OEX 0.00% 0.2¢ oilex ltd

cash flow positive 09 article.., page-2

  1. 3,758 Posts.
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    Thanks for the article Billy.

    I remain very convinced my investment in Oilex is still a good one. Even though im down in paper I still feel I will make money from this investment down the track.

    I have taken advantage as the SP has fallen and my average will be under $1 with my next purchase.

    As your article details, OEX will be cash flow positive next year. That is what has me so attracted to this investment and also the growth potential factor involved.

    Cambay is the asset that will turn this all around for Oilex. I have been fortunate enough to get 5 minutes of Oilex's MD Bruce McCarthy time recently and he remains very focused on getting Cambay up and running.

    I feel we will have news from the Joint Venture meeting which will be held in November to confirm the new program, the primary objectives of which will be to expedite the Miocene potential development in the Cambay Field very soon which i feel will be, lets re-enter as many wells as we can in Cambay and get them on-line ASAP.

    The cost to produce each barrel of oil in Cambay could be around $5 a barrel and below im told. This shows you that Cambay will be a very profitable field for oilex even with Oil at $50. If oil falls to $30 OEX will still make plenty. (not that I see oil going there. Thats another topic)

    2009 Cambay Objectives

    Assess fully MBS and other Miocene potential

    Rapidly growing oil production from:

    -MBS zone. Targeting 350©\750 bopd per well
    -Basal EP IV zone. Targeting 350©\750 bopd per well
    -EP III / IV zone. Targeting 500©\1000 bopd per well
    -Plan to drill up to 6 additional production wells in MBS,plus pilot wells in EPIII/IV and Basal EPIV

    By end 2009 target ~5,000 bopd gross oil production

    -Gas project to follow
    -Gross resources to be converted to reserves incrementally through the development program:
    -Oil 2C ¨C3C Contingent Resources6 ¨C19 mmbo
    -Gas 2C ¨C3C Contingent Resources11 ¨C22 mmboe
    -Gas 2C ¨C3C Prospective Resources9 ¨C20 mmboe

    http://www.oilex.com.au/files/08Nov20%20AGM%20Operations%20Review.pdf



 
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