This is a good growth oil company - its Block 56 in Oman have significant oil bearing structures. it said that the possible presence of a thicker sedimentary section in the eastern area implied a more extensive distribution of the Ara Salt unit into Block 56 and raised the possibility of salt related structures similar to those producing to the west in the main salt basin.

Morning all. Positive movements overnight on ASX and a promising start today in the UK. Up at 73p mid price so far.

as (mini) minnows go, this one does not look too ridiculous ...... however, be very well aware that
market cap is only 48m
average trades average <10 per day
nms is only 3000 shares = < 2500
it follows that dealing in this stock carries intrinsic high risk through illiquidity.

chart is very encouraging, always assuming that crude prices stay at their current very high levels, and it is not impossible that the all time high of 80p will soon be challenged, though de facto, that is likely to be quite a (severe) resistance point ..... my own inclination, were i to be considering buying the stock (i'm not!) would be to wait for a bad day or two with sp coming back at least to 25 dma

cynic thank you, your efforts much appreicated . I've had this on my watch list
for sometime,has good management and is Isable. With drilling results (proven)from India in the not to distant future, could be a resonable punt. I'll hold back for the time being, and see how it pans out?
cyril

Morning all. Thanks for the chart Cynic.

Yesterday was a hard day with a 7%-ish fall. Not really warranted based on the ongoing drilling program, but there you go, the market knows best.

Anyway, am anticipating a strong recovery on OEX today, weekly news update should be out and am sure it will be positive.

Niceone... have you taken the plunge as yet?

FYI, I currently hold in an ISA.

Darradev,Still pondering,not happy with the markets at the moment so held back.
They have an operational update this morning which looks promising.
cyril

sp pretty much hit 25 dma for you yesterday! .... see my comment with the chart

cynic yes i looked long and hard, but i have this feeling that the Dow has not finished its fall yet,which may result in a reaction here?
From my ISA i recently sold my holding in OIL and i'm looking at 3 shares all Isable that look good at the minute,CEY,EEN and OEX. But until i'm satisfied, i'll play safe.
cyril

you may well be right about Dow though am currently long there, having taken a very tasty profit on FTSE short yesterday ...... shall be watching Dow very carefully and will prob shut that position today too on a hoped-for bounce and then stay neutral.

Evening all, now hit 80. Steady as we go. Plan-Do-Review.

http://moneyam.uk-wire.com/cgi-bin/articles/20071029070000P3D6C.html

http://moneyam.uk-wire.com/cgi-bin/articles/20071029070125P8FFA.html

Happy with todays, so i took out a position.
cyril

Afternoon all. Whilst the mood of FTSE and Dow is all 'doom and gloom', here is some pleasant news from the boys 'down under'

http://moneyam.uk-wire.com/cgi-bin/articles/20071109070000P98CE.html

78p and rising. All blue on level 2.

Darradev, yes nice to see it buck the trend. Works out about 320bopd to OEX at
the average output(800bopd)as we have 40% interest in this field, they have a contract to drill up to 5 wells with the rig.
cyril

Evening Cyril, aye it\'s coming together. Would like to see some positive developments on Cambay and then the real potential in Oman coming to fruition.

It\'s going to be an eventful 2008 for OEX.

Darradev
good morning, yes we have a very good portfolio of propects.Just a slight alteration to my previous post, actually 45% share for
this project.So we have a further 40bopd making 360bopd, every little helps.
cyril

Jumped ship this morning onto brr hope this can bring some profit.

http://www.zawya.com/Story.cfm/sidZAWYA20071113041418/SecCountries/pagOman
Alasthe thread does not give up the info.
A contract has been signed with Abraj Energy Services to drill at least 3 wells in block 56 during the next 12 months, with a option of a further 2 6 monthly extentions.
Wells 1500/3000mtrs deep.
cyril

Also drilling news out.
http://www.asx.com.au/asxpdf/20071119/pdf/315wtnpcgjz0d8.pdf
cyril

Afternoon Cyril, looks like the Indonesian well test flowrate results are creeping up with each zone tested.

Further Oman news later in the month or December as well maybe.

Still 'in'.

Beware...the sp is drifting downwards. I would sell now at 70p and buy later.

hlyeo98 don,t you think it worth holding for news of DST-5 later this week? It'll
be the market conditions which could drag this down if anything does.
cyril