Gday dragon,You need to focus on the contingent resource numbers...

Gday dragon,
You need to focus on the contingent resource numbers that are net to oex.

The in place figures tell you how much gas/condensate is in the ground, not necessarily recoverable. If you can't recover it...it is worthless.

The other note is that it is only a RESOURCE not a RESERVE. The difference is, they need the flow data to confirm their modelled RESOURCE before turning it into a RESERVE. A reserve you can take to the bank ;)

So until they confirm flow rates, which imo they will in time, then we will see a reserve statement and revised resource figure.

A the moment we have a fairly substantial 2c resource, as we move to a reserve, I would expect a rerating close to $1 pershare before some additional dilution, which no doubt oex will be hunting on the back of some good results.

This is a low risk play imo, but punters might need to be prepared for a wait and an additional well if the cambay frac doesn't come off. That will be most frustrating but unavoidable and I bloody hope it doesn't happen.

Hopefully that helps :)

SF