Good luck to those who do.

 

[Putty7]

Re: OEX - Oilex

20-25 days untroubled for the spudding. Could start to see some movement in January. I don't hold. Good luck to those who do.

Sold some out yesterday to top up my GOA, dropped the rest today on the less than spectacular announcement with 200 metres left to drill, not sure what other work they have coming up but unless they add some volumes to the shows it doesn't look great in the short term. DYOR

 

[stretchie]

Re: OEX - Oilex

topped up a little on Friday with some more shares at 17.5c to lower my avg price down to 25c. I hold only 9000 shares now, just waiting to see what happens with lolotoe. Would be nice to see some updates on their other prospects but I guess this is the big play in the spotlight at the moment.

Movement to 20c+ prior to the announcement is positive I guess. The bad news on the previous well took it down to about 15c, so 17.5c doesn't appear to be a bad entry price.

Hopefully this well isn't a duster, we should get an announcement in the next day or two!

 

[Tommo_Aus]

Re: OEX - Oilex

Yes I've noticed the movements over the past week, its nice to see the SP increase for a change. With any luck we'll see the SP strengthen leading up to the announcement, although at this stage its anyones guess as to the contents of the announcement. If this well is a duster then the SP will probably take another hit, then perhaps a capital raising if they decide to try for the third well.

Fingers crossed.

 

[Tommo_Aus]

Re: OEX - Oilex

Oilex Ltd (ASX/AIM: OEX) advises that the Lolotoe-1 well was running intermediate 9⅝” casing after
successfully drilling the sidetrack hole from 2,491 metres to 3,770 metres. Once intermediate casing is set
the well will drill ahead to evaluate the primary objective Elang/Plover Formation sandstones to a total depth
of approximately 3,985 metres.

Good news, no cave ins this time Not too much further to go, should start to see some data relatively soon.

 

[Korban]

Re: OEX - Oilex

has this stock been way oversold??? in at $0.10 right now - seems like a lot of potential upside if you're willing to buy and hold.

 

[Atlas79]

Re: OEX - Oilex

has this stock been way oversold??? in at $0.10 right now - seems like a lot of potential upside if you're willing to buy and hold.

Glad I got out a week ago at 18.5 cents, about the same as I got in on it. Is there any actual indication of any reason for this stock to rise from its current position in a nervous market?

 

[quarky]

Re: OEX - Oilex

SP has hit 0.125 today
good for those that bought in at 0.088 52-week lows

now, the response to the ASX query doesn't say much, i.e. the company doesn't know what may have caused this jump.

thinking of jumping into this one, even though i'm sitting on a loss of more than 50% after buying a heap at 0.285 last year...good upside with its exploration targets, i guess...

 

[Paulo30]

Re: OEX - Oilex

Seems to have had another push this week.. now resting on support above .10, looks like it will his .125 or above very soon.

No news, but they seem to have reached and passed their low point.

SP has hit 0.125 today
good for those that bought in at 0.088 52-week lows

now, the response to the ASX query doesn't say much, i.e. the company doesn't know what may have caused this jump.

thinking of jumping into this one, even though i'm sitting on a loss of more than 50% after buying a heap at 0.285 last year...good upside with its exploration targets, i guess...

 

[No Gain]

Re: OEX - Oilex

Does anyone know when OEX are going to start drilling in the Timor Sea again? On 15 Feb they said they had $19 million cash and were planning further exploration drilling in the Timor Sea. Have there been any other news articles anywhere that might shed some light on it. I still hold and hope they have a good discovery - one day

 

[DVEOUS]

Re: OEX - Oilex

They need to pull some trick out of their hat, and soon, otherwise this will become a penny dreadful before you know it!

 

[pistol72]

Re: OEX - Oilex

bit of interest creeping into the stock recently,nice little base and gap with increased volume,rsi had a nice bullish divergance ,now in the oversold area.all activity on no news/announcements,something in the wind?.unfortunately cant get a chart up.
P

 

[quarky]

Re: OEX - Oilex

bit of interest creeping into the stock recently,nice little base and gap with increased volume,rsi had a nice bullish divergance ,now in the oversold area.all activity on no news/announcements,something in the wind?.unfortunately cant get a chart up.
P

i hold this stock and it's nice to see that from the lows of 0.077, the share price has steadily risen to 0.15 today.
about a 100% rise in about 6 weeks. nice returns for those that jumped in.

and last week, they posted the following cash flow statement, so i guess it was taken positively...as OES goes for more.



Oilex Reports Negative Cash Flow of $2.15m for the June 2010 Quarter
Tuesday July 27, 2010, 9:40 am

Original Announcement: Quarterly Report to Shareholders 30 June 2010

Oilex reported negative cash flow of $2.15m for quarter ended 30 June 2010. Operating cash flow for the period was $(2.1m). Payments for exploration and evaluation were $(1.83m). Investing cash flow was $(38,000). Financing cash flow was $(6,000). Cash in hand at the end of the quarter was $16.81m.

 

[zippy69]

Re: OEX - Oilex

OEX over 25% up today. had a trading halt and then an announcement regarding Significant Reserves Identified at Cambay Field India. Lets hope this takes off to the levels it was at last year. Closed at .185

 

[No Gain]

Re: OEX - Oilex

OEX over 25% up today. had a trading halt and then an announcement regarding Significant Reserves Identified at Cambay Field India. Lets hope this takes off to the levels it was at last year. Closed at .185

I've had a look at reasons why it may have got to 38 cents on 12 Nov 2009 and all I could find was that they were intending to drill in the Timor Sea. I think those wells ended up dry. At least this reserve upgrade isn't dry. I know they have 16 million in the bank so there may be new drilling and hopefully discoveries to come as well. Happy today been holding these for a while now

 

[Tanr]

Re: OEX - Oilex

Article from the The Hindu re reserve announcement.


copy of article...12 November..

'Oilex of Australia has announced that it has struck huge reserves of natural gas in the Cambay Basin in Gujarat, in what is being dubbed as a big discovery after Reliance Industries' gas find in the KG basin and Cairn India's discovery in Rajasthan. “In-place reserves in the Cambay Basin block near Khambat town,160 km south of Ahmedabad in Gujarat, is 16-21 trillion cubic feet (tcf),'' Oilex Managing Director Bruce McCarthy said here. Of these reserves, 10 per cent or at least 1.6 tcf are recoverable. Initial gas production could be five million standard cubic feet a day, rising up to 50 mscfd by 2012-13.

The in place reserves are almost equivalent to what RIL has found in the KG basin fields. Mr. McCarthy said Oilex was looking to replicate Cairn India's success in using U.S. technology to produce gas from the on-land block by mid-2011. The Cambay field is a pre-New Exploration Licensing Policy (NELP) block that was originally awarded to the Gujarat State Petroleum Corporation (GPSC) and Canada's Niko Resources. Oilex stepped in upon exit of Niko. Oilex holds 45 per cent interest in the Cambay field while GSPC holds the balance.'

I cant post url as site wont let me...
Simple question folks..if this in public domain why isn't there anything on OEX website??

I hold shares in this company...

 

[Miner]

Re: OEX - Oilex

Article from the The Hindu re reserve announcement.


copy of article...12 November..

'Oilex of Australia has announced that it has struck huge reserves of natural gas in the Cambay Basin in Gujarat, in what is being dubbed as a big discovery after Reliance Industries' gas find in the KG basin and Cairn India's discovery in Rajasthan. “In-place reserves in the Cambay Basin block near Khambat town,160 km south of Ahmedabad in Gujarat, is 16-21 trillion cubic feet (tcf),'' Oilex Managing Director Bruce McCarthy said here. Of these reserves, 10 per cent or at least 1.6 tcf are recoverable. Initial gas production could be five million standard cubic feet a day, rising up to 50 mscfd by 2012-13.

The in place reserves are almost equivalent to what RIL has found in the KG basin fields. Mr. McCarthy said Oilex was looking to replicate Cairn India's success in using U.S. technology to produce gas from the on-land block by mid-2011. The Cambay field is a pre-New Exploration Licensing Policy (NELP) block that was originally awarded to the Gujarat State Petroleum Corporation (GPSC) and Canada's Niko Resources. Oilex stepped in upon exit of Niko. Oilex holds 45 per cent interest in the Cambay field while GSPC holds the balance.'

I cant post url as site wont let me...
Simple question folks..if this in public domain why isn't there anything on OEX website??

I hold shares in this company...

Very good question
Incidentally OEX got a speeding ticket today AND tried to relate this piece of news in their previous disclosures.

Look at the volume todaY

Prices are delayed by at least 20 minutes. Retrieving any price indicates your acceptance of the Conditions.

Code Last % Chg Bid Offer Open High Low Vol
OEX 0.255 13.33% 0.245 0.255 0.260 0.270 0.250 4,257,528


I do not know how many investors really aware of Hindu Newspaper published in India, read and acted on the piece of news causing the massive sale today as explained by innocent OEX management. It is all oily fishy from Cambay in my opinion

See attached

disclaimer - Hold very small parcel bought just last week.

 

[Miner]

Re: OEX - Oilex

Recent announcement in ASX no ripple in the market
Hartley Report - hardly any scratch
Strahan Report Sept - astonishing claim - not much SP change

Probably it needs Mr Speculator to comment in Eureka report or small capital to write a story to jack up the SP sky rocketing

Experts - please comment on this neglected OEX.
Disclaimer - I bought recently and would like to see my judgement behind purchase not only well supported but also to see SP goes up

As always DYOR and do not make your decision just because forum collection was good

Regards