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For those who have any interest in the AGM - a few of the pertinent points that came out at the meeting. Most of the interesting stuff was in the questions asked from the floor to Bruce as opposed to the actual presentation.

1. Clean up tools have been obtained/fabricated where necessary and on route to India. The necessary rigs/additional equipment have been contracted into and ready to start the clean up. No specific start time for the clean up was given - I think shortly may have been used but what that actually meant was not pursued.

2. Question was asked as to how long they anticipate the clean up to take. Bruce said he would not give up a specific time frame - 'it could take 1 week it could take 4 weeks'.......I think the thrust was it takes as long as it takes to get done.

3. Question was asked whether they could screw up the clean up - answer was along the lines that it is a commercial activity where there are always risks....however 'they were very confident in the tools and people doing the clean up'. Apparently some well known firm who is well regarded in cleaning up wells is completing the task......no names were mentioned not that I would have any idea who they were.

4. Bruce stated that planning for the next round of multiple wells based on the preliminary/limited results they had from the fracturing and flow rates prior to the 'lost tool'. That sounded somewhat promising that the information they had to date meant they were thinking of the future holes.....Question from the floor was that with $15m left in the kitty that obviously raised the spectre of a capital raising.........response was along the lines of there are many options available from generating profits from the existing well/farm in arrangements/market raising.......any of those options are potentially well down the track since he did not think the wells would be drilled in either the first or second quarter next year.....that is what was said anyway!

5. Bruce mentioned they were looking into some kind of facility that made the condensate/gas/oil able to be dealt with by Oilex out of the hole which made it easier to supply/sell......don't know enough about that kind of thing to comment any further

6. A question was asked as to how the clean up got stuffed up and whether they had should have had a backup plan in place. The answer to this was basically something broke down there and they had a backup plan of pumping nitrogen down the well and milling it out but it did not work. They then stopped and decided to get the workover rig in as opposed to risking doing any damage to the hole. Again did not make it any clearer as to whether someone was to blame or whether it is simply 'these things happen'.

7. Bruce made the comment that shares were moving from Australia to UK - not sure how that happens exactly? - and that they think big UK investors are accumulating bigger holdings.....he was inferring that these investors had great faith in the company and the results coming (then he quickly said we obviously appreciate our great Australian investors as well so we did not feel left out!)

8. Bruce talked up the gas price in India that it is at prices equal to the best prices around the world and significantly better than Aus/US. The market and infrastructure is available for OEX to take advantage....guess they just gotta get it out of the ground.

9. The chairman chimed in at one point clarifying that the whole point of this drill was a 'proof of concept well' and as soon as the flow rates were above the minimum level then basically it was a success from the proof point of view and they would get onto the next stage and putting the plans in place to ramp the number of holes.........that was in context of not getting to far ahead and simply concentrating of acheiving the proof of concept first.

10. Bruce said the horizontal section of the well was 600m and they envisaged the future holes would be from 1000m to 1500m............the reason for the smaller horizontal section with the proof of concept well was to reduce the risk of something going wrong.....mmmmmmmm that worked well.

11. Bruce stated that vertical wells generally don't have very good flow rates in shale gas/tightly held fields whereas the ones at Cambay they drilled a few years back did have flow rates - I think the point was to illustrate the gas was there and if it came through the vertical wells then the fractured ones should have good flow rate.


All in all it was a pretty mundane meeting. There were not any fireworks and resolutions went through okay......looking at the numbers though there was obviously quite a few dissenters/protest votes obvioiusly displeased with how things have panned out to date.

It was a little frustating not getting the dates when things would get moving........however you got the impression that with their future planning for all the future wells that they have a fair degree of confidence that the proof of concept will work.....hope that proves well founded.

It was little tough following it all with the amount of information talked about - and if anyone who attended can clarify/correct any points mentioned that I got wrong then that would be great.

Cheers

MS