Oilex Ltd was incorporated in Australia. Its operations are based out of five offices - our Perth head office, where geotechnical work, financial management and control are located; two in India focused on operations and government relations; and one in each in Muscat, Oman and Dili, Timor-Leste for field logistic, administration and finance support and government liaison. Currently Oilex's main country of operation for the purposes of AIM Rule 26 is India.

The Company is directing its efforts towards opportunities that have the potential to provide an exceptional return on investment. Our focus remains on searching for exploration and production assets in the prospective hydrocarbon basins of India , Australia - particularly in the Northwest Shelf and in the Timor Sea, and in the countries of Southeast and South Asia and near Middle East around the rim of the Indian Ocean. With eight permits/interests in prospective basins, Oilex has rapidly compiled a significant portfolio of oil and gas acreage that has a well-balanced mix of risk and reward.

Oilex now has interests in three field re-development and exploration projects in India; two exploration permits offshore Australia; one production sharing contract in the Joint Petroleum Development Area between Timor-Leste and Australia; one exploration and production sharing agreement onshore Oman and one production sharing contract onshore Sumatera Indonesia. Oilex is the operator of joint ventures comprising major Indian energy companies in all areas save for Indonesia. In Indonesia Oilex is non operator in a joint venture with an Indonesian company.

Website

http://www.oilex.com.au/index.cfm


Quarterly Report ( 31st October 2012 )

http://tinyurl.com/9ge6tx3

I think this could be worth a punt,they have Cairn Energy next door on what
looks an identical play and are throwing off good production numbers.

Oil FUND,you following me about lol !

This one has been off the radar for a while but has so much potential and is
good to see they are finally about to restart Cambay.As you say Cairn are
doing great things just next door in the same source rocks.

Hi Mack,there is an interesting looking chart here nicely timed with pending news flow,every time its hit a low in the past year it always bounces off with strong support.First conformation of that bounce today.

Oil Fund,yes the chart looks good and they have Rns this morning on shareholder
approval for the Magna Energy deal.


RNS Number : 7144P

Oilex Ltd

04 October 2013

4 October 2013

RESULTS OF GENERAL MEETING - FRIDAY 4 OCTOBER 2013

Oilex Ltd ("Oilex" ASX: OEX, AIM: OEX) advises that the resolution detailed below, which was put to the General Meeting of Shareholders held at Celtic Club 48 Ord Street West Perth on 4 October 2013, was passed on a show of hands:

As an Ordinary Resolution

Resolution 1 - Approval of Issue of Shares to Magna - Unwind Provisions

Proxy Voting

In accordance with Section 251AA of the Corporations Act, the proxy votes and number of shares voted were recorded as follows for 86 valid proxies:


INDIVIDUAL PROXIES FOR AGAINST ABSTAIN
-------------------- ----------- ---------- --------
Resolution 1 34,993,954 2,458,826 10,704
-------------------- ----------- ---------- --------


For and on behalf of Oilex Ltd

Robert Ierace

Chief Financial Officer & Company Secretary

Have added more today Mack :-)

Are they going to be drilling the same well or new ones ?

Square Miler,one sidetrack into the previous well and one new one i think.

Thanks Oil Fund

I found this post on another forum today which caught my eye - have to say i agree with the bulk of the posters comments.

-------------------

From Advfn today

"Just looking through the last financial statements i notice that Oilex have no corporate debt and after they get the cash from Magna Energy shortly they will have cash reserves of circa $11m ( plus another $2m if Magna take the additional 5% option at Cambay ) .

As they have a current market cap of only £11m and 392m shares in issue i think they are actually in pretty good shape ahead of the pending program at Cambay and there is alot of value here at this price. When you consider that not that long ago some independent analysts put a net asset value on Cambay of around 30p a share net to Oilex based on the Netherland & Sewel reports,i think it is clear why Oilex have been so careful to get the technical stuff right this time around and taken their time to prepare properly.

Last time around at Cambay they were stalled by a broken milling bit during the clean up and flow test phase of the operation,they subsequently appointed an Independent expert to analyse what went wrong and he has made a number of recommendations to the company which they are following this time around.

The company have said : "Cambay-77H well has been engineered and designed taking into consideration the recommendations of the independent expert. It has a 350 metre lateral section which has been designed with four stages of fracture stimulations, each containing two fracture initiation points for a total of 8 fractures along the length of the lateral section. The fracture stimulations will be undertaken using a "plug and perf" technique also widely used in tight formations in North America. "

"A successful production test will provide the catalyst for a potential pilot development project and provide data which will enable Oilex to increase production and cash flow while confirming the commercial potential of the Cambay "tight" X and Y zone reservoirs. The drilling campaign of three vertical and two horizontal wells and a pilot development project will also provide data to support converting Contingent Resources into Reserves."

Also i was looking through some of the documents issued on Cambay to see what the initial excitement over this asset was,and i found this of interest:


"In October 2011 Netherland, Sewell and Associates Inc. ("NSAI") completed an independent assessment of the Cambay Field "tight" reservoirs. NSAI assessed significant Contingent Resources and Prospective Resources with Unrisked Contingent Resources of 222 billion cubic feet of gas and 37 million barrels of oil from the two uppermost zones of a very thick hydrocarbon bearing section. Promisingly, NSAI also concluded that the deeper zones within the Cambay contract area contain very substantial Prospective Resources, highlighting significant additional potential in a very concentrated area of 161km (40,000 acres). "


So my summary of Oilex is that all in all you get a fair crack at some very decent upside here at this price and would be worth building a stake up here before the drills start turning. "

I came in here today as looks a decent opportunity :-)

PS - I see in the Rns today that they finally removed Mike Malone as COO and
have given Sundeep Bhandari the reigns to work with the JV partner.A solid
management change around in my book as Mr Bhandari has a very solid record
in India including some great success at Cairn India.So a local man who has
done it all before with Cairn including a near identical play in the cambay basin
can only be a fantastic development for oilex as the drills near spud !



( Found this on Oilex website on Mr Bhandari )

Sundeep Bhandari was appointed as Vice Chairman in November 2011. Mr Bhandari, who is based in New Delhi has more than 15 years experience in the energy business. Mr Bhandari has worked with several multinational petroleum companies, including Cairn Energy, Mobil, Marathon, ENI, PGS and Command Petroleum, in advising and developing their businesses in India. He has played a major part in several successful exploration and development projects including the producing Ravva oil and gas fields, Laxmi and Gauri gas fields and Cairn Energy’s Rajasthan oilfields

Interesting article on oilex just out on Proactive investors




Oilex eyes leaps forward on two fronts


October 08 2013, 10:36am


A big two months are coming up for oil and gas explorer Oilex Resources (LON:OEX).

The group expects potentially company-changing developments in both India and Australia, its two key areas of focus.

In Australia, Oilex has applied for two additional licences adjacent to its Canning Basin acreage in Western Australia.

This is in the heart of the burgeoning shale gas industry down under and Oilex says the two gazettal blocks it wants sit in the last undrilled half-Graben in the region.

An announcement is imminent as it lodged its bid in April and the award of licences of this type in Australia takes between six and eight months,

Oilex’s application followed its receipt of a huge tranche of early-stage exploration land in this highly prospective shale gas part of Western Australia.

Chief executive Ron Miller is hopeful of winning both of the new licences.

He said shale activity has really taken off in Australia in the past two years as the oil and gas majors have moved in.

Indeed, there has already been significant interest from companies interested in farming into its block, especially from North America.

Miller said these firms see the Canning Basin as a very attractive proposition compared acreage in the US.

Oilex has already had to put out one announcement stating it is in discussions with a number of groups.

Miller said: “People are interested because if we can get control of the entire plate fairway [the three licences] there is only one seller.”

He adds that some of the talks have already involved a potential farm-in deal that includes the new licences.

Oilex’s strategy for Australia is similar to its plans in India, where the company is attempting to use technology proven in the US shale market to supply the energy hungry country.

Investors familiar with the Oilex story will know the results have been mixed so far, with the very expensive failure of well 76H at its Cambay Field still raw for many.

Miller says he and the management team have gone through in detail an exhaustive independent engineering review of 76H’s problems.

“Can we guarantee that it won’t happen again? No. Are we confident we are doing everything we can to mitigate the risk? Absolutely.

“We’ve replaced a number of key individuals with personnel with a lot of experience of the North American unconventional drilling scene.

“Our drilling manager has over drilled over 300 wells and has worked often [elsewhere] with the operations manager. The pair has transformed our understanding of how we can do it right this time.

“It’s not a resources risk. We are not going to make a discovery, that’s already been done. The buzz will come from overcoming the execution risk associated with the drilling of this well.”

The acid test is fast approaching as Oilex finalises plans to start an offset well next to 76H, 77H, to try to unlock some of 167mln barrels estimated to be contained at Cambay.

If successful, this will transform the perception of Oilex, Miller believes.

“At present, the situation in India is that we have a very substantial contingent resource. These are technically recoverable hydrocarbons in the ground that are discovered and are recoverable.

“But they have not been demonstrated to be economically recoverable as they are dependent on a successful proof of concept well on India.”

A positive result for well 77H, along with a recent vertical well, Cambay 73, will go a long way to towards this proof.

Oilex has also been putting in place the funding for its share of 77H. As well as raising US$3.4mln from shareholders, the company has reduced its 45% stake to 30% through the sale of up to 15% to private equity group Magna for US$6mln in total.

That should raise enough to cover its share of the US$12.8mln cost of 77H with some spare to carry out the basic exploration requirements at its existing licence in the Canning Basin.

“The price Magna is paying is based on where we are rather than where we would like to be,” Miller concedes.

He adds the recent, unprecedented move by the Indian government to raise the base price for gas in the country from US$4.81 to US$8 per mcf also meant it will get the same value out of Cambay, despite having a smaller stake.

Miller says the company has been doing all of the unglamorous part of oil exploring recently such as making sure the paperwork is right and choosing a contractor, but the next few months will mark a change in pace.

“When we have secured a rig [at Cambay] and have our lead items in place, that's when people will start to get excited again.”

Very interesting article,a fair amount of news on its way by look of it !

I'm in!

Good news!!!

Oilex Ltd is pleased to announce that Cambay-77H has reached TD at 2370m MD. The primary reservoir target (Y Zone) has been intersected on prognosis and increased gas readings similar to Cambay-76H indicate the reservoir is hydrocarbon bearing. A full suite of logs will be acquired subsequent to conditioning the wellbore, after which, the 4 ½ inch production casing will be set and cemented in preparation for a fracture stimulation programme.

In addition to drilling to TD, subsequent to the announcement on 8th April 2014, drilling operations have:

· Modified and tested the BOP for the 8 ½ inch hole

· Changed the drilling assembly to suit the 8 ½ inch hole size

· Weighted up the mud system for anticipated over-pressure in the reservoir

· Drilled out excess cement and retrieved some debris

· Drilled out of the 9 5/8 inch casing and conducted a formation integrity test (FIT)

· Directionally drilled into the Y zone reservoir section

Cambay-77H is offset 300m from the Cambay-76H horizontal well that underwent a successful multiple staged fracture stimulation programme along its 633m lateral section in 2012. However, it was suspended before testing due to downhole mechanical problems. Prior to suspending the well, gas and condensate flowed to surface during well control operations.

A shorter lateral section (350m) in Cambay-77H coupled with a conventional "plug and perf" method for fracture stimulation is expected to facilitate the primary goal of the well - recording hydrocarbon flow information at surface during a production test.

Oilex will continue to inform the market about progress during operations on a milestone basis

An announcement in relation to flow back and production testing will be dictated by the well response to the stimulation programme

A time gap between setting and cementing the 4 1/2 inch production casing and completion of mobilisation of the fracture stimulation spread is anticipated in order to minimise potential standby charges associated with demobilisation of the drill rig from site.

Managing Director of Oilex, Ron Miller, said;

"It is pleasing that drilling operations, following a mechanical disruption on the rig, have progressed relatively smoothly to TD. Based upon the required mud weight and gas readings, the primary reservoir target appears to exhibit the expected over-pressure and is hydrocarbon bearing. We look forward to acquiring logs to facilitate the full interpretation of the reservoir properties and securing the reservoir section behind the 4 ½ inch production casing."

All looking good! imho

lots of good news to come

A bit of movement on here this last few days.

Drilling complete, drill clearing off the site. Next step the entrance of the frack team.

The political changes should be beneficial too, though admittedly things won't alter much overnight.

Stick with it folks!... and top up when you can! (imho & dyor)

Creeping upwards again, but beware market sizes do fluctuate. A useful indicator of imminent price movements.

Useful survey report published earlier this morning. Hasn't frightened the horses......

Closed around the day's best.

Next step is the establishment of the fracking kit and commencement of said fracking. Should generate some good news flow in the near future.