leaky ship?, page-16

Hi Gerry,

"Even if the drilling is a failure...."

Most of the drilling wells have a succsess rate of 20% or less. The odds of every single drill are againgst you from the beginning. However, keep in mind that the upside potential of the SP for a hit is many times the drop of the SP in case of a duster.

Oilex has an excellent portfolio and it is only a question of time before they have another major discovery. Meanwhile, Oilex remains cashflow positiv.

The two wells in the east timor sea are certainly not a company-breaker. The remaining prospects in the East Timor sea as well as the prospects of WA-388-P: Carnarvon Basin remain impressive! - IMHO!

I have sold my holding on ASX at the end of last week, purely to reshuffle my portfolio. I still have a decent holding on LSE (AIM) and I will keep my shares regardless of next week's outcome.

If Lolotoe is a duster than I will re-enter the australian market as soon as the SP goes below 15cts.

Good luck to you and the rest of the crew on this threat for monday!

Best wishes: KM