whitestallion
26 Oct 2016
Re: Oilex - a monster frac for Cambay maybe? going by past performance be more like ''monster cockup''Capt. morgan
Joatmon
17 Oct 2016
Todays sole risk approval for C-78 well I think the latest RNS from Oilex is positive in that C-78 will be drilled and this will provide for a possible extension fo the PSC. The assumption being the C78 well is successful and GSPC will back in (pay their share) and thereby accept the commerciality of Cambay and extend the PSC.Under the circumstances I think this is the best we could expect with GSPC only paying their share if the well is successful - possibly after a years production. If the well is a good well then the cashflow would be very welcome from the production, and later after the cores are studied perhaps a sidetrack and one or more horizontal wells could follow in the EP-IV zone.
alfredgeorge
17 Oct 2016
Rns [link]
MR NIEVE
30 Sep 2016
Re: Todays announcement At least they have cut the numbers looking over the views of the Swanee river in Perth. but I think that is to protect the big boys a little longer, looking to get xmas 2017 out of it.
whitestallion
30 Sep 2016
Re: Todays announcement lol got to laugh mr nieveCapt. morgan
MR NIEVE
30 Sep 2016
Re: Todays announcement Well you were right Ws,it was the Swanee.
HPC Follower
29 Sep 2016
Re: Todays announcement The trimming of costs is also welcomed...•Planning on vertical well in the Cambay PSC at an advanced stage•Discussions underway with GSPC to finalise proposed Oilex sole funding for the well•Additional material cost reduction initiatives being implementedWell PlanningOilex Ltd (the Company) is in the final stages of planning a vertical well in the Cambay PSC, located onshore Gujarat State India. The well has been designed to achieve the following objectives: 1) To obtain core samples for the EP-IV zone reservoir which are needed for future drilling, completions and stimulation optimisation 2) Subject to core analysis results, undertake well stimulation of the EP-IV zone 3) To test the shallower OS-II zone for production and to prepare an OS-II Field Development Plan for submission to the Government of India to meet the PSC extension requirements, which are required two years prior to the end of the PSC term, in September 2019. The Company will, subject to an agreement with our joint venture partner Gujarat State Petroleum Corporation (GSPC), “sole fund/sole reward” the well, with GSPC to provide its ongoing local support for the project. It is anticipated that the agreement will be finalised in the coming weeks. In anticipation of this agreement being concluded shortly, detailed technical analysis and planning to determine an optimum well location is being finalised. Drilling of the proposed well remains subject to final cost estimates and necessary funding, however it is anticipated that drilling operations will occur in 1H 2017 with EP-IV stimulation to follow some months later.Cost Reduction InitiativesReflecting a proposed reduced activity level for 2017 and the requirement to direct cash resources to the planned vertical well, significant additional cost reductions are being undertaken in both Perth and India. The planned changes include:•30% overall reduction in the number of personnel; •14% average reduction in salaries and wages for existing personnel; •review of commercial operations at Cambay and Bhandut Fields; •careful management of planned drilling and project costs; and •deferral of all non-essential expenditure. The personnel related cost reductions are being led by senior Oilex personnel. We note that this is the second decrease in salary for personnel during the 2016 calendar year. Pursuant to the restructure, the Managing Director and Head of India have accepted salary reductions of 22.3% and 18% respectively. Chairman and Non-Executive Director fees are also being reduced by 10%. These changes are effective from 1 October 2016. Given the marginal financial performance of the existing production from the Cambay and Bhandut fields, these operations remain subject to ongoing review. Commenting on the restructure, Managing Director Jonathan Salomon said, “The current downturn in our industry and specific requirements of the Company have made these cuts necessary and it is with great regret that we lose some staff and see those retained with reduced compensation. The future of any company is its people, and we recognise the contribution that all staff are making and have made for the Company, and record our sincere gratitude for the loyalty and effort that all staff have exhibited. This action is being undertaken as it provides the Company with the best opportunity to achieve its next objective of drilling the proposed vertical well to progress the EP-IV project in the Cambay Project. I look forward to updating shareholders on progress in due course.” 29/09/2016 3:56:59 PM Oilex Corporate Update - September 2016
Joatmon
29 Sep 2016
Todays announcement The decision to sole source a new vertical well is a bold strategy, which to me indicates Oilex's faith in the Cambay fields potential and a willingness to move forward even if GSPC will not.I believe this is good news and good timing as the oil production reduction proposed by Opec will re-inforce the Cambay economics with better pricing. A vertical well should be cost effective under the present circumstances and can be used for laterals later if successful.
whitestallion
23 Sep 2016
Re: is this becos of the £ you mean the swanee river, probably where our money will finish up ha haCapt. morgan
MR NIEVE
23 Sep 2016
Re: is this becos of the £ You don't have to tell me that Ws, i was just being sarcastic, the inactivity in this Company at the moment is just not true. for the remuneration they are getting per year they should be working the rigs as well as just sitting about the office enjoying the views of the Swan river
whitestallion
23 Sep 2016
Re: is this becos of the £ it is because it is oilex mr nieveCapt. morgan
MR NIEVE
23 Sep 2016
Re: is this becos of the £ Hello!!!, are the Directors still working at Oilex!!!Is anyone out there!!!
Ramrod1
12 Sep 2016
Can't buy Anyone know why I'm not allowed to buy any long CFDs in OEX at the moment? I have lots and I want more, but broker says they are 'close only'
whitestallion
01 Sep 2016
is this becos of the £ nmCapt. morgan
whitestallion
01 Sep 2016
is this becos of the £ nmCapt. morgan
