a good story, finally delivering the promise, page-8

Some Observations from a long term holder {4 or is it 5 years now?} Whose counting anyway?

Todays volume of 13m and yesterdays of 10m were the 2 highest volume days {in spades} for Oilex in at least the last 12 months. It posted an 8 month closing high of 7c 7/1/14.

I bought in at the 38c level to see it hit 55c on spud 2 or is it 3 years ago? Bought in at 10c {CR I think} and at 7c {another CR?} 6c, & 5c, Have manged to average down to 6.4c with a handy lot of them thar options. So, to put it mildly,happy to see the recent price action and volumes.

But why the sudden interest now? {Apart from the obvious securing of the Rig for 77H} By my reckoning from the Ann of 2/12/13, the rig would take 60-75 days to mobilise on site.Lets call it 75 days, that makes a Spud date of about 15 Feb. Fair enough, only 40 days to spud, call it 6 weeks. Usually takes 30-45 days to get a TD of 3000m. Call it 45 days. So about 85 days BEFORE a flow teat can even be initiated. 3 months away from news of a commercial success.
It just seems fairly early positioning for something still 3 months away unless it could be argued that Oilex was undervalued at its {not too distant} low of 4.3?. I don't know.

My suspicion {and probably more hope} is that some news may be forthcoming from the Canning Basin in the immediate future. Now wouldn't that be a nice filip for the SP PRE SPUD!

Barring any news from Canning, this stock has the potential to probably hit pre spud price of 10c. It may move to 15c nearing TD the way it has been behaving in the last week or so.

So my SP prediction ;

Pre Spud 11c, TD 15c


GLTAH